February Flagstaff home sales show price uptick from one year ago
As I write this report, there are more Flagstaff homes for sale than at any time since last October. That’s a good sign for Flagstaff home buyers because we have been short of inventory to show them. Frankly, inventory is still very low.
Flagstaff Single-Family Homes
The Flagstaff single-family homes market shifted a bit in February compared with recent months. Not only is there more inventory, but also there were fewer closed sales of Flagstaff single-family homes compared with any month since February 2012. There were six fewer sales than in January 2013. I’m not seeing this as a significant shift since pending sales contracts are strong; thus, from the looks of things, March closed sales will be strong.
The median sales price for Flagstaff single-family homes in February was $269,900 – up 3% from $260,000 one year ago. Twenty-four percent of Flagstaff home sales in February were of distressed properties (short sales or bank-owned properties) compared with 43% in February 2012. That continues a trend we’ve seen in recent months. With inventory down 30% compared with this time last year, there will continue to be upward pressure on prices.
Townhome sales more than doubled from January to February. Fifteen Flagstaff townhome sales closed in February compared with seven in January and eight in February one year ago. Many of these closed sales were new townhome units in neighborhoods where building was suspended during the recession. The median price was $250,000.
In sum, I think March Flagstaff home sales will be strong. How much inventory increases over the next month will be a telling sign for the trend of prices this Spring.
To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.