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September Flagstaff homes sales show a healthy but not spectacular real estate market

The median price of single-family homes sold in Flagstaff in September was $305,000 – up 11% from one year ago. Flagstaff home sales volume also rose from September 2012, by 14 units to a total of 76 Flagstaff home sales in the recent month. The median price for a Flagstaff single family home sold in September was down from August, when it hit $322,500 – a number topped in recent years only by June’s median.

Flagstaff’s real estate market is not “on-fire” but that’s largely because would-be home sellers are not making their homes available. The ratio of homes for sale to homes sold remains under 6 in most price categories – that means there is more demand than supply and we could sell more homes if they were offered. It’s a sellers’ market for those who want to sell. Buyers have few selections because of the low inventory situation in most price categories. There were a lot of Flagstaff homes under contract as of the beginning of October, so October home sales should be strong.

Homes priced above $500,000 are still facing a tough sell in Flagstaff’s real estate market, as you can see in the chart.

Meanwhile, the Flagstaff townhome median price is 17% higher than it was in September 2012. For September, the median Flagstaff townhome sale was $280,000, for an average 3 bedroom, 2 bath, 1650 square foot townhome. Seventeen townhome sales were made in September – up just one unit from September 2012. There are more townhomes on the market than last year, but it’s still a demand-driven market – at the right price. I remember when townhomes were going for $350,000 and up – if there are sellers out there who are waiting for that, it will be a while yet.

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Note: The data reported here are based on home sales in the Flagstaff metro area (the City of Flagstaff and immediately surrounding county areas that have Flagstaff mailing addresses) as reported in the multiple-listing-service maintained by the Northern Arizona Association of Realtors.® The data may not reflect all sales (but it surely reflects most of them).

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