The Flagstaff homes market for November reflects solid gains for 2013
Home sales in the greater Flagstaff area (including Fort Valley, Kachina Village, Doney Park, Timberline and other “suburban” Flagstaff neighborhoods) were only slightly stronger last month than in November 2012 (one home more sold, to be exact, for a total of 59 sales). My conclusion is still that the Flagstaff home sales market is solidly recovered and on its way to a strong 2014. It will be quite a while before we seen 2007 prices, but we are even less likely to see 2012 home prices.
The median Flagstaff home price from November to November skyrocketed 27% to $310,000 from $243,600 last November. Remember, the median price is simply the price where half the homes sold were above that price and half were below. So, take a look at the chart showing particular price ranges to get an idea of the number of Flagstaff homes are available in a variety price ranges.
Supply of Flagstaff homes for sale is also significantly higher than it was going into last winter, which is good for Flagstaff buyers, and still not bad at all for would-be Flagstaff home sellers. Whenever we have a ratio sold homes to those actively for sales which is less than six months, real estate economists deem it a sellers’ market. As you can see, it’s a sellers’ market in Flagstaff for homes priced (appropriately) under $500,000.
An interesting group of just eleven Flagstaff townhomes sold last month. I say interesting because the median price was only $220,000 (down significantly from the month before), but the range of those eleven sales was $165,000 to $945,000. Not your typical 1600 sq. foot, 3 bedroom, 2 bath collection of Flagstaff townhomes!
When you’re ready to buy or sell a Flagstaff home, we’re ready to help: Flagstaff Elite Team at RE/MAX Peak Properties.
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).