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Flagstaff home sales were strong in December given low inventory

The median price of Flagstaff homes sold in December dropped $13,000 compared with the price of Flagstaff homes sold in November; however, the price is up 8% from December 2012. The median price of Flagstaff homes sold in December was $297,000. The average price per square foot of these Flagstaff single family homes was $165. The sixty-one Flagstaff homes sold in December ranged in price from $90,000 to $1,020,000. (That $90,000 sale had been listed at $75,000, so there was a bit of a bidding war there.)

We begin January with a real shortage of Flagstaff homes to sell. Although inventory is up nearly 19% from a year ago, we have only slightly over four months’ of homes on the market at the current pace of sales. And buyers have been contacting The Elite Team at RE/MAX Peak Properties in a steady stream during the first eleven days of the month.

Flagstaff Home Sales for December 2013 by Price Range

The Flagstaff townhome market is strong similarly to the market for single family homes. The median price of the twenty-three townhomes sold in December was $229,000. Builders are working on expanding the townhome inventory, which is even lower than the current single family home inventory. While there are more new single family projects than townhome projects in the development stage, the current construction, and thus what will be available soonest in the “new homes” market, weighs toward new townhomes being available sooner than new single family homes.

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Detailed descriptions of Flagstaff neighborhoods and MLS areas: Guide to the Flagstaff MLS

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).

Related: November Flagstaff Home Sales Report