The median Flagstaff home sale price fell in February to $279,800 compared with January’s median of $288,500. The February median price was still $10,000 above last year’s Flagstaff home market sale price of $269,900. The average sale price in February was $331,470, which is almost $30,000 above February 2013. There were only 46 sales of Flagstaff single-family homes in February – up 12% from last year, but still a small number in a market when inventory is rising again as sellers are drawn in by higher prices.
Flagstaff homes for sale as of March 7, 2014 numbered 302. That’s up over 20% from the beginning of March last year. The good weather and new home building in Flagstaff account for part of the increase in Flagstaff homes for sale, but conventional wisdom says the driving force is higher home prices. Average price per square foot for a single family home sold in February 2014 was $164 compared with $142 in February 2013.
The increase in inventory tipped the statistical reading of the overall Flagstaff real estate market into “buyer’s market” territory as the ratio of Flagstaff homes for sale vs. Flagstaff homes sold reached 6.57 months. If the market is broken into price ranges, however, you see that buyers seeking to buy a Flagstaff single-family home priced under $350,000 are still facing a real estate market heavily weighted in the sellers’ favor. We see this demonstrated almost daily as new Flagstaff listings in the lower price ranges come on the market and are snapped up immediately with multiple offers coming in on the first or second day of listing on the Flagstaff MLS.
The Flagstaff townhome market in February was not so strong, showing only 6 sales in February and 62 townhomes available as of March 7. The median sale price was $189,500 – a precipitous drop from January’s median of $297,055. Don’t put too much weight on that given the small number of townhome units involved in arriving at that statistical median in each month. Still the fact that there are over 10 months’ worth of townhomes on the market right now means this is a great time to buy a summer home if Flagstaff townhomes are what interest you. Last year, the median sale price of Flagstaff townhomes in February was $250,000 and there were just over 3 months’ supply available at the February pace of sales. Quite a change, largely based on new building currently underway.
This will be an interesting year in Flagstaff real estate with more homes for sale than last year and prices rising although not as quickly as last year. See my blog post entitled Flagstaff Real Estate Outlook. To buy or sell any Flagstaff home, please contact us: Flagstaff Elite Team at RE/MAX Peak Properties.