The median price of Flagstaff single-family homes sold in June was unchanged from May at $325,000. That is just $1400 higher than the median home sale price one year ago. Volume of sales, at 86 homes, was four homes shy of the ninety single-family homes sold in Flagstaff last June. A flatter market would be hard to find.
Looking at the number of homes for sale, inventory is up 21% from the beginning of July last year, but we’re still short of the level of homes that would give buyers the edge in negotiating with sellers – at least in the most popular price categories. The overall absorption rate ratio is now 5.84 compared with 4.59 at this time in 2013. As always, however, look at the difference in price ranges:
The median price of the sixteen Flagstaff townhomes sold in June was $275,000, or about $164 per square foot. That’s $10,000 higher than the May townhome median sale price and more than $65,000 higher than the medium price of townhomes sold in Flagstaff in June 2013. That huge jump reflects a difference in quality and age in what is being sold this year. Supply is tight, though not as limited as single-family home inventory in the below-$400,000 price range.
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).