The Flagstaff real estate market seemed to flatten out in July. The median price of Flagstaff single-family homes sold during the month was down slightly from the preceding two months – to $319,000. That’s also only 1.5% higher than the median price in July 2013. Volume of sales, at 83 single-family homes sold, was down 12.6% from July 2013 and pretty even with the preceding two months (78 home sales in May, 86 in June). That volume drop is what I’d call pretty significant.
In price ranges above $350,000, buyers have choices and negotiating power. That’s a bit of a change from earlier in the year when the tilt from seller to buyer negotiating advantages was at around $400,000. A note of caution to buyers, however, most sales are still reported at very close to list price. Here is the breakdown of sales by price range:
Inventory of homes available in Flagstaff is up substantially from this time last year – up 17.8% in the first week of August compared with a year ago. Some of this reflects new construction available now. The typical single family home sold in July 2014 was smaller than last year (under 1900 square feet this July compared with over 2100 square feet last July), yet the average price per square foot stayed about the same ($168). Those characteristics are also reflective of new homes being sold.
Comparing pending contracts (ACRs, PBKs and Pending) in the chart with last month, I see that August results are going to look a lot like July. This means that the best time to sell in Flagstaff in 2014 is behind us.
For more on the Flagstaff real estate market, visit our Flagstaff real estate website.