October Flagstaff home sales showed substantial gains compared with October 2013. The number of single-family homes sold was up 14.4%. No doubt that was partly due to the fact that available homes for sale were up 17.2% compared with a year earlier. With the increased inventory exceeding the increase in sales, the price per square foot increased at a slower rate: 7.9%.
Homes in higher price ranges sold more frequently this year than last year. Thus, the median price of Flagstaff single-family homes increased 11.1% year-to-year to a median for October 2014 of $340,000. The average size of Flagstaff homes sold in October was 2257 square feet.
Here is the breakdown by price range:
The numbers in the right column are significant in that they show the ratio of available inventory to recent sales. If the ratio is below six, there are too few homes for sale to meet existing demand and buyers are generally at a disadvantage in negotiations. The opposite is true above six.
There is a shortage of Flagstaff townhomes right now. Twenty-three townhomes sold in October and there were only 38 listed for sale on the Flagstaff MLS as of the beginning of November. Flagstaff home builders are working to rectify this situation. The median price of a townhome sold in Flagstaff last month was $234,000.
To buy or sell any Flagstaff home, contact my fine colleagues with Flagstaff Elite Team at RE/MAX Peak Properties.