February’s median sold price for Flagstaff single family homes took a drop to $335,000 compared with January’s median of $359,000. Still, the February result was up 19.7% compared with February 2014. I’d like to put a big CAUTION sign next to these numbers.
The median price is simply a statistical calculation of a number showing where half the Flagstaff homes sold were below that price and half the homes sold were above that price. You need to know a lot more than that to know the value of your home – or the home you are hoping to purchase. Price trends in Flagstaff right now seem to vary greatly by neighborhood. Get help from a Realtor® in forming your price expectations and negotiating strategies!
The overall average price per square foot change year-to-year was only 1.8%. That is perhaps a more realistic measure of the current situation in the Flagstaff real estate market compared with last year since it’s close to the real overall inflation rate and remains well above wage growth.
The volume of sales in February was markedly lower than in January. That makes the whole statistical picture less valuable, except to call attention to the need for inquiry into why sales volume is slow. The consensus among experts is that volume is low because the selection of homes available is of low quality. Even with low interest rates and some concern that those rates will rise later in the year, buyers hesitate to pay higher prices, relative to last year, for homes that are in less than tip-top shape.
With all that said, here are the numbers for February:
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).
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