March 2015 compared favorably to March 2014 in terms of the number of single-family Flagstaff homes sold: 66 homes sold vs. 39, for a 69.2% increase. But the median price of the homes sold was lower by 4.8%*. That may explain the increased number of sales – there were more lower-priced homes to sell this year than last. Sellers don’t despair! The price per square foot rose slightly from $176 to $180.
The available inventory of single-family homes at the first of April is much smaller than last year – lower by over 14%. If more listings don’t pour in this month, we’re bound to see prices go up with this kind of squeeze. More sales and fewer homes to sell compared with last year is a classic formula for a market price increase.
Here’s the story by price range:
* The median price in March 2014 (with relatively few homes sold) was $330,000. This March the median price was $314,000.
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).
To buy or sell a Flagstaff home, you need more than the general advice in this blog. Contact The Elite Team at RE/MAX Peak Properties — give us a call now at 928-714-0001.