April Flagstaff home sales resulted in a nice uptick in home prices for sellers compared with last year. The median price of the single-family homes sold in April was $332,500, which is up 10.8% compared with last April. The price per square foot of the homes sold rose 7.1% year-to-year, landing at an average price per square of $181 for April 2015 sales. The price results are encouraging, especially after last month when we saw a year-to-year drop in the median price.
The number of Flagstaff single-family homes sold increased dramatically in April 2015 compared with April 2014 in spite of low inventory. This nearly 40% increase in the number of homes sold without a commensurate increase in homes available to sell puts great pressure on prices. We’re frequently seeing multiple offers on desirable homes in the lower price ranges.
Buyer’s market or seller’s market? Overall, it’s a seller’s market; however, it all depends on what price range you are in. Want to buy a million dollar home? You, the buyer, are in the driver’s seat. Here’s the breakdown by 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).
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.