The median price of homes sold in May 2015 dropped $17,500 from the April median and $10,000 compared with May 2014. The result is a median price of $315,000. Volume of sales was up 5.1% from one year ago and price per sq. ft. was up just 2.9%.
This low price performance seems odd since the inventory of available homes is down 12.6% and buyers are rushing to place multiple offers as homes come on the market. I think the explanation is simply that while we’ve got more inventory in the lower price ranges than we had last year. It’s still not enough.
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).
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