The median Flagstaff home sales price for single-family homes sold in June was $339,000. That’s a significant jump from the May median home sales price; however, as I noted in the last home sales report, that number seemed anomalous. The year-to-year gain for the month is 4%, a healthy increase.
The price-per-square-foot increase from June 2014 is up 8.8%. This price gain is over-heated by the continued shortage of inventory in the most popular price ranges. That shortage is reflected in the chart’s far-right column, which shows the inventory to sold ratio below six months’ worth of homes stretching in the $400,000-$500,000 price range. (Six months inventory is considered a balanced market.)
Flagstaff townhome sales also are going strong. As of the beginning of July, there was only 3-months’ supply on the market (and that includes some listings under construction that are not move-in ready). The median price of a townhome sold in Flagstaff in June was $249,900.
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.