We crossed another milestone in the Flagstaff home sales market in July. This was the first month since August 2005 in which more than 100 single-family homes sold. The reasons are unclear but probably include the fact that we’ve had more homes for sale in lower price ranges for the last few months and the continuing threat of higher interest rates (though, in reality, mortgage rates have dipped recently and remain at amazing historic lows).
The median price of single-family homes sold in the Flagstaff real estate market during July was $352,750. The average price per square foot was $184.00 and the average square footage of homes sold was 2201 square feet. That’s a little larger than we’ve seen in recent years because larger and more expensive homes are moving a little better.
Compared with July 2014, sales this July were up 34.9%. The median price was up 10.2%. Available inventory was down 7.3%. The average price per square foot was up 8.8%.
Here’s a breakdown of July 2015 Flagstaff home sales by price range:
The far-right column tells us that it’s crunch time for buyers. Inventory is very low in all price ranges up to $600,000. Expect to pay list price.
It’s also a seller’s market for Flagstaff townhomes. 24 townhomes sold in July and there were only 84 townhomes for sale as of August 8. The median price was $262,875, with the average price exceeding $300,000 because of the sale of two super-luxury golf course townhomes. The average price per square foot was $173.00
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.