The market for single family homes in October remained strong with 97 sales for the month. Compare this to the 82 sales in October of 2016 and it is even more impressive. It is also important to note there are now 140 single family homes currently under contract and in escrow. Inventory remains low with less than 75 homes for sale under $400,000.
While interest rates remain historically low, many believe this will be changing in the months to come. There is also a growing concern with how the proposed new tax legislation, if passed, will affect home ownership. The National Association of REALTORS® is strongly opposed to The Tax Cut and Jobs Act and has issued a call to action for all its members to reach out to their Senators asking them to reform the plan. It is anticipated that the housing market will react negatively should the changes pass into law.
The average sales price for single family homes for August was $468,040 and the median price was $399,500. The average price per square foot was $209.65.
Due to lack of inventory there were only 3 condo sales for the month. Townhomes faired a little better with 29 townhome sales in the Flagstaff area for October.
Single Family Flagstaff Home Sales – October 2017
NOTE: ACR = ACTIVE CONTINGENCY REMOVAL, PBK = PENDING TAKING BACKUP. THE DATA REPORTED HERE ARE BASED ON HOME SALES IN THE FLAGSTAFF METRO AREA (THE CITY OF FLAGSTAFF AND IMMEDIATELY SURROUNDING COUNTY AREAS) 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. That is where we can help. Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-714-0001 or send an email to firstname.lastname@example.org for experienced, professional advice on purchasing or selling a home in Flagstaff.