Flagstaff’s local paper just published an article on the median home price for homes sold in Flagstaff in January. Here’s the headline: January median home prices in Flagstaff jump 20 percent – Arizona Daily Sun. But what does that mean for your Flagstaff home?
Statistically, a median price is the price where half the homes sold were below that price and half the homes sold were above that price. So, if more expensive homes are selling better this year than they were last year, the median price will be higher, but your home price may be exactly the same. In fact, that’s pretty close to what is happening in some parts of Flagstaff.
This week, I did a price comparison for the Ponderosa Trails, Aspen Trails, and Foxwood neighborhoods and found that the price per square foot for homes sold in those neighborhoods for the last six months did not change a dime from sales in the same six month period one year earlier. On the other hand, homes in the University Heights, University Highlands, University Terrace area have shown an uptick in price per square foot — but not by anywhere near 20% as suggested by the newspaper article.
Here’s my monthly report for January Flagstaff home sales. The key to understanding what your home is worth is a true market analysis by a real estate professional. When you’re ready to sell, give us a call and we’ll go to work for you.
Note: THE DATA I USE FOR MONTHLY FLAGSTAFF HOME SALES REPORTS 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. THE GEOGRAPHIC AREA USED BY THE ARIZONA DAILY SUN APPEARS TO BE LIMITED TO THE CITY OF FLAGSTAFF ONLY; HOWEVER THAT IS NOT ENTIRELY CLEAR FROM THE ARTICLE AS PUBLISHED.
Yesterday’s paper carried another story of housing development plans for Flagstaff. (Link: Flagstaff housing plans surge.) I attended a meeting last week with the City of Flagstaff’s chief planner who said he expects about 200 building permits for single-family homes to be issued in 2014. That’s a far cry from the impression you might get from reading the newspaper and that number is not going to relieve the inventory crunch the Flagstaff homes market is currently experiencing.
One difference, of course, is between development plans and the approval process for large scale housing developments, and the issuance of building permits to construct homes on individual lots in those developments, which is likely to be some years down the road and based upon actual demand. Currently, the last homes are being built (based on current building permits) in Ponderosa Trails, which was first developed beginning in 1999, and home building is really just in full swing in Presidio, development plans for which were filed in 2005.
The other difference is that the Arizona Daily Sun is talking about commercial and multi-family (apartment) dwellings as well as single-family homes. We do need more apartment dwellings, and they are coming on line quickly. That won’t have much impact on the single-family and townhome markets, about which most of our clients are concerned.
Great news! Readers of Flagstaff’s newspaper, the Arizona Daily Sun, have again chosen RE/MAX Peak Properties the best real estate agency for the year!
Thanks readers, clients, friends for voting for us. And thanks to the great agents I work with who make this possible each year!
The new project, also aimed at NAU students, will be developed by the same company that built 10, four-story buildings designed to house 562 students last year
The Arizona Daily Sun reported this morning that by the end of the year, there will be 54 new apartment-style townhomes in the shadow of the massive student housing complex known as The Grove at Flagstaff. Since the student population of Northern Arizona University has exploded in the last few years, there is a need for more housing. Still, with second home buyers still scare in a slowly recovering real estate market, this means more pressure on the already depressed prices of existing condos that were made available by apartment conversions in west Flagstaff a few years ago. Even the Riordan Ranch condos, built in the 1980s and ever popular with students because of their proximity to central campus, have not been able to hold their value in recent years.
Rents remain high, so now may be the time for long-term investors to jump in — if they haven’t already made the jump.
To buy or sell any Flagstaff home, please contact us: Elite Team at RE/MAX Peak Properties.