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.