(Published on - 12/26/2017 8:10:35 PM)
by Jeff Ross
Realty Executives of Flagstaff
We will focus on the 11 out of 12-month report for Flagstaff Homes Sales.
With only one month to go and December last year only accounting for a little less than 8% of the homes sales for the month, we should be able to give you a very good estimate on how the year will turn out.
So the following will be Year-to-Date ending November 30th.
This includes all homes, Single Family, Townhome, Condo, and Manufactured and in the general 86001,86004,86005 and 86015 Bellemont unless otherwise noted.
Our Home Sales may be close to flat, we are currently at a 1% increase in the total number of homes sold.
Our Average Price for homes sold is currently up 6.19%
When we look at price categories,
Up to $300,000 we sold -18% fewer homes, or 515 homes
This price range has a 36.5% market share
$300,000 to $500,000 we sold 17% more homes, 688 homes
This price range has a 48.8% market share
$500,000 to $700,000 we sold 13% more homes, 130 homes
This price range has a 9.2% market share
$700,000 to 1 million we sold 27% more homes,61 homes
This price range has a 4.3% market share
And above 1 million home sales were flat, 18 homes
This price range has a 1.3% market share
We have sold YTD 1412 homes in the above noted area.
Digging a little deeper into the 6.19% increase in home prices,
I broke out sales into the following types of homes.
Again, as mentioned above, in the overall areas of 86001, 86004, 86005, 86015.
Single Family Homes
Sold 1.5% more homes
Prices are up 3.28% to $435,267
Price per sq. ft. is up 7.36% to $204.97
Average size of home is down to 2155 sq. ft. a decrease of 2.5%
Townhomes and Condos
Sold 1.7% more homes
Prices are up 15.31% to $285,976
Price per sq. ft. is up 7.82% to $197.89
Average size of the home is up to 1456 sq. ft. an increase of 5.9%
Sold -3.6% few homes this year
Prices are up 13.04% to $191,828
Price per sq. ft. is up 9.4% to $134.98
Average size of the home is up to 1448 sq. ft., an increase of 2.2%
As we closed out November, our Absorption Rate, the number of months it would take to sell all the homes is still sub 6 months and holding at 4.21 months.
The experts in the real estate field feel that 6% is a health market, anything less and it is a Seller’s market, anything more and it is a Buyer’s market. We cover both ends of that spectrum.
Homes price under $300,000,
we have 2 months supply on hand, a Strong Seller’s Market
Homes from $300,000 to $500,000,
we have a 3.1 months supply, a Strong Seller’s Market
Homes from $500,000 to $700,000,
we have 9.6 months supply, a Buyer’s market
Homes from $700,000 to $1Million,
we have 10.7 months supply, a Buyer’s market
Homes over $1 million,
we have 41.3 months supply a Strong Buyer’s market
What Happens in 2018?
I would expect to see a similar trends as noted above in inventory and sales. Interest rates are expected to climb toward 5% by the end of the year, but should not cause to much of a difference in the number of homes sold, or pricing.
As we have this year, buyers looking under $450,000 or so will continue to be chasing homes as they come on the market and should be prepared to react with a local lender prequalification in hand when the right homes comes on the market that fits thier needs.