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Strong 2017 Final Flagstaff Home Sales Report

(Published on - 1/24/2018 6:56:55 PM)

by Jeff Ross
Realty Executives of Flagstaff
January 2018

 

Home Sales for Flagstaff over the past 12 months have been good. I have attached a chart below that will give you a very good idea of what our market has done.

As we move into 2018, the experts in the Real Estate field feel we may be in for another good Housing market. 
You will also find interesting comments below the first set of charts from those experts.

As the year progresses, keep a watch out for my blogs which will keep you up to date on our market.

 

2017 Final Sales for Flagstaff General Area
(86001, 86004, 86005, 86015)

 

Single Family Homes
 

Number of Homes Sold                          982            +2.29%
Average Price                                         $436,509    +3.5%
Average Sq ft of sold homes                   2154 sq. ft. -2.2%
Average Sold Per sq ft Price                   $205.41       +7.2%
These homes account for 63.6% of the total homes sold


All Home Sales

(Single Family, Townhome, Condo, Manufactured)

 

All Homes Average Sales Price                   $378,953
All Homes Average Price Increase              +6.34%

 

Homes up to $299,999


Numbers sold                                             561
Compared to Prior year                             -17.5%
Current Absorption Rate                            1.68 months supply on hand
These homes account for 36.3% of the total homes sold


Homes $300,000 to $499,000


Numbers sold                                            747
Compared to Prior year                            +17.5%
Current Absorption Rate                           2.90 months supply on hand
These homes account for 48.4% of the total homes sold

 

Homes $500,000 to $699,000


Numbers sold                                           149
Compared to Prior year                           +25.3%
Current Absorption Rate                          8.5 months supply on hand
These homes account for 9.7% of the total homes sold

 

Homes $700,000 to $999,000


Numbers sold                                            67
Compared to Prior year                            +13.5%
Current Absorption Rate                           9.85 months supply on hand
These homes account for 4.3% of the total homes sold

 

Homes $1,000,000 and up


Numbers sold                                            20
Compared to Prior year                            +5.26%
Current Absorption Rate                           36.5 months supply on hand
These homes account for 1.3% of the total homes sold

 

Townhomes Breakdown


Number of Homes Sold                          324           +13.68%
Average Price                                        $332,194   +12.9%
Average Sq ft of sold homes                 1689 sq. ft.   4.1%
Average Sold Per sq ft Price                 $205.41      +195.11%
These homes account for 21.0% of the total homes sold

 

Condominium


Number of Homes Sold                      119           -13.1%
Average Price                                   $194.360  +9.0%
Average Sq ft of sold homes              916 sq. ft. -1.0%
Average Sold Per sq ft Price            $218.03 +10.7%
These homes account for 7.8% of the total homes sold

 

Manufactured


Number of Homes Sold                   104 -14.8%
Average Price                                  $227,102 +10.4%
Average Sq ft of sold homes            1426 sq. ft. -1.3%
Average Sold Per sq ft Price            $161.24 +11.0%
These homes account for 6.7% of the total homes sold

 

 

 


Year End Home Sales and Pricing will be Positive for 2017

(Published on - 12/26/2017 8:10:35 PM)

by Jeff Ross

Realty Executives of Flagstaff
January 2018

 

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%

Manufactured Homes

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%

Absorption RateAs 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?

400

 

 

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.

 

 

 

November Sales Year to Date

November Sales Year to Date 2


Flagstaff Home Sales Stay Strong through October

(Published on - 11/29/2017 5:15:26 PM)

by Jeff Ross
Realty Executives of Flagstaff
December 2017

Home sales as we close 2017 through October are staying strong.

For October, we sold 13.8% more homes in the general Flagstaff area.
The average Sales price for the month was extremely strong with a 16.37% increasing, bringing our year-to-date up to a sold 6.6% increase in home prices.
As mentioned before, these figures include all home sales, Single Family, Townhome, Condo, and Manufactured homes.

I get asked a lot about a housing bubble, so I dug up 6 different quotes from different sources. 

 

Our inventory has slipped a little, down to 616 available homes on the market or 2.7% fewer than the previous year.

  

Occasionally we discuss the Distressed Housing Market, those homes in Foreclosure/Bank Owned and Short Sale status.
This market is gone in Flagstaff, currently we have 2 Bank Owned homes on the market and 1 Short Sale home. Those three homes account for .45% of the homes on the market, so less than 1/2 of 1%. When you are looking for a home, in most all searches, these will come up as the default setting will include this category of homes.

  

Single Family Homes

A similar strong trended in sales here overall.
For the month of October, we sold 23% more homes and prices were up 16%.
Year-to-Date, we have sold 7% more homes and our prices have climbed 3.41%, to $434,996, up from $420,650.
Year-to-date home sizes decreased by 1.7% with the average home size this year at 2145 sq. ft., compared to 2016, at 2183 sq. ft.

 Digging a little Deeper

Inventory is still plaguing the home under $300,000, with 22% fewer homes on the market, which is pushing down the number of sales by 18%.
Along with that, we are down to a 2.3 months supply of homes on the market for category of homes under $300,000.
This is the number of months it would take to sell all homes on the market. As I have mentioned before, the experts in the Real Estate field feel a 6 months supply is healthy, under 6 months, it is a seller’s market, over a buyer’s market.
Homes between $300,000 and $500,000 showed much stronger sales with a 33% increase and accomplishing this with 9% fewer homes on the market.
Here again with 3.3 month’s supply of homes on hand, we are in a strong seller’s market.
We move up above $500,000 and the sales trends are still strong, just in smaller numbers, Inventory’s of available homes increase, and the number of months on had climb well above the 6-month healthy market number and move from a strong seller’s market, to a strong buyer’s market.

As we move into 2018, I expect this year’s trend to continue with tight inventories under $300,000, inventories still a little concerning from $300,000 to $500,000.

 

We do have at least one new development coming on line for 2018. This development may have some homes under the $300,000 mark. If this peaks your interest, give me a shout and we can discuss the timelines as they have explained to me.

 

As we move into 2018, Pricing should continue to follow this year’s trend, with moderate growth.

  

As you are planning for 2018, and would like help getting a handle on the estimated value of your current home please never hesitate to reach out, I am always here to help.

 

 


A Must Read Insight into Flagstaff Year-to-Date Home Sales and Why.

(Published on - 11/2/2017 9:04:22 PM)

By Jeff Ross
Realty Executives of Flagstaff
October 2017

 

Another good month in home sales, with 7.6% more homes sales in September. The average home sales were up 10.01%, and Year-to-Date we are at 5.37% up. This will be for all homes sold, Single Family, Manufactured, Townhomes and Condos.

Our available homes on the market is stable with last year overall, but 25% less than the prior year for homes priced under $300,000.

Our Absorption Rate, the number of months it takes to sell all the homes overall is less than last year at 4.79 months compared to last year of 5.0 months.
The Experts in the Real Estate field say 6 months is healthy, anything more and it is a buyer’s market, anything less and it is a seller’s market.

In our case, anything under $500,000 are in an extremely strong Seller’s Market, and anything over $500,000 are in a strong Buyer’s Market.

Home Sales under $300,00 is lagging far behind with a 24% decrease for the month and 13% down for the year.


This is all attributed to the lack of the available homes we have had come to the market and the movement of the price of some of those homes to over $300,000

For Single Family Homes

We sold 13.3% more homes this year, with an average price up 5.8%
Year-to-Date, we have sold 5.9% more homes, and our price is up 1.4% to $444,294.

Year to Date, I dug a little Deeper by Price Range,
for Single Family Homes

Homes sold up to $299,999

The Average Sq. Ft. is down 11%, to 1278 sq. ft.
The Average per Sq. ft. price is up 12% to $200.16

Homes sold between $300,000 to $499,999
The Average Sq. Ft. is down 5%, to 1977 sq. ft.
The Average per Sq. ft. price is up 7% to $202.88

Homes sold between $500,000 and $699,999
The Average Sq. ft. is down 6%, to 2966 sq. ft.
The Average per Sq. ft. price is up 5% to $204.23

Homes sold between $700,000 and $999,999
The Average Sq. Ft. is up 5%, to 3632sq. ft.
The Average per Sq. ft. price is down 7% to $232.56

As you see above, up to $700,000, the homes sizes have decreased between 5 to 11% and the price per sq. ft. has increased between 5 to 12%.
But once over $700,000 that trend completely reversed, with larger homes sizes and at a lower per sq. ft. price. compared to the prior year.

Another Interesting Stat….


Year-to-Date for all homes, we are only up .8% in the number of homes sold. We have sold $470,520,008 worth of homes, or a 6.25% increase.
Using this figure, we may be able to say our overall home prices for all size ranges and categories are up 5.5% for the year.
With that said though, you may want to draw a line in the sand at maybe $400,000, those sold under that may have a large price increase and those sold over may have a smaller price increase.

Hope this helps and please never hesitate to reach out when you have questions.

 

 


August Homes Sales Lag, But Prices Up.

(Published on - 9/26/2017 6:39:53 PM)

by Jeff Ross
Realty Executives of Flagstaff
October 2017 

August closed out the summer months with a disappointing number of homes sales, down 6.6%, yet Average Pricing was up 1.88% and Median Sales price as up 3.71% for the month.

Year-to-Date Average Home Prices (for all homes: Single Family, Condo, Townhome, and Manufactured) are up 5.57% and Median Home Prices are up 9.41%.
Year-to-Date, we have sold 2.5% few homes than the previous year, but the total volume of homes sales, $464,607,570.00 is up 6.04%

 

For Single Family Homes:


For August, the Average Prices climbed 4.11% to $454.579 and the Median Price climbed 8.9%.
Year to Date, the figures are not showing what you may expect, with the Average Price climbing only 1.4% and the Median Price climbing 5.1%

 

Inventory of all Homes on the Market:


When I printed the report the middle of September, we are showing 9.7% few homes on the market than the prior year.
Most of that are homes priced under $300,000, with a 29% drop in available homes.
The higher end homes, over $700,000 are also showing a 10% decrease in the number of available homes, and homes over $1mil are showing a 10% drop in availability.
This may be caused by out of town sellers deciding to pull their homes off the market for the winter months, bringing them back to market in the late spring.
Homes priced between $500,000 and $700,000 showed a surprising increase in availability of 28%

 

Absorption Rate (the number of months it would take to sell all the homes):


The experts in the Real Estate field feel that a 6 month provides a healthy supply.


Anything less and it is a seller’s market, anything more and it is a buyer’s market.
We have quite a disparity when you looked at prices ranges,
For instance,
Those homes priced under $300,000 have a meager 3.15 month’s supply on hand, definitely in seller’s market.
Same with those homes on the Market between $300,000 to $500,000, with a 4.9-month supply on hand.


Then things get reversed,


Home priced from $500,000 to $700,000 are showing a 11.4 month’s supply, those priced $700,000 to $1mil have a 15.7 month’s supply and those prices above $1mil are showing a 46.3 month’s supply on hand. Most homes priced above $500,000 are in a buyer’s market with the higher prices firmly seated in that market.

 

This should give you a good idea of what the market is doing here in Flagstaff.
If you have questions, please never hesitate to reach out.

 


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