Happy New Year!

I hope you had a wonderful holiday season filled with many blessed memories! 

The beginning of the new year is a great time to do some reflection. Below are a few interesting statistics comparing our current Flagstaff real estate market to the market in 2011 and 2019. These numbers reflect all types of residential properties (e.g. single family, condo, townhouse, and manufactured home). They do not include properties in the gated communities. 

Over the past 10 years:

• Overall median home price increased from $246,000 to $595,000.
• The number of homes sold increased 54%.
• The number of new listings increased 17%.

Over the last 2 years:

• 12.9% more listings were sold.
• There was a 40% increase in median home prices from $378,000 to $530,000.
• There was a 62% increase in dollar volume from $537million to $870million.
• All of this with only 4% more listings from 2019 to 2021.
• The median list price was $515,000 and the median sold price $530,000. This is a 3% increase.

There are other statistics we could discuss but these were the most striking to me. All of the experts predict another banner year in home sales and purchases. Even with a slight increase in interest rates, this a good time to buy and an even better time to sell.

Please don't hesitate to reach out with questions. Feel free to share this information with those you care about.

Wishing you all the best in 2022!

Kim