I hope this newsletter finds you and your family healthy and safe. Last month the focus of the newsletter was the local real estate market. Today, while real estate is still near the top, most of the talk in Flagstaff surrounds the Tunnel Fire and the Pipeline Fire. Both fires burned tens of thousands of acres of forest and threatened homes. In the Tunnel Fire, more than two dozen homes in east Flagstaff were lost. The Pipeline fire claimed one home in the same area. Now with the monsoon season upon us, there is worry about flooding as a result of these fires as well as earlier fires. So what can you do to keep your home safe. 

First, speak with your insurance agent about your homeowner's insurance. They can provide guidance on their many programs to ensure you have the most comprehensive coverage. We found we could actually keep the same premium by decreasing certain coverage we didn't need while increasing coverage we desired. Your agent may also be able to give you information on changes to the FEMA flood maps. The best time to talk about these things are well before they may happen.

Second, sign up to receive emergency alerts on your smart phone. The alerts can range from covering the state to just a county or city. You can choose the geographical range in many cases. The emergency alerts can keep you informed of any evacuations and pertinent information. It's also a great idea to have a family emergency plan that includes a safe place to meet and what items should be collected if you happen to be evacuated. 

Finally, make your home as fire-safe and flood-safe as you can. Clear all pine needles and debris away from your home. Screen or box-in areas below patios and decks with wire mesh to prevent debris and combustible materials from accumulating. Remove flammable materials (firewood stacks, propane tanks) within 30 feet of your home’s foundation and outbuildings, including garages and sheds. If it can catch fire, don’t let it touch your house, deck or porch. Be sure rain gutters are clear and drain away from the house. Use landscaping to drain water away from the house. These are just a few ideas. 

If you have any questions, please reach out to the experts in these fields. As always, if you have any real estate questions, don't hesitate to reach out to me.

Wishing you many blessings,

Kim

How often have you opened a newspaper, or logged into your favorite news website, and seen story after story about the real estate market? It has certainly been getting a lot of coverage. Most news outlets report on national and general state news. It's good to have an idea of the big picture for real estate in Arizona but it is the local scene that impacts you most. Here is a very brief year-over-year summary for April for the Flagstaff real estate market. 

• Absorption Rate (number of months of housing inventory): 2022 - 1.58 months      2021- 1.4 months
• Average List Price: 2022 - $851,587   2021 - $680,733
• Median List Price:  2022 - $617,400   2021 - $524,900
• Average Sale Price:  2022 - $744,186   2021 - $554,883
• Median Sale Price: 2022 - $705,000   2021 - $490,000
• Average Days on the Market -  2022- 60    2021 - 61
• Median Days on the Market -   2022 - 36    2021 - 44

What does all of this mean? In a nutshell, Flagstaff is still a sellers' market. Prices have increased since April of 2021 and we are not seeing those numbers coming down. However, the early May numbers are showing a slight pause with houses staying on the market for a couple of weeks before receiving offers. This is very typical of May with graduations and end of the school year. Another interesting observation (not reflected above) is that while houses are selling for over the list price this number is now under $20,000. Earlier this year we were seeing properties selling for $50,000-100,000 over the list price with multiple offers. Great for sellers but very hard for buyers. Predictions are for a strong sellers' market as we move into the third quarter of 2022. Buyers can look forward to more properties on the market and perhaps more time to view them.

If you’re thinking of moving, give me a call. I can give you a good idea of what your property will sell for in today’s market. In addition, if you’re targeting a neighborhood you’d like to get into, I can let you know what properties are selling for in that area and the current opportunities available.

If you ever have questions about the local market, please don’t hesitate to contact me.

Blessings,

Kim

I hope this newsletter finds you all safe and well. As many of you know, our Flagstaff friends and neighbors have been greatly impacted by the Tunnel Fire in the midst of Doney Park. Many families were evacuated from their homes and many homes were lost. United Way of Northern Arizona has created a fund to help. To donate, please text UWNAZRESPONSE to 41444. Many churches and individuals have also started gathering clothing, diapers, furniture and other items. High Country Humane and Fort Tuthill are sheltering animals large and small. They are in need of food/donations for the animals. One of the best characteristics of Flagstaff is neighbor helping neighbor. Thanks for all you do in our community. 

While my thoughts often stray to those affected by the fire and the safety of the firefighters, I wanted to give you a quick update on our real estate market as many economists are predicting a continued rise of interest rates coupled with a leveling of home prices. Make no mistake this is not a burst of the housing bubble just a slight readjustment. 

The statistics below reflect sales from March 23, 2022- April 23, 2022. The active properties are only for April 23, 2022.

Active homes for sale:

• Condo - 6
• Manufactured - 7
• Mobile - 1
• Townhouse - 13
• Single Family - 71

We have seen an increase in available homes in all property types.

Homes sold:

• Condo - 7                   Average sales price: $302,509  Median sales price: $326,000
• Manufactured - 5       Average sales price: $270,200  Median sales price: $260,000
• Mobile - 0
• Townhouse - 10         Average sales price: $574,625  Median sales price: $575,000
• Single Family - 72     Average sales price: $852,132  Median sales price: $760,000

The average and median sales prices went down a bit in condo and manufactured home sales. However, townhouse and single family average and median sale prices increased. This increase is partially due to several sales well over one million dollars. 

I welcome any questions from you or your friends and family regarding real estate questions or how you can help with the Tunnel Fire relief effort. 

Praying for the health and safety of you and yours, 

Kim

Happy Spring! With a change of season, you may be wondering how our Flagstaff housing market is moving. The statistics below reflect available properties and sales for March 1, 2022 through March 23, 2022. 

Active homes for sale: 

• Condos - 11
• Manufactured - 5
• Mobile - 2
• Single Family - 34
• Townhouse - 1

Homes sold:

• Condos - 6              Average sales price: $337,130  Median sales price:        $345,695
• Manufactured - 6    Average sales price: $372,083  Median sales price: $402,250
• Single Family - 47   Average sales price: $777,579  Median sales price: $710,000
• Townhouse - 9        Average sales price: $422,000  Median sales price: $455,000

The sold properties spent an average of 43 days on the market. This number reflects the time the listing was taken to the time the sale closed. The average escrow period is still about 30 days. This would mean that most properties had accepted offers within 13 days or less. The average sales price as a percentage of the listing price was 101.2% meaning many houses are selling over the listing price. The short story is that Flagstaff is a seller's market. Many analysts predict housing prices to continue upward. We will have more houses in our inventory as Spring moves into Summer.

All of these things are wonderful news to a seller but don't be discouraged if you may be considering a real estate purchase. Interest rates, although increasing slightly, are still quite low. If you are thinking about upsizing or downsizing, the equity in your current house can go a long way towards a down payment. 

This is really just a small, general taste of what our market is doing. If you'd like more specific information, or if you know someone who would, please let me know. 

Wishing you warm Spring days and many blessings, 

Kim