Realty Executives of Flagstaff

Serving Flagstaff, Arizona since 1977

Realty Executives of Flagstaff


3rd Quarter Flagstaff Housing Report

(Published on - 10/24/2019 5:11:19 PM)

Your 3rd Quarter Flagstaff Housing Update

This will be an update through the first three quarters of the year and for the most part for the general Flagstaff area. As a quick snap-shot, Flagstaff Homes Sales for all types of homes are slightly off, with 6.4% fewer homes sold. On the Positive side, the Median Price of homes sold so far this year is up 6.0% to $389,000. We did have fewer homes come to the market this year, but only slightly at a 1.7% decrease. Days on Market has dropped slightly to 102 days, down from 108 days.

Broken down just a little, Single family homes sales are down 2.1%, but with the highest percent price increase of 8.2% gain and Median price of $435,000. These are followed by Condos, which have a price increase of 1.9% to a Median Price of $215,000, then Manufactured homes with a Median Price gain of 1.7% to $245,000. The only category of homes that have decreased in price this year to date were townhomes with a 3.7% decrease to a Median price of $337,000. I will come back with a reason on this shortly.

We are seeing an uptick in activity over the last 30 days with the improvement of lower mortgage rates. We are seeing this on both sides of the equation. Sellers are seeing an opportunity to sell and either upsize or downsize, and buyers are seeing their dollars being stretched upwards with lower interest rates, meaning more home for the same monthly payment. We said a couple years ago we may never see as low of rates, but it appears that the ‘Never’ may have been misspoken. Time will tell.

Fewer homes have come to the market this year, but by a very slim margin, 1.7%, which is only 29 homes. We will see if this next quarter that number is erased and moves into the positive. If so, this will bode well for buyers and even for sellers, since new buyers will see that inventories are rising and may jump into the growing buyer pool, thus snapping up any additional inventory of homes that come to the market.

I said I would touch on Townhomes and the decrease in price. All but a few of our Townhome projects have been built out. We have a few going in in assorted areas, but that is it. Those new construction that are coming to the market, are coming well above our current median price, just not a lot of them. As I write this, out of the 42 townhomes actively listed in the general Flagstaff area, only 18 are available to move into, the remaining are in assorted stages of construction.

About the Author:

Realty Executives of Flagstaff

Jeff Ross
Realty Executives of Flagstaff
mobile: (928) 225-3511
15 E Cherry Ave
Flagstaff, AZ 86001
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