Sales of Single Family Residences as reported in the Northern Arizona Multiple Listing Service - does not represent all sales in the market but a substantial proportion |
|
March 2008 resembled November 2007 in many of the statistics for Flagstaff homes, including median and average prices and days on the market. In the way that counts most – the number of sales -- March was much worse than the first months of 2008 for those actively trying to sell. Simply put, the volume of sales was down. Moreover, because fewer homes were offered for sale during the winter months, the reliable Law of Supply and Demand brought November’s low prices up for December, January and February, in spite of declining sales volume. By April 1, however, the number of Flagstaff single-family homes for sale according to the Northern Arizona Association of Realtors,® had crept back up to 632, creating over 19-months’ supply of homes on the market. Median and average prices dropped back to November levels. The median price for sales of single-family homes with Flagstaff mailing addresses during March 2008 was $345,000. All of this portends another year of much of same in Flagstaff real estate. For those of you following the mortgage news channel in this blog, you know that March was a turbulent month for the home loan market. This, no doubt, suppressed buyer demand. Buyers are likely to have a clearer view of their options in coming months and may be more willing to buy, especially if they see prices leveling out as summer demand picks up. Anecdotal reports from Phoenix real estate agents indicate that the Phoenix area market is improving. My educated guess is that the Flagstaff real estate market will lag Phoenix by several months. Meanwhile, the value of doing business with RE/MAX Peak Properties has never been more evident as our company’s market share continues to climb, making us number one in Flagstaff real estate sales for the first quarter of 2008. Team Heitland is proud to contribute to the RE/MAX success. We grow our business through skillful and honest service – give us a call if you’d like the experience. Our website is www.BestFlagstaffHomes.com. |
Email to a Friend
