 How many homes sold in Flagstaff in August? According to the Northern Arizona Association of Realtors® multiple-listing-service database, the number is 104. That’s down from 181 in August 2005 – near the peak of the Flagstaff market. Of course, in August 2005, there were probably more unreported sales because it was easier for people to sell their homes without the help of a Realtor®. What’s perhaps more interesting is that the median price in August 2005 was $320,000. Last month, the median price of a Flagstaff home was $300,000 – down just 6%. That is a good number for those Flagstaff homeowners who don’t want to sell and are counting their homes as a nice piece of their overall wealth. A six percent paper loss, given the economic troubles we’re in and the losses we read about in other real estate markets, doesn’t sound so bad. But, if you’re trying to sell your Flagstaff home, the 6% price change doesn’t mean nearly as much to you as the 42% drop in volume. Wow! -- even before you consider that factor, mentioned above, of fewer unreported sales. Another way to consider this low volume of homes sold is to consider that on September 1, the Multiple-Listing-Service reported that the listing agreements for sixty-four homes had expired. Here are the numbers for the last few months for all types of residential real estate in Flagstaff (condos, townhomes, manufactured homes and single-family-residences):
| Median Price | Average Price | Homes Sold | Homes on the Market | Absorption Rate | Apr-08 | $290,000 | $341,000 | 63 | 949 | 15.06 | May-08 | $363,820 | $309,000 | 111 | 1037 | 9.34 | Jun-08 | $325,000 | $388,504 | 95 | 1129 | 11.88 | Jul-08 | $295,450 | $336,537 | 102 | 1094 | 10.73 | Aug-08 | $300,000 | $342,839 | 104 | 1049 | 10.09 |
If you are interested in following the single-family-home market, here are the numbers for Flagstaff single-family-homes for the last few months:
| Median Price | Average Price | Homes Sold | Homes on the Market | Absorption Rate | Apr-08 | $322,500 | $405,877 | 42 | 699 | 16.64 | May-08 | $369,000 | $445,746 | 66 | 775 | 11.74 | Jun-08 | $388,000 | $459,049 | 66 | 852 | 12.91 | Jul-08 | $359,500 | $440,458 | 56 | 832 | 14.86 | Aug-08 | $345,000 | $413,090 | 66 | 820 | 12.42 |
The absorption rate is tells us that if no additional homes were listed for sale, it would take 10 months (12.42 months for single-family-residences) to clear out the homes already on the market at the current pace of sales. This is not to say that it would take 10-12 months to sell your home. If you enter the price competition and the beauty contest with the right attitude and preparation, your home can jump in line and sell in a month – and many of those 104 homes that sold in August did just that. Call us to find out how: Team Heitland at RE/MAX Peak Properties. Note: MLS data is based upon information from the Northern Arizona Association of Realtors® and is deemed reliable for sales reported to the association, but is not guaranteed and does not include all sales in the market area. The specific data used for this report covers what is generally thought of as the "greater Flagstaff area" and therefore includes the City of Flagstaff as well as the immediately surrounding unincorporated areas with Flagstaff mailing addresses. |
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