Brief History of 3d Quarter Real Estate in Flagstaff

Every once in a while it's good to look back at the real estate market for more than a year. Here's the Flagstaff residential real estate market for the months July through September for the last five years. As you can see, we're still ahead in value compared to 2004. Whether that gain will survive the winter is, unfortunately, anyone's guess.

This data about Flagstaff homes reflects some of the development history in our town. Median prices dropped significantly from 2006 to 2007 because an entirely new product of lower-priced homes became available: the apartment-to-condo conversion. You can see that reflected in the drop in condo prices.

Another change was the completion of the Railroad Springs manufactured home development, which had pretty much finished by the beginning of 2005. You can see that demand for manufactured homes in that treed, in-town location made the prices jump as soon as the supply became limited. And the prices have held steady in spite of increased difficulty in financing manufactured home purchases.

^*Single-Family-Residences

Note: First apartment-to-condo conversions were sold in 4^th Q 2006

This 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. These numbers reflect a search of that database for all homes that have Flagstaff mailing addresses, whether they are in the city limits or not. So, this includes, for example, Baderville, Doney Park and Kachina Village.

Clearly, it is important to break out the different types of homes. For all Flagstaff home types, the median price rose from 2007 to 2008, but Flagstaff single-family-home prices dropped precipitously. Of interest, is that the single-family-home size has remained relatively stable over this 5-year period, ranging from a low median total square footage of living space of 1814 to a high median of 1915. The average size remained stable also in the slightly over 2000 sq. ft. range.

When you are ready to buy or sell, it’s important to look at the numbers in the specific neighborhoods and price ranges that are pertinent to your planned transaction. Particular neighborhoods and range of prices may not be entirely consistent with the overall trends.  We at Team Heitland at RE/MAX Peak Properties are prepared to help you make the most informed analysis of whatever segment of the Flagstaff residential real estate market matters to you.