Here is the last in the series of blog posts drawn from my annual report on the Flagstaff real estate market. This segment presents statistics on Flagstaff condo sales. Here are the previous posts in my Flagstaff annual real estate market report:
Part I: Flagstaff Market Pulse -- Looking Back -- and Taking the Pulse of the Flagstaff Housing Market for 2009
Part II: 2008 Flagstaff Market Results: Continuing the series from my annual report on Flagstaff homes, here are the statistics on Flagstaff single-family-home sales
Part III: 2008 Flagstaff Real Estate Market Results: Statistics on Flagstaff Townhome Sales
Today, I give you the table for Flagstaff condominiums. At first glance, this data seems a bit askew, but it all becomes clear if you have a little background on the Flagstaff condo market: In the early 1980s, a development of several hundred condos was built next to Northern Arizona University – the Riordan Ranch Road condos, formally known as University Meadows Condominiums. These one and two bedroom units satisfied the Flagstaff condo market for two decades. Over that time, one small development was added in Sunnyside.
Prices rose at the beginning of the 21st Century as demand increased and other Flagstaff housing prices soared, making these smaller alternative homes more desirable. To meet this demand, the City of Flagstaff eased some code restrictions to allow apartment complexes to be converted to condominiums. In response, three large apartment complexes began reconstruction and conversion – two on the west side of Flagstaff and one in the Country Club region. In addition, some small apartment complexes have been converted to condos in the downtown area and the Sunnyside neighborhood – these smaller offerings have sold out quickly. You can see the impact of these three large developments coming on the market in 2007 (although sales of the first, the least successful of the three, began in 2006).
Condos Sales in Flagstaff Since 2000
(Percentages represent changes year-to-year)
|
Year
|
Median Price
|
Average Price
|
Homes Sold
|
DOM Average
|
DOM Median
|
Percentage Change in Median Price
|
Percentage Change in Volume
|
|
2000
|
$82,825
|
$86,878
|
62
|
123
|
99
|
|
|
|
2001
|
$105,000
|
$100,137
|
80
|
127
|
100
|
27%
|
29.0%
|
|
2002
|
$117,000
|
$108,396
|
73
|
486
|
60
|
11%
|
8.8%
|
|
2003
|
$123,500
|
$123,901
|
65
|
67
|
57
|
6%
|
11.0%
|
|
2004
|
$146,750
|
$159,382
|
70
|
56
|
36
|
19%
|
23.0%
|
|
2005
|
$183,600
|
$202,755
|
86
|
72
|
54
|
25%
|
22.8%
|
|
2006
|
$214,286
|
$212,629
|
81
|
87
|
71
|
17%
|
6.0%
|
|
2007
|
$177,403
|
$194,332
|
254
|
143
|
130
|
17%
|
214.0%
|
|
2008
|
$173,500
|
$174,276
|
102
|
136
|
94
|
2%
|
59.8%
|
Numbers shown in bold face are negative numbers. 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.
For more information on Flagstaff condos -- or any other Flagstaff home, contact Team Heitland at RE/MAX Peak Properties. |
-->
Email to a Friend
