National Association of Realtors Reports Sales Improvement January to February

The National Association of Realtors^® said Monday that sales of existing homes increased 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003. The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-largest drop on record. February’s median sales price was up slightly from January, which recorded the lowest median price since September 2002.

Compare the Flagstaff home sales for January to February in my report earlier this month. While nationally, 45% of the sales in February were foreclosures, in Flagstaff 25% of February home sales were either foreclosures, short sales, or relocation-company-owned properties. Flagstaff's inventory of unsold homes was much higher relative to sales than the national average -- nearly 21 months would be required to clear the exisiting homes on the market in Flagstaff, while less than 10-months' supply exists nationally. More on the Flagstaff market report: Monthly Flagstaff Real Estate Market Report (for February 2009).

A similarity between Flagstaff home sales and the national sales pace is that sales are concentrated in the lower price ranges. First-time homebuyers, encouraged by low interest rates and the $8000 first-time homebuyer tax credit, are responsible for these sales.

The real estate market varies by neighborhood in Flagstaff. Before buying or selling your Flagstaff home, contact us. Part of our representation of buyers and sellers involves a "drilled-down" market analysis for your special home. Team Heitland at RE/MAX Peak Properties.