Prices are down from the peak for Flagstaff townhomes, but many are second homes and their sale seems to be discretionary. The prices are not yet down far enough to clear out the market. Condo sales are also down, but they continue to be Flagstaff's most affordable housing. Developers are offering incentives on condos, but asking prices are stable.
The median price of Flagstaff townhomes sold in March was $242,500. Only six townhomes were sold. None of those sales were bank-owned, published short sales, or relocation properties. The prices ranged from $170,000 for a 3 bedroom/one bath Country Club townhome that is less than 1000 sq. ft. to $465,000 for an updated Lake Point townhome of just over 1800 square feet. (These numbers are based upon sales reported to the multiple listing service of the Northern Arizona Association of Realtors® and may not include all sales in the area.)
As of April 5th, there were 83 townhomes on the market for sale. At this rate of sale, it would take nearly 15 months to clear out existing inventory (assuming there were no new listings in the meantime). We may be seeing an increase in the pace of sales, however, in that at this moment there are more than six pending contracts on Flagstaff townhomes listed in the MLS.
Townhomes in the upscale Pine Canyon golf resort neighborhood have finally come to the market. There are several listed in the $800,000 price range. There are resale townhomes available in various areas of Flagstaff’s Country Club area in the $300,000 - $600,000 range. A few new townhomes remain to be sold in the eastside Mt. Elden Foothills area and in the Forest Springs development on 4th Street. It’s likely that Forest Springs will open a new phase when the current one is sold out, but they have not jumped to pre-build in this market. Rumor has it that there will be no more of the single-level models, which is too bad since single-level townhomes are often what buyers want. That explains the continued popularity of the Walnut Meadows townhomes – as well as the proximity of that great little pond next door to them.
There were only four condominiums reported sold in the Flagstaff MLS in March, but there are many more pending. Sometimes these contracts are long in closing because the remodel work on the units is not complete when the contract is made. The University Heights apartment to condo conversion on Litzler Drive is almost completely sold out. Soliere’s Timberline Village continues to sell well, and the Arbors on West University Avenue shows a pick-up in sales. These continue to be Flagstaff’s most affordable housing. | 
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