Real estate prices in Flagstaff have lagged other markets in the home price downtrend. This year, Flagstaff homes are catching up with the nationwide downward real estate spiral. In May 2009, the median price of a single-family home sold in Flagstaff was 19% lower than for Flagstaff homes sold a year ago. SFR prices for the Flagstaff metro area for May 2009 were down 25.9% from the peak for the month of May that was reached in 2007, when the median price of a home sold in the Flagstaff area was $399,750. Last month, the median price broke $300,000 going in the other direction – it was $296,000.
The glimmer of good news is that volume of sales improved substantially in May compared to earlier in the year, as we usually expect this time of year. Sixty-nine single family homes sold in the Flagstaff area in May; however over three hundred more homes were for sale at the beginning of June than at the beginning of May. This leaves Flagstaff with more than 14-months’ supply of homes actively for sale – a strong home buyers’ market.
Remember, this report is the overall Flagstaff homes market. Trying to buy a home in the median price range is a different story. Homes priced right, in decent condition, and in the lower price ranges are flying off the market quickly. However, in the $400,000-and-above range, there is a great deal of competition and still very few buyers.
Townhome sales improved slightly in May, with six Flagstaff townhomes selling during the month. The median sales price was $244,750 – down 7.6% from May 2008. There were 96 townhomes for sale in Flagstaff at the beginning of June, so the Flagstaff townhome market is still obviously overloaded and prices are likely to continue to come down in this category. Townhome sales in Flagstaff have suffered because the demand for second homes is down and because single-family-residence prices have fallen into a range to compete with townhomes.
Remember: all real estate is local and a market analysis for your neighborhood and price range must be done specifically for your home, or your future home, before you make a decision about buying or selling. Before making this important financial and personal decision, get a Realtor® who knows the market well and will perform the analytic work specifically for your home.
Statistics used in this report are gathered from the Northern Arizona Multiple-Listing Service owned by the Northern Arizona Association of Realtors.® The information is deemed reliable, but is not guaranteed since it is based on reports from a variety of brokers and agents within the association. The home sales reported do not include all sales in the area. The slice of the Northern Arizona MLS data used here is based on homes with Flagstaff mailing addresses – whether within the City of Flagstaff or outside the city and in the immediately surrounding Coconino County areas.
If you’re ready to buy or sell, contact Team Heitland at RE/MAX Peak Properties! | 
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