August Flagstaff real estate sales were good, all things considered. Sixty-seven single family homes sold, down six units from July, but still consistent with the sales numbers for May through July of this year. Flagstaff’s “busy” season tends to run from late April through October. The August median single-family-home price of $315,000 was lower than June and July, but higher than May. The average price of Flagstaff homes sold in August was also a bit lower at $382,681. The inventory level dropped just a bit, but with the sales dropping a bit more, relatively, the number of months’ supply of Flagstaff homes crept up to just over eleven months – clearly still offering buyers many choices.
The absorption rate for townhomes doubled in August, with slightly increased inventory and nearly half the sales compared to July (12 in August, 23 in July). The median price of townhomes sold was $230,000. We now have slightly over nine months’ supply of townhomes on the market.
Flagstaff Single Family Home Prices and Sales during August of Last 5 Years
|
August ‘04
|
August ‘05
|
August ‘06
|
August ‘07
|
August ‘08
|
August ‘09
|
|
Median
|
$259,000
|
$359,900
|
$367,250
|
$375,000
|
$345,000
|
$315,000
|
|
Average
|
$311,197
|
$411,637
|
$483,788
|
$432,599
|
$413,090
|
$382,681
|
|
Sold #
|
103
|
125
|
84
|
72
|
66
|
67
|
Flagstaff single family home price summary for August: Down 8.6% from August 2008; down 16% from the price peak for the month of August, in 2007. Up 21.6% from August 2004.
Flagstaff Townhome Prices and Sales during August of Last 5 Years
|
August ‘04
|
August ‘05
|
August ‘06
|
August ‘07
|
August ‘08
|
August ‘09
|
|
Median
|
$202,500
|
$279,000
|
$268,850
|
$275,000
|
$263,950
|
$230,000
|
|
Average
|
$205,858
|
$281,187
|
$266,039
|
$280,818
|
$269,963
|
$243,292
|
|
Sold #
|
26
|
31
|
30
|
22
|
18
|
12
|
Flagstaff townhome price summary for August: Down 12.9% from 2008; down 17.5% from the August peak, in 2005. Up 13.5% from August 2004.
Note: All numbers reported here are based on sales of homes with Flagstaff mailing addresses, whether in the city of Flagstaff or the surrounding rural-suburban areas. The reported data comes from information as reported to 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.
Whither Flagstaff real estate? I’m not ready to say that Flagstaff real estate has hit the absolute “bottom” in the market downturn. I am ready to say that when it does, the rebound will be slow and we’re likely to be in trough on prices while inventory works itself off at the bottom prices. My guess is that home sales volume this winter will go back to the lows of last winter, when they were 50% of what we have seen in the months since May. I expect inventory will increase as bank-owned homes are released for sale and forced short-sale offerings continue to rise. This is likely to press prices down a bit more over the winter – unless investors start coming back into the market in volume. That latter scenario is possible – I’ve been getting calls from investors in recent weeks.
To buy or sell any Flagstaff home, contact us: Team Heitland at RE/MAX Peak Properties.
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