 Flagstaff Homes Are Moving Again Flagstaff home sales volume dropped slightly in November while prices fell more than slightly. The inventory of Flagstaff homes, however, also fell slightly which may have a steadying influence on prices. Townhomes suffered the largest price drop of any type of Flagstaff housing during the month of November.
Ninety Flagstaff homes sold in November 2009 – more than twice the number sold in November 2008. These are all types of residential units in Flagstaff: condominiums, manufactured homes, townhomes and single-family residences. The overall median price was $266,500. Over 8 months supply of homes was available as of the beginning of December based on the November sales pace – that’s down from nearly 20-months’ supply last year.
Single-family residences saw a 15.5% median price drop compared with November 2008, bringing the median price to $306,000 for sales in November 2009. Flagstaff units sold were 67 in 2009 versus 30 in 2008 – price really does matter. The inventory level is substantially lower in 2009 compared with this time last year. We now have under 8 months’ supply of Flagstaff homes compared with nearly 21-months’ supply last year. Homes over $350,000 in price are not faring so well: Flagstaff still has nearly 13-months’ supply of single-family homes that are priced above $350,000. Twenty-six Flagstaff single-family home sales above $350,000 occurred in November, including one at $1.2 million.
Flagstaff townhome prices reached their lowest level since 2003 during November – although the median townhome sale price of $195,000 was still substantially above the 2003 median of $166,500. Eleven Flagstaff townhomes sold and the number listed fell by nearly 20 percent, so the Flagstaff townhome inventory is down to just over 7-months’ supply.
Flagstaff condo sales prices remained steady in November and volume was up from October and earlier months of the year. The median sales price for condos was only about $25,000 less than the price of Flagstaff townhomes sold in November.
Outlook: The extended tax credit provisions and lower prices is likely to keep sales volume higher this winter than it was last winter. Selections for buyers seeking homes priced below $350,000 are likely to remain thin for the next couple of months as sellers hold their homes off the market during the winter – hoping against reality for higher prices in the Spring. Bank-owned Flagstaff home inventory remains low as short-sales and administrative delays affect that portion of the market.
Note: “MLS” 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. Statistics include Flagstaff homes in the larger Flagstaff area -- whether or not within the City of Flagstaff itself.
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