With so few homes being sold, the addition of one sale to the preliminary numbers reported on June 2 reduced the median price by $15,000. Here are the final numbers as of mid-June:
Forty-seven single-family homes sold in the Flagstaff metro area with a median price of $310,000 and a median price per sq. ft. of $130.00. At this sales pace, there are over 13-months' worth of Flagstaff single-family homes on the market. Eight of the 47 home sales were REO properties and 4 were short sales. With so few homes being sold, the addition of one sale to the preliminary numbers reported on June 2 (below the line here) reduced the median price by $15,000.
Eleven townhomes sold in Flagstaff last month. Their median price was $215,000. Two of the townhomes sold were REOs and one was a short sale. There are about 8.5-months' worth of townhomes for sale.
Five manufactured homes sold in May. The median price of those sales was $183,000 and there are over 14-months' worth of inventory in this category of Flagstaff homes. None of last months' sales were REOs and only one of the five was a short sale.
Eight condominiums sold in May in Flagstaff, with a median price of $154,450.
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Just a note about my preliminary look at Flagstaff home sales statistics for May 2010: 46 single-family home sales reported so far as of earlier this morning (June 1, 2010). Median sales price is up year-to-year and month-to-month, but so is supply. I think we're seeing some tax credit distortion. More details will come later after real estate offices have more time to record their Flagstaff home sales for May 2010. Meanwhile, this is what I found on June 1:
The median price-per-square foot for a Flagstaff single-family home looks like it will come in at about $135, with an overall median home sales price of $325,000.
Eleven townhomes sold, as reported so far, but the supply of those is way up compared with last month.
As of today, we have over 13 months' supply of single-family homes on the market at the May sales pace, and 8 months' supply of townhomes.
All of these numbers are based on reports to the multiple-listing-service of the Northern Arizona Association of Realtors® which does not represent the entire Flagstaff market, but is a significant percentage of overall sales.
Graphically, here's why things are not going to get better soon:
To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties. If you know someone who needs to sell and is underwater on their home, I can help with a short sale. Send them my way.
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