January looked a lot like December in Flagstaff home sales. The median single-family-home price went down $9000 from December to $240,000. That is down 10% from a year ago on a total of 46 closed transactions (44 homes sold in December). The law of supply and demand says this can’t continue: Since the inventory of homes available for buyers to choose from is incredibly low, there is upward pressure on prices that will have to bring price stabilization in the coming months – at least in the lower price ranges.
Buyer traffic is up in Flagstaff and nationally and these buyers seem more determined to buy while interest rates are low and before the improving economy turns the housing market around. We’ll see if that translates into more sales in the short month of February. It will in the Spring.
We certainly could use some more listings for these buyers to choose from. There are some new home developments on the drawing boards. We may see those available for viewing this Spring with occupancy dates in late Summer or Fall.
Here are the numbers for January Flagstaff home sales:
Compare the December Flagstaff home sales report.
Compare the Flagstaff home sales peak with the boom.
Note: The data reported here are based on single-family-home sales in the Flagstaff metro area (the City of Flagstaff and immediately surrounding county areas that have Flagstaff mailing addresses) as reported in the multiple-listing-service maintained by the Northern Arizona Association of Realtors.® The data may not reflect all sales (but it surely reflects most of them).
To search the Flagstaff MLS, click here!
To buy or sell a Flagstaff home, contact me: Ann Heitland at RE/MAX Peak Properties! | 
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