Monthly Flagstaff Market Update

For January 2008, this is what the market looks like in Flagstaff according to statistics available from the Northern Arizona Association of Realtors^® Multiple Listing Service: 

These numbers are for all residences and for the subset of single-family-homes with Flagstaff mailing addresses, whether inside the city limits of Flagstaff or in the immediately surrounding unincorporated areas of Coconino County – in other words what is generally thought of as the Flagstaff metropolitan area.

Here’s the picture for homes priced at $400,000 or less:

Overall, the volume of homes available for sale compared to the homes sold or under contract tells us that the market is great for buyers – there should be homes to choose from and the sellers should be flexible about price. In reality, the pickings are slimmer. Homes that sell are generally selling after less than four months of being listed and at over 95% of the listed price. Rather than an opportunity for buyers to get deep discounts from list price, the volume of homes on the market reflects a “price stickiness” caused by sellers unwilling to reduce their prices, or unwilling or unable to make repairs to homes that grow stale on the market as a result. Those homes don’t sell, but others do. The result is that, for homes that buyers want, prices have dropped less than 1% from January 2007.

For professional, educated, and experienced advice about the Flagstaff market that matters to you, call the local real estate agents who are part of Team Heitland at RE/MAX Peak Properties or start by visiting our Flagstaff real estate website.