 Snapshot of Flagstaff home market May 2008 As of June 3, 2008, there was a ten-months’ supply of homes for sale in Flagstaff at the pace of sales made in May 2008. Some buyers, nonetheless, are frustrated and disappointed with their home searches. That’s because within the Flagstaff real estate market there are a variety of submarkets and some are much tighter than the overall market numbers reveal. For example, all Flagstaff homes under $300,000, including townhomes and condos, are in shorter supply. Indeed, that is a sellers’ market from a real estate economists’ view, at least based on statistics in the Northern Arizona Association of Realtors’ Multiple-Listing-Service. According to those numbers, there is a less than six-months’ supply of homes under $300,000. There are probably many condo units that have not been formally included in those numbers, but which could be sold, so condo market analysis is elusive. Single family homes in the under $300,000 price range have slightly over a six-months’ supply on hand, given the rate of sales in May. Six months’ supply generally means that buyers and sellers have balanced negotiating power in the marketplace. If you move up to the “under $450,000” price range, the single-family home market becomes more favorable to buyers. There is a nearly seven-months’ supply of homes, but still not the overwhelming ten months’ supply reported for the overall market. What this says is that there a lot of very expensive homes in Flagstaff sitting without buyers. Particular neighborhoods do not show as much variation as the price ranges, but there are distinctions among Flagstaff neighborhoods – the west side and downtown Flagstaff have fewer unsold homes than the eastside and rural areas. Generally, newer homes are selling better than older homes. All of this means that you need to know the market you are in – whether you are a buyer or a seller. For the best professional advice when you are ready to navigate the Flagstaff real estate market, contact Team Heitland at RE/MAX Peak Properties! |
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