Flagstaff Real Estate Update for July 2008

The number of Flagstaff homes sold in July dropped nearly 35% from the number of homes sold in July 2007, but the average and median prices remained essentially flat on the year-to-year comparison. Prices were down from sales in May and June of this year.

Here are the numbers as reported in the Northern Arizona Multiple-Listing-Service for Flagstaff homes that are single-family, townhomes, condos and manufactured homes:

In the category of single-family homes in the Flagstaff metro area, here are the numbers:

As compared to last July, prices for single-family homes in Flagstaff are nearly unchanged; however, the number of homes sold has dropped over 34%.  This means the buyers and sellers are not seeing eye-to-eye on price and the home sales market is “stuck.” Based on my educated guess, this is the way the market is going to be for a while. Prices are likely to begin to fall a bit as we reach late summer. The inventory of single-family homes continued to rise from the end of June to the end of July (12.91 months’ supply and 14.86 months’ supply, respectively).

Sellers are withdrawing their homes from the market, letting the listings expire, looking for another agent whose marketing they hope will bring them the price they are dreaming of, but they are not budging on price. Those few who do give a bit are finding ready, willing, and able buyers. For more on the number of sales and the amount of supply in the Flagstaff residential real estate market, see my post earlier in the week on Flagstaff home sales results for July.

Remember, all real estate is local – and that means that your neighborhood may be doing better or worse than the Flagstaff average numbers. Do not act based on this general picture of the Flagstaff metro area market. Instead, get professional advice from your own Realtor.^®

If you’d like to buy or sell Flagstaff real estate, we’re Flagstaff real estate agents who are ready, willing, and able to help you: Team Heitland at RE/MAX Peak Properties.