The median price of a Flagstaff single-family-home sold in September 2009 was $338,000, topping the median price for August by $23,000. This tells us that more higher-priced homes are selling, not that any given home has risen in value. The median price was higher year-to-year by $15,000.
The pace of Flagstaff home sales remained steady in September, with sixty-seven single-family-homes reported sold on the Northern Arizona MLS – the same number as in August 2009. This is still a small number compared to sales at the peak of the market. Although the total number of homes for sale decreased from August to September, the supply of homes for sale at the beginning of October remained at nearly 10-months’ worth at the current pace of sales. Flagstaff is still a buyers' market in most price ranges and most neighborhoods -- but the exceptions are growing and sellers in some areas and in the lower price ranges are closer to being back in the driver's seat.
The median Flagstaff townhome sale was $225,000 in September – the lowest price point since 2004. There is nearly twelve months’ worth of townhomes available for sale. Still, one builder of townhomes, in the Mt. Elden Foothills area, continues to construct new townhomes.
Fourteen Flagstaff condominiums sold in September. One of the three major apartment-to-condo conversions is nearing the end of available supply. A number of the sales in September represent first-time home buyers who will qualify for the first-time-home-buyer tax credit that is due to expire on December 1. These condos offer a lowest entry point into the Flagstaff homes market for such buyers.
Other first-time home buyers are purchasing manufactured homes which, after some adjustments in available financing earlier this year, have regained sales momentum this fall. There were eleven sales of Flagstaff manufactured homes in September, pushing the available inventory below six months’ worth. The median sale price of a manufactured home in September was $175,000.
Note: All numbers reported here are based on sales of homes with Flagstaff mailing addresses, whether in the city of Flagstaff or the surrounding rural-suburban areas. The reported data comes from information as reported to the Northern Arizona Association of Realtors® and is deemed reliable for sales reported to the association, but is not guaranteed and does not include all sales in the market area.
To buy or sell any Flagstaff home, contact me: Ann Heitland at RE/MAX Peak Properties. Don't be mislead by overall market prices. When you are ready to buy or sell, it's important to analyze Flagstaff homes by size and neighborhood.
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