Forty-one Flagstaff homes sold in January 2010, including 33 single-family homes, 3 townhomes, and 2 manufactured homes. Eight of those sales were REO, or bank-owned, properties and five were short sales. The median price of all the Flagstaff homes sold in January 2010 was $290,000.
The median price for a single-family Flagstaff home sold in January was $300,000. Short sales sold at a median price below the overall median and bank-owned properties at a median above the median. This reflects the fact that more high-end sales are of bank-owned properties.
The absorption rate of Flagstaff homes at the beginning of February was showed 13.06 months’ worth of single family homes on the market, which is down substantially from the over 20-months’ supply of homes for sale in January 2009. Still, this level reflects a strong buyers’ market overall since a balanced buyer-seller market is considered to be 6-months’ supply of homes. There continues to be a lower supply of homes in the $300,000 range and in some neighborhoods.
Both Flagstaff townhomes and manufactured homes have a glut of homes for sale relative to January sales. Townhomes show over 20-months’ supply. Manufactured homes in Flagstaff had over 25-months’ supply at the beginning of February.
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.
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Ann Heitland at RE/MAX Peak Properties.
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