When Will the Flagstaff Real Estate Market Turn?

191647 Resource 178435 178982 178982 1196957864388 1196979903254 Controlled Flagstaff Real Estate ~ Let’s Do the Numbers!

The Flagstaff Real Estate Market in November

<a title="Wikipedia Definition and Discussion of Supply and Demand" href="http://en.wikipedia.org/wiki/Supply_and_demand" target="_blank">The Law of Supply and Demand</a> was demonstrated in spades for the sale of Flagstaff single family homes last month. Prices dropped; sales went up. Inventory went down, portending future price stabilization, but we have a ways to go to clear out outstanding inventory. Here are the numbers based on sales reported in the multiple-listing-service of the Northern Arizona Association of Realtors® (these numbers, of course, do not reflect all sales, but are a good representation of the overall market for homes with Flagstaff mailing addresses). Other segments of the market took different directions.Let’s look at the change in the Flagstaff single-family home market from October to November: <table class="MsoTableGrid" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0pt 5.4pt 0pt 5.4pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480" cellspacing="0" cellpadding="0" border="1"><tbody><tr style="HEIGHT: 47.4pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 61.5pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 47.4pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt" valign="top" width="103"><city w:st="on" /><place w:st="on" />Flagstaff</place /></city />Single Family Homes</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 81.9pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 47.4pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="137"><shapetype id="_x0000_t67" coordsize="21600,21600" o:spt="67" adj="16200,5400" path="m0@0l@1@0@1,0@2,0@2@0,21600@0,10800,21600xe" /><stroke joinstyle="miter" /><formulas /><f eqn="val #0" /><f eqn="val #1" /><f eqn="sum height 0 #1" /><f eqn="sum 10800 0 #1" /><f eqn="sum width 0 #0" /><f eqn="prod @4 @3 10800" /><f eqn="sum width 0 @5" /></formulas /><path o:connecttype="custom" o:connectlocs="10800,0;0,@0;10800,21600;21600,@0" o:connectangles="270,180,90,0" textboxrect="@1,0,@2,@6" /><handles /><h position="#1,#0" xrange="0,10800" yrange="0,21600" /></handles /></shapetype /><shape id="_x0000_s1030" style="MARGIN-TOP: 26.9pt; Z-INDEX: 3; LEFT: 0px; MARGIN-LEFT: 20.1pt; WIDTH: 38.25pt; POSITION: absolute; HEIGHT: 26.3pt; TEXT-ALIGN: left; mso-position-horizontal-relative: text; mso-position-vertical-relative: text" type="#_x0000_t67" fillcolor="red" /></shape />Median <place w:st="on" /><city w:st="on" />Sale</city /></place /> Price  <group id="_x0000_s1026" style="WIDTH: 66pt; HEIGHT: 36pt; mso-position-horizontal-relative: char; mso-position-vertical-relative: line" coordsize="7200,4320" editas="canvas" coordorigin="2454,2460" /><lock v:ext="edit" aspectratio="t" /><shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f" /><stroke joinstyle="miter" /><formulas /><f eqn="if lineDrawn pixelLineWidth 0" /><f eqn="sum @0 1 0" /><f eqn="sum 0 0 @1" /><f eqn="prod @2 1 2" /><f eqn="prod @3 21600 pixelWidth" /><f eqn="prod @3 21600 pixelHeight" /><f eqn="sum @0 0 1" /><f eqn="prod @6 1 2" /><f eqn="prod @7 21600 pixelWidth" /><f eqn="sum @8 21600 0" /><f eqn="prod @7 21600 pixelHeight" /><f eqn="sum @10 21600 0" /></formulas /><path o:connecttype="rect" o:extrusionok="f" gradientshapeok="t" /><lock v:ext="edit" aspectratio="t" /></shapetype /><shape id="_x0000_s1027" style="LEFT: 2454px; WIDTH: 7200px; POSITION: absolute; TOP: 2460px; HEIGHT: 4320px" type="#_x0000_t75" o:preferrelative="f" /><fill o:detectmouseclick="t" /><path o:connecttype="none" o:extrusionok="t" /><lock v:ext="edit" text="t" /></shape /><wrap type="none" /><anchorlock /></group /><img hspace="0" src="docs/down.JPG" align="middle" border="0" /></td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 47.4pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="110">Average <place w:st="on" /><city w:st="on" />Sale</city /></place /> Price</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 48pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 47.4pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="80">Homes Sold<img hspace="0" src="docs/up.JPG" align="middle" border="0" /><shapetype id="_x0000_t68" coordsize="21600,21600" o:spt="68" adj="5400,5400" path="m0@0l@1@0@1,21600@2,21600@2@0,21600@0,10800,xe" /><stroke joinstyle="miter" /><formulas /><f eqn="val #0" /><f eqn="val #1" /><f eqn="sum 21600 0 #1" /><f eqn="prod #0 #1 10800" /><f eqn="sum #0 0 @3" /></formulas /><path o:connecttype="custom" o:connectlocs="10800,0;0,@0;10800,21600;21600,@0" o:connectangles="270,180,90,0" textboxrect="@1,@4,@2,21600" /><handles /><h position="#1,#0" xrange="0,10800" yrange="0,21600" /></handles /></shapetype /><shape id="_x0000_s1031" style="MARGIN-TOP: 8.3pt; Z-INDEX: 4; LEFT: 0px; MARGIN-LEFT: -1.8pt; WIDTH: 38.25pt; POSITION: absolute; HEIGHT: 26.3pt; TEXT-ALIGN: left" type="#_x0000_t68" fillcolor="green" /></shape /><group id="_x0000_s1028" style="WIDTH: 36pt; HEIGHT: 18pt; mso-position-horizontal-relative: char; mso-position-vertical-relative: line" coordsize="7200,4320" editas="canvas" coordorigin="2454,2460" /><lock v:ext="edit" aspectratio="t" /><shape id="_x0000_s1029" style="LEFT: 2454px; WIDTH: 7200px; POSITION: absolute; TOP: 2460px; HEIGHT: 4320px" type="#_x0000_t75" o:preferrelative="f" /><fill o:detectmouseclick="t" /><path o:connecttype="none" o:extrusionok="t" /><lock v:ext="edit" text="t" /></shape /><wrap type="none" /><anchorlock /></group /></td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 90pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 47.4pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="150">Homes for <place w:st="on" /><city w:st="on" />Sale</city /></place />at beginning of following month</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 102pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 47.4pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="170">Number of Months’ Supply on Market<img hspace="0" src="docs/down.JPG" align="middle" border="0" /></td></tr><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 1"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 61.5pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="103">Oct-07</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 81.9pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" nowrap="true" width="137">$382,750</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" nowrap="true" width="110">$474,039</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 48pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" width="80">44</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 90pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" width="150">685</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 102pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" nowrap="true" width="170">15.57</td></tr><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 61.5pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="103">Nov-07</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 81.9pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" nowrap="true" width="137">$340,000</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" nowrap="true" width="110">$366,716</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 48pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" width="80">55</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 90pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" width="150">630</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 102pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" nowrap="true" width="170">11.45</td></tr></tbody></table> Townhome sellers maintained and even improved their sale prices from October, but the number of sales was down. Buyers will have more to choose from if they want to buy a Flagstaff townhome before year end, and we may not see price increases when we look at numbers next month. Here are the numbers for Flagstaff townhome sales: <table class="MsoNormalTable" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; MARGIN: auto auto auto 4.9pt; BORDER-LEFT: medium none; WIDTH: 444.5pt; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0pt 5.4pt 0pt 5.4pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext" cellspacing="0" cellpadding="0" width="741" border="1"><tbody><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 78.5pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt" width="131"><place w:st="on" /><city w:st="on" />Flagstaff</city /></place /> Townhomes</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 71.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="120">Median <city w:st="on" /><place w:st="on" />Sale</place /></city /> Price <img hspace="0" src="docs/up.JPG" align="bottom" border="0" /></td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 67.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="113">Average <place w:st="on" /><city w:st="on" />Sale</city /></place /> Price</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 44.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="75">Homes Sold<img hspace="0" src="docs/down.JPG" align="bottom" border="0" /></td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 85.6pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="143">Homes for <place w:st="on" /><city w:st="on" />Sale</city /></place />at beginning of following month</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 96pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="160">Number of Months’ Supply on Market<img hspace="0" src="docs/up.JPG" align="bottom" border="0" /></td></tr><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 1"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 78.5pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="131">Oct-07</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 71.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" nowrap="true" width="120">$281,500</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 67.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" nowrap="true" width="113">$288,912</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 44.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" width="75">12</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 85.6pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" width="143">107</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 96pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" nowrap="true" width="160">8.9</td></tr><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 78.5pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="131">Nov-07</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 71.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" nowrap="true" width="120">$290,000</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 67.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" nowrap="true" width="113">$303,978</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 44.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" width="75">9</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 85.6pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" width="143">113</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 96pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="bottom" nowrap="true" width="160">12.56</td></tr></tbody></table> Please note: My putting red and green arrows in these tables makes them very dramatic, but my opinion is that there were so few sales in the townhome sector that it is hard to tell what the numbers mean for the direction of the Flagstaff townhome market. All we can tell is that there were at least nine buyers willing to buy a Flagstaff townhome in November, and if a home is priced competitively and staged appealingly, it is likely to sell in December.The overall prices for all Flagstaff homes (single-family residences, townhomes, condos, and manufactured homes) showed a significant increase in November from October. Indeed, the median price for Flagstaff homes sold in November 2007 was higher than at any time since February 2007. This is a statistical anomaly arising from the impact of Flagstaff condominium sales throughout this year. Sales of Flagstaff condos took off in early 2007 as three large apartment complexes were converted to condos. The effect has been to reduce the average and median prices in the overall Flagstaff home market even more than those prices would have fallen due to other factors because the statistics include smaller units than ever before available in our market. In November, however, the number of condo closings was 50% of what it had been in October, skewing the overall market in the other direction. Skewed through they may be by the factor discussed in the last paragraph, here are the figures for all residences with Flagstaff mailing addresses: <table class="MsoTableGrid" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; WIDTH: 449.4pt; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0pt 5.4pt 0pt 5.4pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-yfti-tbllook: 480" cellspacing="0" cellpadding="0" width="749" border="1"><tbody><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 53.4pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt" valign="top" width="89">All Flagstaff Homes</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 84pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="140">Median <place w:st="on" /><city w:st="on" />Sale</city /></place /> Price</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 64.2pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="107">Average <place w:st="on" /><city w:st="on" />Sale</city /></place /> Price</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 48pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="80">Homes Sold</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 90pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="150">Homes for <place w:st="on" /><city w:st="on" />Sale</city /></place />at beginning of following month</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 109.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" nowrap="true" width="183">Number of Months’ Supply on Market</td></tr><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 1"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 53.4pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="89">Oct-07</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 84pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="140">$280,000</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 64.2pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="107">$340,841</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 48pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="80">88</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 90pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="150">959</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 109.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="183">10.90</td></tr><tr style="HEIGHT: 16.2pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: windowtext 1pt solid; WIDTH: 53.4pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="89">Nov-07</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 84pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="140">$314,450</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 64.2pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="107">$321,850</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 48pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="80">82</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 90pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="150">905</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0pt; BORDER-LEFT: #ece9d8; WIDTH: 109.8pt; PADDING-TOP: 0pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.2pt; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" nowrap="true" width="183">11.04</td></tr></tbody></table> The manufactured home sales volume in Flagstaff has fallen through the floor in 2007. With townhomes and lower priced single family homes available in an abundance not seen in several years, and the credit markets’ shift away from allowing 100% financing on manufactured housing, sales have dropped considerably. (Though FHA loans at nearly 100% are still available.) At the beginning of December there were 176 manufactured homes for sale. In November there were 15 sales of manufactured homes with Flagstaff addresses. A product that was a very hot seller in past years is now just keeping up with the market in rate of sales (those sales numbers make an 11.7 months supply of manufactured homes for sale). In summary, we can’t tell when the market will turn, but we do know that NOW prices are down and interest rates are low. If you need to buy in the next year, now may well be the time to do so. The one time we will know that the prices have hit bottom is when they start back up – then you will have missed it.  Call <a title="Our website and contact info" href="http://bestflagstaffhomes.com/" target="_blank">Team Heitland at RE/MAX Peak Properties</a> to discuss when is the right time for YOU to buy based upon your personal financial and housing needs.P.S. For those of you dying to know more about the Law of Supply and Demand and its application to all markets, not just real estate, check out Wikipedia's definition. Here's a small piece of the definition to keep in mind:<blockquote dir="ltr" style="MARGIN-RIGHT: 0px"><a title="Wikipedia definition in full" href="http://en.wikipedia.org/wiki/Supply_and_demand" target="_blank">"The model [supply and demand] predicts that in a competitive market, price will function to equalize the quantity demanded by consumers and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity."</a></blockquote>We're searching for "equilibrium" in Flagstaff real estate as 2007 begins to wind down.... 9 application/xml Flagstaff condos Flagstaff real estate market Flagstaff real estate market report Flagstaff real estate prices Flagstaff real estate sales Flagstaff single family homes Flagstaff townhomes When Will the Flagstaff Real Estate Market Turn? An earlier post analyzing factors that affect Flagstaff real estate http://blog.bestflagstaffhomes.com/public/item/190811 Third Quarter 2007 Flagstaff Real Estate Market Report Real estate sales volume and price trends from July-September 2007 in Flagstaff AZ http://blog.bestflagstaffhomes.com/public/item/185992 false Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 aheitland 75.160.24.218 false true false false true 178975 false false true false false false true 178435 blog blogsite/BestFlagstaffHomes/web