Flagstaff real estate annual market report

199786 Resource 178435 178982 178982 1205800966318 1206415245954 Controlled Flagstaff Real Estate Market Report

The Flagstaff market continues to favor buyers but home prices aren’t falling

As of Monday, March 3, 2008, there were 777 Flagstaff residences for sale. Sixty-five homes sold during the month of February. Today, there are 818 Flagstaff homes for sale and twenty have sold so far this month. I’m taking a “wait and see” attitude before making predictions for Spring, especially in light of the <a title="Wall Street Journal evening report on credit market situation" href="http://online.wsj.com/article/SB120575388816741491.html?mod=fox_australian" target="_blank">credit market news today</a> which is likely to have reverberations throughout the economy. For now, I think the market we’ve seen is the market we’ll have without any Spring upturn in prices. Still, sales are steady.The number of homes on the market compared to sales varies greatly by price range, with the homes available in the lower price ranges still few and far between unless you are interested in an apartment-converted condo. The average price of a sold home in February 2008 was over $350,000, according to the Northern Arizona Association of Realtors' MLS data, while the median price was $326,000 for all Flagstaff homes sold in February. (This includes any home with a Flagstaff mailing address, whether in the city limits or not, and also includes, condos, townhomes, and manufactured homes, as well as single-family residences.)The numbers below are for single-family-homes with Flagstaff mailing addresses, whether inside the city limits of Flagstaff or in the immediately surrounding unincorporated areas of Coconino County – in other words what is generally thought of as the Flagstaff metropolitan area. As you can see, the median price is actually up from February 2007 to February 2008, but fewer homes sold, by 20%. This is what economists call "price stickiness." The question is, how long will sellers hold out -- long enough for the buyers to come back? <div align="center"><table class="MsoTableGrid" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; MARGIN: auto auto auto -33.45pt; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-border-alt: solid windowtext .5pt; mso-yfti-tbllook: 480; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext" cellspacing="0" cellpadding="0" border="1"><tbody><tr style="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: 0in; BORDER-LEFT: windowtext 1pt solid; WIDTH: 238.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt" valign="top" width="397">Median Price for SFR Solds ---- February 2008</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 84pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" width="140">  $369,500 </td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 94.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt" valign="top" width="157">40 homes sold</td></tr><tr style="mso-yfti-irow: 1; mso-yfti-lastrow: yes"><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: windowtext 1pt solid; WIDTH: 238.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" valign="top" width="397">Median Price for SFR Solds ---- February 2007</td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 84pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt" width="140"> $354,400 </td><td style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 94.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; 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" width="157">50 homes sold</td></tr></tbody></table></div> 9 application/xml false credit market Flagstaff condos Flagstaff home prices Flagstaff homes Flagstaff real estate agent Flagstaff real estate market Flagstaff townhomes northern arizona multiple listing service Flagstaff real estate annual market report Details on the Flagstaff residential real estate market and submarkets for the last three years http://control.cisdata.net/bin/filelink.php/AR49005/46a93b529400f8f05b55c5f29b412042/ January 2008 Flagstaff residential real estate market report Fewer homes sold in the longer month of January than in February 2008 http://blog.bestflagstaffhomes.com/public/item/196170 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322; .NET CLR 2.0.50727; .NET CLR 3.0.04506.30; .NET CLR 3.0.04506.648) 127.0.0.1 127.0.0.1 aheitland 24.121.32.9 false true false false true 178975 false false true false false false true 178435 blog blogsite/BestFlagstaffHomes/web