Compare September's Flagstaff Market Report

244947 Resource 178435 178982 178982 1257715305087 1257715328015 Controlled October Flagstaff Real Estate Update

Flagstaff home sales steady headed into winter

After an upward price blip <a title="September Flagstaff Home Sales Report" href="/public/item/243348">last month</a>, the median price of Flagstaff single-family homes sold in October 2009 fell to $317,500. That’s down 3.2% from October 2008. Looking behind these seemingly benign numbers, you’ll find that much larger homes are selling for much lower prices – the average price per square foot of a Flagstaff home sold in October 2009 was $135. Consider that at the peak of the market, it was hard to find a home below $225 per square foot. The pace of sales remained steady – 71 single-family Flagstaff homes were sold in October (compared with 67 in September, 67 in August and 73 in July). This is a better rate of sale than during the winter last year, but still is only about 60% during the summer months of 2005. The number of Flagstaff homes for sale dropped about 10% over the course of the month, but Flagstaff is still faced with an 8.5-month supply of homes as we go into a winter where many more foreclosed home may hit the market. The Flagstaff townhome median price was down only about 1% from October’s median price last year, but last October was when townhome prices finally made a significant drop. The median price was $215,000 last month and we have over 11 months’ supply of Flagstaff townhomes. Some builders’ townhome inventory began to hit the foreclosure sales lists in the last couple of weeks. The outlook for the winter in the Flagstaff real estate market depends a great deal on what the banks that are holding unsold foreclosed homes decide to do – keep trickling out the inventory or clear their books. The former seems most likely. Short sales in Flagstaff are saving the banks from building inventory – as well as saving homeowners from the credit-rating hit a foreclosure takes (although a <a title="Short Sale Advice" href="http://www.bestflagstaffhomes.com/bin/web/real_estate/AR49005/FLEX1/Flagstaff/1255736552.html">short sale also takes a toll</a>). The <a href="/public/item/244829">extension and expansion of the homebuyer tax credit</a> may continue to provide some cushion to the market. Overall, we’re likely to see some more home price depreciation, but not has much as we’ve seen thus far in Flagstaff. The climb back up will be long and slow, according to economists at the <a href="blog/178444">NAU/Chase Economic Conference</a> which I attended this week. Look for increased volume of sales in 2012, with prices only slightly up then, according to these economists. I tend to agree. 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: <a title="Flagstaff RE/MAX agents" href="http://bestflagstaffhomes.com/" target="_blank">Ann Heitland at RE/MAX Peak Properties</a>. <a title="Search Flagtaff MLS" href="http://idxpro.cisdata.net/AR49005/Search/quick/" target="_blank">To search the Flagstaff MLS, click here!</a> <a title="Flagstaff Home Listings" href="http://www.bestflagstaffhomes.com/bin/web/real_estate/AR49005/HOME_SEARCH/Flagstaff/1247106841.html" target="_blank">Click here to see my featured Flagstaff home listings.</a> 9 application/xml Flagstaff foreclosures Flagstaff home sales Flagstaff real estate Flagstaff real estate market report Flagstaff short sales Flagstaff single-family homes Flagstaff townhomes Remax in Flagstaff Compare September's Flagstaff Market Report September looked a lot like October http://blog.bestflagstaffhomes.com/public/item/243348 false Mozilla/4.0 (compatible; MSIE 8.0; Windows NT 6.0; Trident/4.0; GTB6; SLCC1; .NET CLR 2.0.50727; .NET CLR 3.5.30729; OfficeLiveConnector.1.3; OfficeLivePatch.0.0; .NET CLR 3.0.30729) 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