Saturday, December 31, 2016 / by Jeff Ross
Home Sales in the Flagstaff General area stayed very strong for November, with 18.9% more homes selling than the prior year.
Year to Date, we have sold 6.9% more homes, or 1571 homes compared to last year of 1470 homes.
Again, unless specified, we are talking all homes, single family, manufactured, townhome and condos.
Pricing has also stayed strong for November, with the Average Price up 10.40% and the Median Price up 13.64%.
Year to date, our Average Price is up 5.84% to $340,885, and our Median Price up 8.16% to $282,000.
Single Family homes for November showed a strong price increase
Though the numbers sold were stable from the year before,
The Average Price was up 16% to $454,103, which was affected by additonal higher priced homes being sold above the $500,000 price point.
The Median Price was more in line with a 4.82% increase or to $364,000.
Year to Date, though the end of November for Single Family Homes
We have sold 1.5% more family homes,
The Average price is up 6% to $422,902, and the Median Price is up 8% to $367,250
Number of home sales under the $300,000 were even with last year, while the number of homes sold between $300,000 to $500,000 increased 35%, 50% more homes were sold between $500,000 to $700,000 ,and 25% more homes sold between $750,000 and $1 million.
The lackluster showing of homes sold under $300,000 was mainly caused by the lack of Inventory, with 20% fewer homes currently on the market.
We mentioned Distressed homes every month, these are homes that have been foreclosed on or short sale on. They are still a blip on the screen with only 3 Bank owned homes in the General Flagstaff on the market, and 2 sold for the month of November.
With 2 sold, that is only 1.6% of those sold for the month, and with 3 on the market, that is only .5% of the available homes.
This portion of the market is slowing drying up, though I think we may always have a few available, with so few price and demand may move these prices up to a point they are overpriced.
For only the send time in more than 10 years, the Feds have raised rates.
There is a good article that CBS News had,
How the Fed’s interest rate hike hits consumers
Think you will find this very interesting.
“‘Rates have been steadily rising for two weeks, according to Freddie Mac data, as more and more lenders were expecting the Fed to hike rates. Around the U.S., interest rates for a 30-year fixed-rate mortgage average 4.16 percent, up from around 3.5 percent in November.”
If you have more detailed questions about possible future Mortgage Rates, there are some very good local lenders in town I would recommend.
As a Summary;
Prices are on the rise, but only modestly. The available number of homes on the market have stabilized following a year when the numbers were at times in negative double digit. Higher price homes those over $700,000 have started to pick up, but feel we may have to wait until the mortgage and political calm some for this range of homes to pick up some steam.
Never Hesitate reaching out if you are any of your friends or business acquaintances have questions or concerns about the Flagstaff Housing Market.