April’s low median price of $270,000 is followed by $302,000 in May as fewer distressed houses hit the market.
By Joe Ferguson – Sun Staff Reporter – Arizona Daily Sun
Triple-digit temperatures in the Valley are always good for home sales here in greater Flagstaff.
But it was a decline in the number of distressed homes sold in May that helped increase the median price of single-family homes last month.
Home sale in Flagstaff were up slightly in May when compared to April, but the median price climbed by $30,000 to slightly more than $300,000, according to recently released sales figures from the Northern Arizona Association of Realtors.
The median price is still down from a year ago, when it stood at $320,000 – half sold for more, half for less.
Yet the size of the median-priced house is nearly the same – slightly under 2,000 square feet – meaning the price per square foot is down by $10 to $155.
Currently there are roughly 900 single family homes listed for sale in the greater Flagstaff area.
This represents a 17-month supply of homes. A healthy supply is considered by most real estate professionals to be three to six months.
Some local Realtors believe that because Flagstaff’s summer months are the height of the real estate season, listings in the Northern Arizona Association of Realtors Multiple Listing Service are somewhat higher than normal.
Flagstaff Home Sales*
May ’08 Mary ’09 April ’10 May ’10
#sales 75 57 51 55
Med Price $355K $320K $270K $302K
Med size** 1,850 1,944 1,869 1,944
Price sq ft $192 $165 $144 $155
*detached single-family **square feet
Source: Northern Arizona Association of Realtor Multiple Listing Service. Figures are not certified as accurate and may not represent all sales.
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