Northern AZ Housing Market Update: Area Specifics and Record Sales
Compliments of Melinda Bishop-Morfin

Record Sales and Historic Highs

For the 6th straight year Northern AZ saw an annual increase in the residential sales price and units sold since the downturn in 2007. The     average sales price in Flagstaff  (accounts for 73% of northern AZ sales) rose from 2015 by 6% to $358,000. This equates to a $20,000 bump in the average sales price from 2015.

There was record high of 1471 residential sales in 2016, the highest number of sales since 2005 (1443) when the sales price averaged $339,000 and just before the 2006 record high sales price that jumped by 14% to $388,000. 

All other northern AZ locations also showed increases in units sold and in the average sales price. The most significant jump in sales         occurred in Parks (up 58% in sales; 12% in AV SP). Both Bellemont and Williams saw a 33%  increase in sales activity. Munds Park accounts for the majority outside of Flagstaff at 10% of northern AZ’s market and rose by 13% in sales.

There were 19 luxury home sales over  $1 million (down 2 units) with the majority of these sales occurring in Forest Highlands. High    pricing of SFM homes likely caused a 40% boost in townhomes sales averaging $301,000 while   condos edged up by 8% averaging $181,000.

 

 
 
 

2016’s Record Sales and Area Specifics

 

2016 Record Sales and Historic Highs

For the 6th straight year Northern AZ saw an annual increase in the residential sales price and units sold since the downturn in 2007. The average sales price in Flagstaff (city accounts for 73% of northern AZ sales) rose from 2015 by 6% to $358,000. This equates to a $20,000 bump in the average sales price from 2015.

There was a record high of 1471 residential sales in 2016, the highest number of sales since 2005 (1443) when the sales price averaged $339,000 and just before the 2006 record high sales price that jumped by 14% to $388,000. 

All other northern AZ locations also showed increases in units sold and in the average sales price. The most significant jump in sales occurred in Parks (up 58% in sales, 12% in AV SP). Both Bellemont and Williams saw a 33%  increase in sales activity. Munds Park accounts for the majority outside of Flagstaff at 10% of northern AZ’s market and rose by 13% in sales.

There were 19 luxury home sales over  $1 million (down 2 units) with the majority of these sales occurring in Forest Highlands. High pricing of single family homes (SFM) likely caused a 40% boost in townhome sales averaging $301,000 while condos edged up by 8% averaging $181,000.

Northern AZ Cities Residential Sales with Average and Median Sales Price

 

Momentum Forward

The 2017 market is already showing steady activity within the first half of the first quarter with over 80 residential sales and a SFM average sales price of $418,000 taking less than 4 months to sell and with over 20 more pending sales ready to close.  However, this is a 20% decrease from 2016’s first 6 weeks of market activity (102 sales).

The political climate and overall confidence in the financial markets will undoubtedly play a role in the development of 2017’s housing market. The second and third quarter sales typically define year end expectations. Stay informed and updated with more stats, graphs, and relevant market data at for not only northern AZ but also for Sedona and Phoenix at www.FlagstaffRealEstateForSale.com.

 Not sure how the market effects you? If you’re curious to find out if buying or selling in 2017 is optimal for you, I can help! Don’t let the numbers and stats confuse you. I will guide you on what and why this and other useful information is relevant and how to empower yourself with it. Knowledge is not only power, but it is key for preparedness.

Just want more local information and to peruse the inventory?  Go ahead! Specific details regarding the market, communities, events, weather, schools, demographics, crime, as well as easily accessing ALL the available inventory in northern AZ can be done via my website.  Just go to www.FlagstaffRealEstateForSale.com.

 View this Newsletter in PDF here including more full charts, graphs and data: Northern AZ Housing Market Update

Get to Know Melinda, her credentials, experience, professionalism: Melinda T. Morfin's Profile

Thinking of Buying? Click here to learn more about Melinda's Buyer Representation: Be Prepared and Protected by a Professional

Seeking Seller Representation? Click here for what to YOU can expect: Exposure and Experience in Selling Your Property

Learn more about northern AZ here: Area Information to access demographics, schools, and community events 

Know of someone who could benefit from this information?

Please forward on!

Most of my business is referral-based due to previous client's experiences with me and my real estate services.

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Record Sales and Historic Highs

For the 6th straight year Northern AZ saw an annual increase in the residential sales price and units sold since the downturn in 2007. The     average sales price in Flagstaff  (accounts for 73% of northern AZ sales) rose from 2015 by 6% to $358,000. This equates to a $20,000 bump in the average sales price from 2015.

There was record high of 1471 residential sales in 2016, the highest number of sales since 2005 (1443) when the sales price averaged $339,000 and just before the 2006 record high sales price that jumped by 14% to $388,000. 

All other northern AZ locations also showed increases in units sold and in the average sales price. The most significant jump in sales         occurred in Parks (up 58% in sales; 12% in AV SP). Both Bellemont and Williams saw a 33%  increase in sales activity. Munds Park accounts for the majority outside of Flagstaff at 10% of northern AZ’s market and rose by 13% in sales.

There were 19 luxury home sales over  $1 million (down 2 units) with the majority of these sales occurring in Forest Highlands. High    pricing of SFM homes likely caused a 40% boost in townhomes sales averaging $301,000 while   condos edged up by 8% averaging $181,000.

 
Melinda Bishop-Morfin
REALTOR, PC
Realty ONE Group Mountain Desert
2076 S. Woodlands Village Blvd
Ste 101
Flagstaff, Arizona 86001
9288536315
9288536315
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