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January Prices Down

Article By: Stephen Brighton

The good news in January was that house sales in Flagstaff picked up by 29%

The bad news was that it took a 12% drop in the median sales price to do it. For January that median sales price was $236,000 down from $267,000 one year ago. Total house sales came in at 53 up from 41. The median price per square foot paid dropped 15% to $123.

Foreclosures and short-sales accounted for a whopping 60% of total sales. 32 of the 53 sales were distressed, up from 22 last January. The median price paid per square foot was $116

Observations:

1)  There are currently 562 houses for sale, still a little over an 8 ½ month supply

2)  30 year fixed rate mortgages are still at 3.625% with no points or origination fees

Prices Down Again in 11

Article By: Stephen Brighton

2011 saw the median sales price for a house in Flagstaff hit a new annual low at $262,000. This is down 6% from 2010 when the median sales price was $280K and down 31% from the top of the market in 2006 when the median sales price was $379K. However, if you look at sales based on price paid per-square-foot, the decline is even more dramatic. In 2006, price paid per-square-foot was $213. In 2011 p.p.p.s.f. was $133. This represents a 38% drop.  From 2010, on a p.p.p.s.f. basis, were off 10%.  Sales  however, picked up slightly over 2010, rising 6% for a total of 768.  FYI in 2006 there were 904 house sales.

In 2011 there were 312 distressed sales (212 foreclosures and 100 short-sales) accounting for 41% of total sales. This is a 16% increase over 2010 when distressed sales numbered 270 or 37% of total sales. Of note, short-sales were up 30% in 2011, while foreclosures rose 10%.

Looking at figures for just the month of December, sales were off 12% year-over-year and prices dropped 11% to a median sales price of $233,750.  This is getting very close to the monthly low hit last February at $226K.

Observations: 

1) 30 year fixed rate mortgages, with no points, are now at 3.625% an all time low

2) There are currently 549 houses for sale, which represents only an 8.5 month supply

Case Shiller-Flagstaff 5th Best Housing Market Over Next 5 Years

Case Shiller predicts that Flagstaff will be the 5th best performing housing market over the next 5 years. They're projecting annual growth from 2011 thru 2016 of 10.9%

Here is the link to the story

http://www.businessinsider.com/best-housing-markets-next-5-years-2011-7