2009 First Quarter Flagstaff Real Estate Results!
FIRST QUARTER 2009 - The average price of residential sales (homes, townhomes, condos, manufactureds) was $337,000, with a total of 139 units sold in the first quarter. The average price per sf. is $174.00. In the first quarter of 2008, 69 units sold.
Interpretation? While it is still very much a Buyer's Market in Flagstaff, and while inventory remains high, average price and sales volume are higher this quarter than the first quarter of 2008.
Even with the rise of bank-owned sales and short sales, Flagstaff prices are not dropping to the drastically lower levels experienced in Phoenix and other larger cities. This is because of Flagstaff's special qualities (altitude, location, amenities, second-home market), and because Banks price their homes as close to market value as possible and given high demand, are not motivated to drop prices, unless the home has more serious problems that make it unattractive to almost any buyer.
Personally, I am excited to report a wave of Buyer activity, mostly with first time home buyers or second home buyers looking for a Flagstaff properties at $250,000 and below. Fabulous interest rates, lower prices, the $8,000.00 tax credit for first time homebuyers and what seems to be more confidence in the economy are prompting buyers to submit offers and close deals!
View the Flagstaff Daily Market Report at www.TheFlagstaffWebsite.com. Updated (almost) daily with easy weekly and monthly comparisons, you can be your own Flagstaff Market Expert!
And remember, when deciding on the correct sale or offer price, it is important to look at the statistics in your specific Flagstaff neighborhood, and consider every aspect of your home. For focused, personalized reports for your property, call or email Eileen.
