Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [August 2003]
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Flagstaff Real Estate and the Summer of 2003
Unless you have slept through the past few months you know that real estate has been the one constant bright spot in the national economy. Flagstaff is no exception, in July the Northern Arizona Multiple Listing service reports that 123 single family homes sold at an average price of $239,860. For the same period last year 87 single family homes sold at an average price of $202,486.
The Flagstaff housing market continues to expand. How long will this last? No one can accurately predict the future however if we use the past as a guideline it appears that short of a unforeseen disaster or the unavailability of an adequate water supply we should see sustained growth in Northern Arizona for the foreseeable future. The Arizona Department of Economic Security estimates a 3% annual growth rate for our city. That equates to about 1800 new residents this year or 150 people per month assuming there are 60,000 of us living here now. Those new residents all need a place to live and those who can are buying homes.
Real Estate is the one tangible asset that seems to hold it value and appreciate through good times and bad. If you own real property in Flagstaff or surrounding communities “congratulations” you have made a wise decision. If you have owned it for at least a year you have probably realized some appreciation in its value. If you don’t own property and are financially able, there has never been a better time to buy.
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