home | contact us | site map

Real Estate Tips: Articles on the Flagstaff Real Estate Market [February 2008]

We write informative monthly articles about timely real estate topics. Be sure to visit our archives so you can read past articles, which cover a range of Flagstaff real estate topics. You can also sign up for our monthly newsletter.

Northern Arizona Real Estate Trends

I have followed annual real estate trends in northern Arizona for a number of years.  With the results in for 2007 I felt that the information should be shared with readers of this publication as the numbers are quite enlightening.

The following charts indicate both the average sales price and the number of single family homes sold by year from 1999 through 2007 as reported by the Northern Arizona Multiple Listing Service.  The charts reflect data for single family homes only.

Since 1999 the average price of a single family home has risen steadily until 2007 when it dropped to $411,000 only slightly below the 2006 price of $419,000.

The number of homes sold per year reached an all time high of 1347 in 2005 but have retreated somewhat the past two years.

Indicators are that real estate values will decline again this year, however I believe that once again it will only be a modest drop when compared to other markets in the country.

While there are many factors that influence the sale of real property, including population growth, employment, and market changes, there is no mistaking that owning a single family home in Northern Arizona has been a good investment.  Many buyers will be looking for opportunities in 2008 so it should be an interesting year.  

Mary Monday is an Associate Associate at RE/MAX Peak Properties. She can be contacted at (928) 779-9090 or Mary@MaryMonday.com.

» Current Article » Past Articles

“Mary Monday made the experience of selling my home a genuine pleasure. It delights me to know there are true professionals left in the world.”—BS