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Real Estate Tips: Articles on the Flagstaff Real Estate Market: Past Articles [January 2009]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 TrendsEach year my January article is written to show how last years real estate market in Northern Arizona has preformed compared to previous years. Not surprisingly the data for 2008 tell us what we have known for some time; that there is there is a downturn in our market that began in early 2007 and continues today. These charts indicate the average sales price, and the number of single family homes sold by year from 1999 through 2008, as reported by the Northern Arizona Multiple Listing Service. The charts reflect single family home data for the past ten years; however they do not contain figures for mobile, modular, condominiums or townhomes. The average price of $371,515 for 2008 indicates a drop of almost $40,000 from the average 2007 price of $411,175. The median price for single family homes in 2008 was $324,000 down from $356,500 in 2007. The number of homes sold by year continues to slide with 2008 being approximately equal to the year 2000. As we move into 2009 the future of our real estate market is anybody’s guess. However with prices down and mortgage rates at an all time low my guess is that we will at least keep pace with 2008. |
“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 |
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