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Flagstaff Market Report – December 2013

For homes sold in Flagstaff in December, the median price was $259,761 and the average price was $276,530.  The median price has increased 8.23 percent compared to this time last year.  There were 107 homes sold and 502 active listings.  Based on the rate homes are being sold in the Flagstaff area, there is currently a 5 month supply of homes.  There were only 62 new listings in December, an 11 percent decrease compared to December 2012.  The greatest concern in the Flagstaff real estate market is a shortage of homes for sale. 

Similarly to the market for single family homes, the Flagstaff town home market is strong.  The median price of the twenty-three town homes sold in December was $229,000.  Builders are working on expanding the town home inventory, which is even lower than the current single family home inventory.  While there are more new single family projects than town home projects in the development stage, the town home projects will be completed first and we will see more new town homes before we see more new single family homes.

Builders will help to alleviate the shortage of homes however new construction is at a 50-year low.  It takes approximately 6 months to build a home in the Flagstaff area so replenishing the supply of homes will take time.  Buyer demand for homes is outpacing the supply and helped to keep real estate prices on the rise. 
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The numbers above represent the greater Flagstaff area.
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