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Housing Prices

House for sale in Flagstaff

There are hundreds of unsold luxury homes priced above $500,000 in the Flagstaff area but just 36 priced below the median sales price inside the city limits.

That's the tale of two housing markets being told by June sales figures and listings.

The median sales price for a home in the Flagstaff area in June was about $334,000, Century 21 Flagstaff realtor Stephen Brighton said, citing figures from the Northern Arizona Multiple Listing Service. That price is flat compared to the median price of a home last June, which was about $335,000, and represents a 9 percent dip in the median price from May, which was $368,000.

According to the National Association of Realtors, homes priced at or below the median in markets nationwide are selling quickly while homes priced above the median are lingering on the market.

According to the NAMLS, there are 701 homes listed for sale in the area, with 306 of them within the city of Flagstaff. Of those 701 homes, 501 are priced above the current median price of $334,000, with half of those priced over $500,000. And at least 78 homes selling for above the median price are listed at $1 million or more.

Brighton said in an email that those million-dollar home owners may be overly enthusiastic about the housing market.

The National Association of Realtors June figures show that homes priced above the local median price are staying on the market longer, because buyers don’t have the money to purchase them or they can’t get enough for their current house to move up to the next price range.

Brighton said that so far this year, nine homes in the area have sold for $1 million or more. Last year, 20 homes sold for $1 million or more. While that sounds like a lot, it’s not really a spike in the Flagstaff luxury home market, he said.

“It’s a pretty safe bet that we’ll see a fair amount of price reductions from impatient, motivated sellers that don’t want to sit through winter and then have to revisit the selling season in 2017,” he said.

At the Flagstaff median price or below, there are about 200 homes for sale in the Flagstaff area, with 63 homes within the city limits, Brighton said. Around 26 of those 63 homes are in Presidio and have yet to be built, which leaves 36 existing homes on the market in the city below $334,000.

“Not very many,” Brighton said.

Despite the dip in sales for June, Flagstaff’s median price continues to hover above the national and near the Western median home prices.

According to the NAR, the national median price of an existing home in June was $249,800, an increase of 5 percent from June 2015. In the West, the median price for an existing home in June was $350,800, slightly above the Flagstaff median price.

NAR also saw a small increase nationally, about 1.1 percent, in the sales numbers of existing homes, townhomes and condos in June and a 3 percent increase from June 2015.

NAR Chief Economist Lawrence Yun credited sustained job growth, a decrease in mortgage rates, high stock prices and low inventory for the increase in prices and sales.

June median house prices in Flagstaff

Field 1 Field 2
June median housing prices
2016 $334,000
2015 $335,000
2014 $321,000
2013 $307,000
2012 $250,000
2011 $275,000
2010 $296,000
2009 $335,000
2008 $350,000
2007 $395,000
2006 $377,000
2005 $321,000
2004 $260,000
2003 $202,000
2002 $203,000
2001 $194,000
2000 $163,000

Second quarter median home prices

Field 1 Field 2
2016 $335,000
2015 $318,000
2014 $315,000
2013 $290,000
2012 $240,000
2011 $270,750
2010 $289,900
2009 $317,050
2008 $345,000
2007 $382,500
2006 $384,000
2005 $312,250
2004 $248,500
2003 $210,000
2002 $200,000
2001 $177,950
2000 $165,000

First half of the year median home prices

Field 1 Field 2
2016 $354,819
2015 $319,000
2014 $305,000
2013 $272,000
2012 $240,000
2011 $264,000
2010 $290,000
2009 $320,000
2008 $350,000
2007 $375,000
2006 $376,000
2005 $312,000
2004 $243,000
2003 $216,000
2002 $192,000
2001 $175,000
2000 $169,000

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The reporter can be reached at sadams@azdailysun.com or (928)556-2253.

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Education/Business Reporter

Suzanne writes about education and business. She covers the local school district, charter schools and Northern Arizona University. She also writes the Sunday business features.

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