Home Values Continue to Rise in August

Sales of residential single-family homes in Flagstaff in August were down 3.2% from the
same month last year. August continues to show some modest signs of the market cooling
off from the big rebound last year. However, the results are respectable given only 20
weekdays for closings this month. Distressed properties (Bank Owned, Short Sale, HUD)
accounted for 6.7% of sales in August, continuing a long slow decline in distressed sales.
Total sales for the last twelve months are up 4.9% over the prior twelve months. However,
sales growth month over month for the last four months is actually retreating, showing a
slowing in activity. Results for Q3-14 and 2014 are year to date through 8/31/14. Source:

Sale price per square foot for Q3, $178/sf, is up $13/sf over the same period last year. Trends
for Average Sale Price over the last year are basically flat with a slight uptick in Q3 driven by
August’s sales. A number of higher priced homes closed in August, contributing to this
higher ASP. Days on the Market (DOM) are creeping upward toward 120 days for regular
sales. With the small number of distressed sales, the price per square foot and DOM for
distressed sales should be taken with a grain of salt.

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