January Starts off 2015 Seasonally Slow

Sales of residential single-family homes in Flagstaff in January were up 9.8% from the same month last year.  January is seasonally the slowest month of the year with February close behind.  Distressed sales (Bank Owned, Short Sale, HUD) in the month of January, ticked upward to 9.8%.  Nothing to get too excited about, given the low number of overall sales. Results for Q1-15 and 2015 are year to date through 1/31/15.  Source:  Flexmls.com 

Sale price per square foot held relatively steady in January at $176 per square foot. That’s up 10% from the first quarter last year.   There is some seasonality in the price per square foot.  The first and fourth quarters tend to see a flattening or softening while the second and third quarters show the bulk of the appreciation.  With that in mind, the recent flattening of price per square foot is normal for Flagstaff.  We will see what the warmer summer months bring. [With the small number of distressed sales, the price per square foot, ASP, and DOM for distressed sales should be taken with a grain of salt.] 
Average sale price (ASP) and Days on the Market (DOM) continue to show signs of improvement over the depths of the market a few years ago and stabilization, respectively.  The ASP for regular sales in January was $439,000, up 18% from the first quarter last year at $373,000.  DOM for regular sales has stabilized at ~130 days.