July Continues Slowing
Sales of residential single-family homes in Flagstaff in July were down 13% from the same
month last year. For perspective, last July was the biggest sales month since 2005, so some
cooling off is to be expected. Distressed properties (Bank Owned, Short Sale, HUD)
accounted for 5.9% of sales in July, continuing a long slow decline in distressed sales. Total
sales for the last twelve months are up 7.8% over the prior twelve months. However, sales
growth month over month and over the last twelve months is actually retreating, showing a
slowing in activity. Results for Q3-14 and 2014 are year to date through 7/31/14. Source:
Sale price per square foot for July, $177/sf, is up $12/sf over the same period last year.
Trends for Average Sale Price over the last year are basically flat. Leaving the average size
of homes being sold in a slight decline. Days on the Market (DOM) are holding steady near
100 days for regular sales.
When you're ready to navigate the Flagstaff market, or if you have any questions, Contact me today!