November housing sales continued to rise as did prices. Last month there were a total of 72 house sales in the greater Flagstaff area, the most since 2005. At the high end of the market, however, sales remain sluggish, with just five of 90 houses priced between $500,000 and $1 million selling in November.

 Market Trends

The median price for a detached, single-family house went up 19 percent last month compared to the same month a year ago. The median price of $288,750 is the highest since 2009. One of the reasons why may be because of the low number of distressed property sales - only 8 , compared to last year. Distressed properties usually sell at lower price points.

 

 
 
"In sum, the market is looking great and the next year should even be better in terms of housing price appreciation. We are still a long way from the the 2007 top market prices but I believe that Flagstaff housing market is fully recovered and on it's way to greater heights, " says Kelly Broaddus, owner of the Kelly Broaddus Real Estate Advisor Team.
 
 

 

"There will be new limits to the FHA single family home loans. It is set at $362,500 down from $450K. Buyers can put down as little as 3.5% with an FHA loan and this new regulation might make home buying a little tougher for higher priced homes," Kelly added.

 

 

Buying a new home? We are committed to providing the best selection of property on and off the MLS, at the best possible price, arming my clients with up to date knowledge of or market place that will help them make confident intelligent decisions.

 

Thinking of selling your Flagstaff home? We can help you evaluate the right selling price and work together to develop a winning strategy to sell your Flagstaff real estate within the amount of time you need, take a look at our happy customer testimonial for all the convincing needed! Call us at 888-446-5602 or drop by at our office at RE/MAX Fine Living 3955 E. Lake Mary Road, Flagstaff AZ .

 

 For a full Market Report Go Here

Have a wonderful Christmas holiday and a Happy New Year.

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