Flagstaff Real Estate Market Snapshot March 2009

FLAGSTAFF MARKET SNAPSHOT MARCH 2009*

Flagstaff Real Estate showed a reflected a slight improvement in March over February with the days on the market decreasing and prices evidencing a slight increase. Overall, single family homes in the city of Flagstaff have held up fairly well considering that prices have declined roughly 15% from the market top. It’s still too early in the year to forecast a trend but stay tuned as the next two months should tell the story. On another note, recently, I’ve been asked why my Market Snapshot only deals with single family homes in the city of Flagstaff and not the total market. To that I will say that most of my clients are purchasing single family homes versus townhomes, condos, manufactures/mobile homes, and land. Also, my market is primarily in the city of Flagstaff. If I were to produce a Market Snapshot that entailed all areas and all types of residential real estate, I feel the report would lack objectivity. Why, because accuracy can only be obtained by comparing similar types of properties, single family as a for instance, and similar areas. Averaging all the types of residential real estate in all of Coconino County can be very misleading. Keep that in mind when you are purchasing a property as it’s very possible for properties in one area to be declining in value while increasing (or at least stabilizing) in other areas. I hope this explanation helps. Thanks for reading and keep the comments coming and visit Gregg’s Blog for regular market info and updates.

Gregg Munson

Associate Broker, ABR, CPDE, e~PRO

CALENDAR YEAR	AVERAGE PRICE	MEDIAN PRICE	AVERAGE DAYS ON MARKET	ANNUAL UNITS SOLD	CUMULATIVE MEDIAN % CHANGE FROM MARKET TOP
2006	$458,116	$392,500	91	528	MARKET TOP
2007	$436,511	$375,000	108	479	-4.4%
2008	$417,993	$360,000	120	373	-8.28%
January 2009	$433,500	$387,500	117	14 YTD	-1.27%
February 2009	$367,497	$330,950	132	32 YTD	-15.68
March 2009	$388,766	$331,500	103	56	-15.54

*Criteria: Northern Arizona Multiple Listing Service sold data for City of Flagstaff single family homes. The city is defined as North West City, South West City, North East City, and South East City. Condos, townhomes, multi-family, land and commercial properties are excluded as are outlying areas. The exclusion of outlying areas and well as properties other than single family homes will have an effect on valuations.

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