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Map of the Month – June 2018
Flagstaff Housing Prices Up 6.56% Year Over Year
As a Flagstaff second homeowner, I like to track the local market. This month’s map shows the median price change for single family houses selling between $100,000 and $1 million from May 2016/April 2017 to May 2017/April 2018. As shown, the West Rural sub-market had the highest median price increase (19.05%); but as shown on the attached chart, also had the highest percentage decrease in sales (93 to 63). The North West Rural sub-market had the steepest drop in median price (-22.13%) but also had the highest percentage increase in number of sales (21 to 47).
The sharp changes in median prices in both North West Rural and West Rural were likely a function of the number and mix of sales rather than a structural change in median prices. (One would need to go back several years more to confirm a baseline.)
Overall, median prices increased 6.56% ($351,905 to $375,000), and, sales increased by 7.51% (1,078 to 1,159).