FLAGSTAFF AZ INVENTORY SHORTAGE HASN’T EASED UP

Yesterday, a new client was referred to me. This client needs a home soon and thus doesn’t want to wait for something to be built. My client’s criteria is as follows: A west side single family home built from 2000 on, minimum 3 bedrooms, 2.5 baths, 2000 to 3000 square feet and a price not to exceed $450,000. Sounds reasonable doesn’t it? Well, after running a complete MLS search, I found a total of 8 homes which met these criteria. In my opinion, that’s not much to choose from. I mention all this as Flagstaff is still experiencing a shortage of homes and it doesn’t look like this shortage will end soon. Certainly, new construction will help but for many, new construction is not an option due to the extended period it takes to build. Thanks for reading, as always, your comments are welcome.

THE ARIZONA HOUSING MARKET-WHERE WE ARE, WHERE WE’VE BEEN, WHERE WE ARE GOING

It’s summer and the housing market has been mirroring what is now the weather…hot! Well, unless you’re in the higher elevations of our great State! The Arizona housing market is not as ‘seasonal’ as some might think, although historically the market does tend to cool a bit in the summer months. As we catch our breath, this is good time to reflect on where we are relative to where we’ve been. From that information we can better project where we’re headed. Click the following link to view the full report:
http://rlsirnewsletter.com/

CAPSTONE HOMES STARTS BUILDING IN PRESIDIO, FLAGSTAFF AZ

Very recently, Capstone Homes of Flagstaff just announced that they will be building new homes in the once defunct development in NW Flagstaff called Presidio. Capstone will be building a 3 bedroom, 2 bath 1471 square foot home with a two car garage on a 5000 square foot lot starting at $235,000 and a 4 bedroom 2.5 bath 2196 square foot model with a 2 car garage for $275,000. Capstone is the second builder to start development in Presidio. The other builder is Grayson LLC who has been building zero lot line starter homes for the last year. Grayson’s homes feature a 3 bedroom, 2.5 bath 1674 square foot model with a single car garage staring at $235,000 and a 4 bedroom 2.75 bath 1925 square foot model with a one car garage starting at $275,000. A third builder will be joining the group soon to add more choice. This builder is Miramonte Homes who has a fine reputation for quality and good service. It’s nice to see some choices in the new construction arena after so many years of no building. If you are thinking of purchasing a new home, please allow me to represent you and provide that extra special attention. It will cost you nothing to have me represent you versus using the builder’s representative. Thanks for reading.
Cheers
Gregg Munson
Associate Broker

FLAGSTAFF RANCH GOLF COMMUNITY FLAGSTAFF AZ MARKET UPDATE

So what’s up with Flagstaff Ranch Golf Community in wonderful Flagstaff Arizona? Looking at the numbers year-to-date, it’s a mixed bag for Flagstaff Ranch. On the good side, the Absorption Rate has dropped from 36.63 months for the year-to-date period 2012 to 6.13 months for 2013. That’s very good news. On the other hand, the Average and Median Sale Price has dropped 6.58% and 32.06% respectively while the Average and Median List Prices are up. Days on Market has dropped significantly by over 30%. To view the full report, please contact me, Gregg Munson, via email at Gregg@GreggMunson.com or call 928.853.4289. Thanks for reading.
Cheers
Gregg Munson
Associate Broker

MAY 2013 FOREST HIGHLANDS FLAGSTAFF AZ MARKET UPDATE

So what’s up with the Forest Highlands Flagstaff Arizona real estate market and how is it fairing compared to the upper end market in general? Overall, Forest Highlands is fairing pretty well. Compared to last year, the year to date Average Sales Price is up 11.41% to $848,682 while the Median Sales Price is up 60.38% to $854,000.00. In addition, the Average List Price is up 16.70% to 1,082,282 while the Median List Price is up 23.02% to $895,000. Both the Average and Median Days on Market are up over last year but should decline soon as the market is just starting to hit the prime selling season as the desert areas drive buyers to the cool mountains. For a detailed report on the Forest Highlands market, please email me at Gregg@GreggMunson.com. And, if you need a good real estate agent to help with any Flagstaff purchase, please allow me to do so. Have a great summer.
Cheers
Gregg Munson
Associate Broker

PINE CANYON FLAGSTAFF ARIZONA REAL ESTATE MARKET UPDATE

Taking a quick look at the year to date numbers, Pine Canyon, Flagstaff Arizona, is experiencing what the luxury real estate market in Flagstaff is experiencing: Versus 2012, the sales numbers are up, the average and median sale price and list price are up, days on market are down and the absorption rate up a bit. As the Pine Canyon developers are offering a new build product with a lower price entry point, I would expect overall sales prices to drop a bit over the next year; but, in general, things are looking pretty good for this high end golf development. To view the full report, please email me and I will be happy to provide a complementary copy. Cheers Gregg Munson

FLAGSTAFF REAL ESTATE MARKET SUMMARY MAY 2013

The Flagstaff real estate market is doing well as we are up in almost all categories for the broad market; i.e. The Absorption Rate is up versus 2012, the Average List Price, Median List Price, Average Sale Price, and Median Sale Price are all up. In addition, the Average and Median Day on Market is down substantially versus 2012. All I can say is that it’s great to see an improving market after so many years of bad news. Look out 2014; it’s going to be good. To read the full details market report, click the following link: May Market Summary

FLAGTAFF ARIZONA’S FIRST FRIDAY ART WALK TONIGHT JUNE 6 2013

It’s that time of the month for Flagstaff’s monthly street party. From 6-9 PM on the first Friday of every month, Flagstaff’s historic downtown comes alive with art vendors, shopping and restaurants all catering to the public. This time of year, the weather is fabulous and it’s no doubt you will have a great time. In addition, our local Russ Lyon Sotheby’s office downtown will be open should you want to learn more about Flagstaff real estate. Come see up. To learn more about the Art Walk, click here: http://www.flagstaffartwalk.com/guide.htm

REAL ESTATE MARKET SNAPSHOT

More good news for the national real estate market. According to Core Logic, on average, national home prices are up over 12% versus last year and 17% in Arizona. It’s great to hear the good news after so many years of nothing but negativity.

WHAT’S GOING ON IN FLAGSTAFF AZ THIS WEEKEND JUNE 1, 2013

There are lots of great happenings this weekend in Flagstaff. One of the most exciting events is Flagstaff’s annual Hullabaloo. Check out the website for more info. http://www.flaghullabaloo.com/