FLAGSTAFF HOME SALES SURGE AND HIT 13 YEAR HIGH

Sales of residential real estate hit a 13 year high in June for the first half of the year. But there are some indication that the market is slowing a bit. Click the following link to read the full story and kindly remember me for your referrals. Cheers Gregg: http://bit.ly/1lDjKle

PENDING HOME SALES EDGE UP AND FLAGSTAFF FOLLOWS SUIT

WASHINGTON (December 30, 2013) – Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors®. Monthly increases in the South and West offset declines in the Northeast and Midwest.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

Yun said the market still favors buyers in most of the country, but higher mortgage interest rates in combination with strong price gains mean a more modest growth in values is expected in 2014.

The PHSI in the Northeast declined 2.7 percent to 82.6 in November, but is 1.9 percent above a year ago. In the Midwest the index fell 3.1 percent to 100.6 in November, but is 0.4 percent higher than November 2012. Pending home sales in the South rose 2.3 percent to an index of 116.1 in November, and are 0.1 percent above a year ago. The index in the West increased 1.8 percent in November to 95.0, but is 8.7 percent below November 2012, in part from inventory constraints.

Total existing-home sales this year are expected to reach 5.1 million, a gain of almost 10 percent over 2012, but should stay at that level in 2014, and then rise to 5.3 million in 2015. The national median existing-home price for all of this year will be close to $197,300, up nearly 12 percent from 2012, but is projected to rise at a more moderate pace of 5 to 5.5 percent in 2014, and grow another 4 percent in 2015.

FLAGSTAFF NOVEMBER HOME SALES SOLID

Flagstaff November home sales

Year #sold sqft $/sqft med price

2013 72 2,164 $154 $289K

2012 70 2108 $142 $244K

2011 61 2,080 $139 $259K

2010 61 1,933 $138 $242K

2009 70 2,281 $163 $305K

2008 37 2,049 $186 $323K

2007 62 1,842 $205 $346K

2006 64 2,025 $225 $379K

2005 85 1,948 $218 $360K

2004 98 2,035 $157 $272K

2003 70 1,912 $143 $239K

Source: Northern Arizona Multiple Listing Service

The gloomy month of November in area home sales is finally looking up after three down years.

According to the Northern Arizona Multiple Listing Service, 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 reason for the rise might be the relatively low number of distressed sales — eight — which usually are for much lower prices, said Stephen Brighton of Century 21 Flagstaff Realty.

The supply of homes has increased this winter compared to last, although it remains a seller’s market for homes priced under $500,000 — there is less than a six-month supply.

“My conclusion is still that the Flagstaff home sales market is solidly recovered and on its way to a strong 2014,” said Ann Heitland of RE/MAX Peak Properties. “It will be quite a while before we see 2007 prices, but we are even less likely to see 2012 home prices.”

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.

Brighton sees what he calls a “few dark clouds on the horizon.” One is the reduced FHA loan limit starting Jan. 1 for single-family homes in Coconino County from $450,000 to $362,500. Buyers can put down as little as 3.5 percent with an FHA loan, “so this means it’s going to get a little tougher and more expensive to purchase a higher-priced house.”

Sales of condos and townhomes have rebounded strongly in 2013, Brighton noted. Through November, there have been 264 sales at a median price of $207,500 compared with 205 sales and $166,000 for the same period last year.

As published by our local newspaper 12/21/13

SHOULD I TAKE MY FLAGSTAFF AZ HOME OFF THE MARKET DURING THE HOLIDAYS?

When you look at your holiday calendars you may find the months already overloaded with seasonal obligations — shopping, entertaining, children’s pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in “show ready” condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded by enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
NOT! Taking your home off the market during the holiday season is a mistake! The house sure isn’t going to sell off the market! What is the advantage of that? So you’re busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are one of my best-selling periods. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses and if they are looking during the holidays, they must be serious buyers. Last year, before we came out of the real estate slump, one of my sellers thought we should give the house “a rest” during December but I talked them out of it. I had several showings, got an offer and executed the contract on Christmas eve!!.
Before you take your home off the market, consider the following points:
• Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. The home market is no more affected at Christmas than during other “busy” periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
• Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn’t a consideration. Finding the right home at the right price, however, is.
• Relocating families often don’t have a choice in when they can leave for their new destination. Although 68 percent of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either before the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year’s Eve, the timing couldn’t be more perfect.
• At Christmastime, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created
• When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard.

If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.

With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if your marketed your home during a busier time of the year.

If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn’t an option, you can put in the closing date of your choice…..it’s a good problem to have!

Written by Nora Ling Lane on Friday, 22 November 2013 9:41 am (Realty Times

NOVEMBER 2013 FLAGSTAFF PRESIDIO IN THE PINES NEW CONSTRUCTION UPDATE

Since I last blogged about Presidio in the Pines, a lot has happened. Specifically, two new builders have broken ground and are building new single family residences. These two new builders, along with an existing builder who builds what is called, The Cottages, will be the dominant building force in Presidio in the Pines. Below is a table of what you can expect to find in the subdivision:
On the lower end, Grayson LLC builds The Cottages and offers 2 story 3-4 bedroom, 2.5 bath homes ranging in square footage from 1656-1925 s.f. with prices ranging from $235K-$275K.
Capstone Homes and Miramonte Homes both build higher end homes offering 3-4 bedroom 2-2.5 bath single level and two story beauties ranging in square footage from 1549-2196 s.f. with prices from $289,900-$353,380. Below is a link to all current listings. Should you be in the market for a new home, please consider allowing me to represent you at no cost or obligation. I know that product being offered and the available lots to build on. I would appreciate the opportunity to be of service.
Cheers
Gregg Munson
Associate Broker

Follow this link to see the page: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=zv3kv4nw2mu&s=12&cid=1

OCTOBER MARKET UPDATE VIA OUR LOCAL NEWSPAPER

Our local newspaper, the Arizona Daily Sun, posted an article noting the market slow down in home sales in Ocotober. You may find it worth reading and comparing with my report for the same period. I use data that comprises single family home sales in the city of Flagstaff whereas the Daily Sun report uses data from most of the county. Using the county data takes in a much wider range of home sales in areas which differ too much in my opinion. Nonetheless, the report may be of value for some people. I hope you enjoy it. To read the full article, click the following link: http://azdailysun.com/news/local/october-home-prices-slide-in-flagstaff/article_1cc54bfa-4db9-11e3-a336-0019bb2963f4.html

OCTOBER 2013 FLAGSTAFF LUXURY MARKET UPDATE

The last couple of months, namely, September and October 2013, have been a tough one for the luxury real estate market in greater Flagstaff versus 2012. Looking at the statistics, the number of Sold Listings for both months was $0.00; thus both the Dollar Volume and Median Sale Price were both $0.00. I have no real explanation for the slowdown and I am still comfortable that next year will be a much better one for the Luxury market. Time will tell.
As it pertains to the more important factor, year to date numbers, the statistics aren’t much better. The number of Sold Listings is up 41.7% versus 2012 and the Dollar Volume of Sold Listings is up 26% over 2012; however, the Median Sale Price is down 10.7% to $1,250,000.
In sum, while the numbers aren’t exciting, they do bode well in that it creates a buying opportunity for those looking for a good deal. It appears obvious that the economy is firming, interest rates are fabulous, thus the astute buyer shouldn’t hesitate to invest in a primary or secondary home if inclined to do so. Thanks for reading. As always, your comments are welcome. Please remember me for your referrals and allow me to represent you for your purchases and/or listings. Have a great winter.

Cheers
Gregg Munson
Associate Broker

To read the full detailed report, click the following link: http://www.greggmunson.com/Doc.aspx?f=1561599&t=October-Luxury-Market-Updatepdf

FLAGSTAFF OCTOBER 2013 REAL ESTATE MARKET UPDATE

Hi All: I hope everyone had an awesome September. It’s time again for my monthly market update. The year is winding down and without a doubt, it’s been a good year for real estate in Flagstaff. Thus far, for each month this year, values are up over 2012. The lowest month for prices increases year to date was October which had only a 1.1% increase over October 2012. October sales were sluggish but still higher than those of October 2012. It’s normal for Flagstaff real estate to slow down in the Fall/Winter but we still have two months left to accrue additional data for yearend totals. Below is a summation of the October 2012/2013 numbers and year to date info.
Sold listings for October 2013 were up 11.1% over 2012.
Dollar Volume of Sold Listings were virtually the same.
The Median Sale Price was up only 1.1% over 2012 to $310,250 versus $307,000 but down from September’s 2013 Median Sales Price of $328,500.

Year to date totals reveal the following:
Total sold listings are up 14.5% over 2012.
Dollar Volume of Sold Listings is up 22.8% over 2012
The Median Sale Price is up 15.7% over 2012.

In sum, as I said last month, the market is looking great and I expect 2014 to be even a better year for price appreciation. Flagstaff real estate is still down considerably from the market top so we should have a great deal of appreciate to look forward to. As always, thanks for reading. Your comments are welcome. Please remember me for your real estate business and referrals. I look forward to being of assistance.

Cheers
Gregg Munson
Associate Broker
To view the full detailed report, click the following link: http://www.greggmunson.com/Doc.aspx?f=1560090&t=October-monthly-updatepdf

FLAGSTAFF REAL ESTATE HOME SEARCHES MADE EASY

In an effort to improve my Flagstaff real estate website, www.GreggMunson.com , recently I have added some new home search features which have been well received by my clients. If you are looking for a website that is easy to use, has accurate information, please give my site a try and let me know what you think. I require no registration so you can view home at your leisure assured that you won’t be hassled. The new features I have added include the ability to search for Flagstaff AZ real estate via Zillow, Trulia, or Realtor.com. In addition, I have provided links to all local real estate organized by price ranges, i.e. $100K-$200K, $200-$300K and so on. Searching for real estate has now been made very easy. Last, for those of you who prefer and in depth search, my website still retains the Advanced Property Search and the ability to search via an advanced Mapping Program. I hope you will consider trying my website and remember to allow me to help with your Flagstaff real estate needs. Thanks for reading. As always, your comments and welcome and appreciated. Cheers, Gregg Munson.

ARIZONA DAILY SUN PUBLISHES A FLAGSTAFF REAL ESTATE MARKET UPDATE

HI All: Our local newspaper, the Arizona Daily Sun, just published a nice article discussing our local real estate market and it’s year to date valuation. The numbers are in line with my data I publish each month. I hope you find
the article of value. As always, thank for reading. Click the following link to read the full article: http://azdailysun.com/news/local/flag-home-prices-level-off-at/article_1fcb0e06-3884-11e3-934b-0019bb2963f4.html