PINNACLE PINES LUXURY TOWN HOMES FLAGSTAFF AZ

Check out this fine town home subdivision in Flagstaff AZ and allow me to represent you for a purchase or listing. Thanks for viewing. As always, your comments are welcome and appreciated.

FEWER DISTRESSED PROPERTIES BOLSTERS FLAGSTAFF REAL ESTATE

Our local newspaper, the Arizona Daily Sun, just published an article which offers some good information on our local Flagstaff real estate market. In general, the article states that distressed properties are down by 50% and medium homes prices up-party due to inventory shortages. Click the following link to read the full article. http://bit.ly/1gGmoan

JANUARY 2014 FLAGSTAFF REAL ESTATE MARKET SNAPSHOT

Hi All: I hope everyone’s year is starting off well. It’s time again for my monthly market update which is overdue. Sorry for the delay. I will just have to put a few things on the back burner for this task. Although it’s too early in the year to forecast a trend, my gut tells me that this will be a very good year for Flagstaff real estate. Let’s take a look at the numbers so far.
Sold listings for January 2014 were down 21.6% versus January 2013
Dollar Volume of Sold Listings was down 28.6% versus January 2013
Median Sale Price was up 12% to $290,000 versus $259,000 for January 2013.

I usually look at the year to date numbers and report on them but again, it’s too early in the year to have any more data other than the above. I will say that with the warm winter we are having so far, the buyers are out in large numbers and snapping up homes that are priced right quickly. Hold on to your hat as real estate in Flagstaff will sell this year. As always, thanks for reading. Your comments are appreciated. Please think of me for your referrals, buying and selling needs.
Click here for the full report: http://bit.ly/1bByDzO
Cheers
Gregg Munson
Associate Broker

Flagstaff Home sales trifecta: $290K

Check out this article in our local Flagstaff newspaper.  More evidence that the Flagstaff real estate market is well on its way to recovery and it’s now a seller’s market.   As always, your comments are welcome. Thanks for reading.

Home sales trifecta: $290K.

RAILROAD SPRINGS NEW TOWNHOMES IN FLAGSTAFF AZ

If you’re looking for a newly constructed townhome in Flagstaff AZ, Railroad Springs may be a good choice.  These new townhomes offer 3 and 4 bedroom homes with a 2 car garage and decent square footage.  Click the following link to learn more and please me to help in your purchase should you have an interest.  Thanks for reading.  Follow this link for information:  Click to view listing(s)

SWITZER CANYON BY MIRAMONTE NEW SUBDIVISION IN FLAGSTAFF AZ

This new subdivision is close to Flagstaff Medical Center, downtown Flagstaff, shopping and more. Included are full city utilities and wonderful San Francisco Peak views. Contact Gregg Munson for detailed information.

More Consumers Plannning to Buy as Mortgage Concerns Ease

Sunny housing outlookimage via Shutterstock.
The share of consumers who plan to buy a home rose to 6.9 percent in December, up from 5 percent in November, according to a monthly economic outlook released today by Fannie Mae’s Economic & Strategic Research Group.
Despite concerns about mortgage availability, Fannie Mae economists reported that consumer attitudes about the ease of getting a mortgage are at the highest level in the 3 1/2-year history of its National Housing Survey.
“This result is consistent with the Federal Reserve’s survey of senior loan officers who reported that they have eased lending standards for residential mortgages over the past year and thus should offset some negative impact stemming from the current higher interest rate environment,” Fannie Mae economists said.
Now that some fiscal uncertainty has been resolved at the federal level, Fannie Mae economists predict an increase in consumer and business spending to bolster economic growth this year, with housing’s contribution expected to double.
Gross domestic product (GDP) will likely come in at 2.9 percent for all of 2014, up from an estimated 2.6 percent in 2013. Of that growth, the mortgage giant anticipates 0.6 percent will come from housing — largely due to new homebuilding activity — up from 0.3 percent in 2013.
“Despite the rise in mortgage rates since the spring, many housing indicators posted strong gains at the end of 2013 and consumer housing attitudes are strengthening, all of which bodes well for continued but measured housing recovery in 2014,” said Fannie Mae Chief Economist Doug Duncan in a statement.
In October, new-home sales rose to their highest level since July 2008, and single-family home permits jumped to their highest level since April 2008. In November, housing starts increased for the second straight month, rising to a recovery high and surpassing the 1 million mark for only the second time in the current recovery,Fannie Mae said.
“The new-home market has benefited from declining competition from foreclosures and distressed sales. With increased momentum late in 2013, we expect both new-home sales and housing starts to post double-digit rises again this year amid an improving employment picture, rising confidence and high pent-up demand,” Fannie Mae economists said.
While new-home sales are a bright spot in the housing market, existing-home sales are less so. Such sales have not seen a rebound from the increase in mortgage rates starting in May, a development Fannie Mae says is “worrisome.” Since June, existing-home sales have risen only once and fell for the third straight month in November to the lowest level in 2013. Pending home sales declined for the fifth straight month in October, though November’s figures indicate they have stabilized.
Purchase mortgage applications have trended down sharply through the end of the year, however, remaining at 22 percent below a peak achieved in early May before the runup in mortgage rates, Fannie Mae said.
“The continued decline in purchase applications underscores weak organic demand for mortgages in the face of declining REO and short sales, which are popular among investors,” economists said.
“Until we feel comfortable that organic housing demand from first-time homebuyers and trade-up buyers can step up to replace investor demand as bargain-priced properties are dwindling, we remain cautious on the outlook for existing-home sales this year and expect only a modest rise of about 2 percent.”
Fannie Mae economists project the median price of an existing home will rise 6.7 percent on an annual basis in 2014, to $208,000. They expect the median price of a new home to increase 6.8 percent, to $283,000. Fannie Mae anticipates that median prices of both new and existing homes will rise about 5 percent more in 2015.
Existing-home sales are expected to rise 1.7 percent in 2014 compared to 2013, while new-home sales are expected to see a 20.2 percent rise. Single-family housing starts are projected to jump even more, by 23.6 percent. All three are expected to see further increases in 2015, by 3.3 percent, 30 percent and 29.6 percent, respectively.
After rising to an estimated average 4 percent in 2013, mortgage rates are expected to increase further this year. Rates for a 30-year fixed-rate mortgage are projected to average 4.8 percent this year and rise to 5.4 percent in 2015.
After dropping an estimated 15.6 percent in 2013, mortgage originations are expected to fall 30.9 percent this year to $1.26 trillion and decline by 8.8 percent in 2015, largely due to a sharp drop in refinance loans.
Purchase loans rose an estimated 12.2 percent in 2013 from the year before and are projected to rise by 14.2 percent this year to $786 billion and further increase 7.5 percent to $845 billion in 2015.
Refinance loans, on the other hand, fell an estimated 26.7 percent to $1.13 trillion in 2013 and are projected to sink by 58.5 percent in 2014, to $469 billion due to rising mortgage rates. In 2015, economists anticipate another steep drop in refinances: 36 percent.
Fannie Mae anticipates refinancings will drop to 37 percent of mortgage originations this year, down from an estimated 62 percent in 2013, and fall to 26 percent in 2015.
The mortgage giant anticipates an average 6.5 percent unemployment rate this year, followed by an average 6.2 percent rate in 2015.

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

NOVEMBER 2013 FLAGSTAFF MARKET SNAPSHOT

Hi All: I hope everyone’s holiday season is going well.  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 overall.  Let’s get down to business and look at the numbers:

Sold listings for November 2013 were down 28.6% versus November 2012.
Dollar Volume of Sold Listings was down 7.5% versus November 2012
The Median Sale Price was up 27.7% to $324,000 versus $253,646 for November 2012.

Year to date totals reveal the following:
Total number of  sold listings is up 12.4% over 2012.
Dollar Volume of Sold Listings is up 22.1% over 2012
The Median Sale Price is up 15.7% from 268,000 in 2012 to $310,000 for 2013.

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=1573241&t=November-Flagstaff-Market-Snapshotpdf