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Home Flagstaff Market Report 3/13/12 New Forecl...

Flagstaff Market Report 3/13/12 New Foreclosures Since Last Week in Surrounding Areas

Flagstaff foreclosures--since last week there were 2 new foreclosures in Flagstaff's surrounding areas. That's 3 less new foreclosure since last week. This search is of foreclosures put on the market since last Tuesday. It includes single family, town homes, manufactured homes and condos in the city of Flagstaff.

These numbers may seem like they are going down, but Flagstaff hasn't been hit as hard as other areas, so this has been pretty consistent.

The average asking price this week is $118K which is $56K less than last week's list and the average asking price per square foot this week is $118, which is $6 more than last week's list.

In all of Flagstaff and surrounding areas there are 792 active homes for sale, of those 61 are short sales and 52 are foreclosures, these numbers are higher than last week, but still very low compared to "normal" inventory.

Flagstaff is surrounded by National Forest, which insulates our prices some because there is a limit to the supply of homes here, we are also about a 25% second home market, which helps keep our prices higher than the National average. In 2011, almost 61% of homes sold were regular equity sales (non-foreclosure, non-short sale), so most of our sales are regular equity sales.

Here is the snapshot of this week's foreclosure list:
Address City Map Bd Bth SqFt LotSz Year Date $/SqFt DOM Orig Price List Price
117 E Cherry St Winslow 3 1.50 2,015 0.160ac 1968 03/10/12 35.48 3 71,500 71,500
700 E Reindeer Dr Munds Park 3 1.50 1,152 0.206ac 1985 03/08/12 143.14 5 164,900 164,900
Listing Count 2 Averages 1,584 89.31 4 118,200 118,200


A snapshot of the current market and of the homes that have sold in the last 6 months:

flagstaff market update

Most of the homes (47%) have been on the market more than 120 days. There is a lot of competition in the market right now. To sell your home in the quickest amount of time, you need to be competative with the other listings. That means, price your home according to the market, put your best foot forward by having your home show as well as it can, and hire a competative real estate agent who will market your home effectively, so you can get the exposure you need.

This information was pulled from the Northern Arizona Multiple Listing Service 03/13/12. If you are interested in more information on a Flagstaff foreclosures or interested in other good deals available on themarket right now, I'd be honored to be "your first step into your new home".

Posted Tuesday Mar 13