By now, most of you have read the news stating that the Fed is slowing it's program to buy mortgage backed securities in the open market. The Fed is doing so as it believes that the economy is on the mend thus there is no need to keep pressure on lower interest rates. What do you think? Is the Fed making its move too early? Many believe that another round of foreclosures and short sales is forthcoming and that the commercial real estate market is headed downward. Where do you stand-do you see the glass as half empty or half full? Your comments are welcome.
Gregg Munson
Hi All: Sources state that another round of foreclosures and short sales will be hitting the market as another batch of "Interest Only" loans adjust upwards. Of course, there are a number of variables which could soften and perhaps even negate such an outcome. I'm curious, what do you think will happen and what answers do you have to keep the economy and real estate rolling in the right direction? I hope to hear from you.
Our local Flagstaff Real Estate market remains pretty much the same; i.e. relatively boring. For August, the average price of homes is up but the median price is down a fraction. Again, as it relates to single family housing in the city of Flagstaff, it's time to buy. Let me know what you think. I thank you for reading. Please keep the comments coming and visit Gregg's Blog for regular market info and updates.
Gregg Munson
Associate Broker, ABR, CPDE, e~PRO
|
CALENDAR YEAR |
AVERAGE PRICE |
MEDIAN PRICE |
AVERAGE DAYS ON MARKET |
ANNUAL UNITS SOLD |
CUMULATIVE MEDIAN % CHANGE FROM MARKET TOP IN 2006 |
|
2006 |
$458,116 |
$392,500 |
91 |
528 |
MARKET TOP |
|
2007 |
$436,511 |
$375,000 |
108 |
479 |
-4.4% |
|
2008 |
$417,993 |
$360,000 |
120 |
373 |
-8.28% |
|
January 2009 |
$433,500 |
$387,500 |
117 |
14 YTD |
-1.27% |
|
February 2009 |
$367,497 |
$330,950 |
132 |
32 YTD |
-15.68% |
|
March 2009 |
$384,884 |
$330,500 |
103 |
56 YTD |
-15.79% |
|
April 2009 |
$360,456 |
$326,000 |
127 |
79 YTD |
-16.94% |
|
May 2009 |
$370,072 |
$330,000 |
129 |
115 YTD |
-15.92% |
|
June 2009 |
$364,568 |
$331,000 |
133 |
161 YTD |
-15.66% |
|
July 2009 |
$371,298 |
$331,000 |
134 |
207 YTD |
-15.66% |
|
August 2009 |
$374,543 |
$330,000 |
140 |
250 YTD |
-15.92% |
*Criteria: Northern Arizona Multiple Listing Service sold data for City of Flagstaff single family homes. The city is defined as North West City, South West City, North East City, and South East City. Condos, townhomes, multi-family, land and commercial properties are excluded as are outlying areas. The exclusion of outlying areas and well as properties other than single family homes will have an effect on valuations.
Hi All: Well, I want your opinion. With all the government spending going on, do you think it will help or hinder Flagstaff real estate, real estate in general, and the economy in general? Come on, some of you have answers. Let me know.
Hi All: I have my option but would value hearing from you. Is the Flagstaff real estate market improving or getting worse? I have a proof in the statistics but would appreciate hearing from the public. Let me know your thoughts.
Kindest Regards
Gregg Munson
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