Housing Market in Flagstaff May be Looking Up

Sep 14, 2012

Across the country the housing market appears to be picking up.

In Phoenix home prices are up nearly 14 percent over last year.

And Flagstaff may soon be seeing improvement too.

Jim Snook sells houses for Dallas Real Estate, and he’s the past president of the Northern Arizona Realtor’s Association.

He’s also a numbers guy.

And Snook says the housing market in central Flagstaff is starting to look up again.

For example, houses were selling faster this August than two years ago.

And the inventory of houses on the market is about 30 to 40% lower than last year.

Snook says prices still seem to be bouncing along the bottom, but he expects that to change as it has in Phoenix.

“I believe the statistics show that Phoenix was one of the top ten places with rising prices over the last six months," Snook said. "And Flagstaff typically trails behind Phoenix by six months, so we expect we’ll see our prices really start to jump up over the fall and into early winter.”

Snook says the houses that are moving more quickly are those in the low to mid-range that the first time home buyer can afford.

Despite the good news, the market price of a home in Flagstaff is still about 33% lower than during the peak 5 years ago.