November Sales Stats - Market Down from last year
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Flagstaff November housing sales continued to decline. For November 2010 there were a total of 61 houses sold through MLS. This compares to 70 sales last November. Prices also continued to fall. The median sales price this November was $242,400 vs. $305,000 a year ago. This is a 21% drop and also represents a new monthly median sales price low for the correction.

Distressed sales, foreclosures and short-sales, totaled 26 or 43% of total sales in November. The average price paid for a distressed sale was $118 per square foot. This compares to $154 per square foot paid for non-distressed sales.

Observations

1) - Avg. time to sell and close on a short-sale was 5 and a half months

2) - Inventory levels of houses for sale in Flag have dropped to a 12 month supply

3) - Mortgage rates have jumped up 3/4 of a point to 4.75% since last month!

4) - Bank of America has now resumed foreclosures in Arizona.

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