MAPS & FACTS™ UNLIMITED, INC. specializes in GIS (Geographic Information System) produced, architectural, driven, based, demographic, educational, and real estate maps to home buyers, brokers, developers, attorneys and lenders.
Map of the Month – June 2020
Implied Impact of Covid-19 on Flagstaff House Prices
Since the March outbreak of C-19, we have all been uneasy about residential real estate values. As a Flagstaff second homeowner, I took a deep dive into the Flagstaff single-family housing market to see how the market has trended since March 2020. (Disclosure: As owner/broker, my secluded 2250 SF townhouse at 4005 N. Tam O’Shanter Dr.is on the market for $429,900! - Property Link)
For starters, we prepared the following PowerMap® comparing the 12-month change in single family median sales prices for May 2019 and May 2020.
As shown, year-over-year, all Flagstaff MLS regions have increased in value; some more than others. The Northwest Rural Region and the Southeast City Regions experienced 10.34% and 13.49% increases. Not unexpectedly, West Rural and East Rural experienced nominal increases. Due to property type and buyer profiles, the more urban MLS Regions experienced increases from 4.38% to 7.58%. This compares favorably with the MLS’s annual appreciated rate of 3.34%
The Covid 19 challenge is understanding these changes since March 2020. The Northern Arizona MLS offers an excellent statistical summary. Since March 2020, there were more new listings resulting in more active listings
At the same time, the March through May sold listing prices increased from about $370,000 to almost $400,000. I.e.: While the number of listings increased, so did sales prices.
A similar benchmark is Days on Market. Since March 2020, DOM decreased indicating demand exceeded supply. According to the MLS the median sale price in May 2019 increased by 10.59% and by 8.57% year to date.
In summary, since March 2020 values in the Flagstaff markets have increased and Days on Market have decreased.