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Flagstaff Market Report 2/28/12 New Foreclosures Since Last Week in Surrounding Areas
Flagstaff foreclosures--since last week there were 3 new foreclosures in Flagstaff's surrounding areas. That's 1 more new foreclosure since last week. This search is of foreclosures put on the market since last Tuesday. It includes single family, townhomes, 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 $109K which is $29K more than previous week's list and the average asking price per square foot this week is $61, which is $13 less than the previous week's list. In all of Flagstaff and surrounding areas there are 733 active homes for sale, of those 55 are short sales and 45 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 ... more

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