Market Conditions by Carla L. Davis
Flagstaff, Arizona, is seeing a return to traditional conditions in its real estate market, good news for buyers in this northern Arizona city. The area was a hub of activity last year, with homes selling quickly and for rapidly rising prices. Many outsiders couldn't resist its southwestern charm, close proximity to natural wonders, and a climate that's hard to beat. The impact from "in-migrators" is an important factor in Flagstaff real estate. Experts report that most movers are coming from the metro Phoenix area. But as the market has slowed, sellers are finding that their once hot properties are taking a bit longer to move off the market -- anywhere from 65 to 90 days. Why? This is partly due to an increase in inventory, reported to be up nearly 70 percent. Experts are reporting that inside the city limits, the average price for a single family home is $415,300 -- up over $25,000 from last year. The average condo is priced at $194,500. But in the higher priced homes -- over the $500,000 level -- the market is still in favor of the sellers. Homes sell in less time -- near 56 days -- making only a four month supply of homes. This seems an odd trend, as most regions experiencing a slowdown have seen a stall in higher priced markets. | 
