Property values in the Flagstaff area have climbed at double-digit rates for the second year in a row.
The Coconino County Assessor’s Office recently released property valuations for the Flagstaff area. Last year, the median property value jumped by 13 percent. This year’s increase is 11 percent.
The Assessor’s Office calculated this year’s values based on market rates for neighborhoods between January 2014 and June 2015. The values include single-family homes, townhouses and condos, and median for the area is $247,000, up 37 percent from five years ago. Stephen Brighton from Century 21 Flagstaff Realty, wrote in an email that an 11 percent increase in the past year is in line with his figures for median sales prices for a single-family home during those same months. “Calendar year 2012 was the bottom of the market with a median sale price of $252,000,” he said. “That figure for calendar year 2015 was $330,000, which is a 31 percent gain!” According to the Northern Arizona Multiple Listing Service, the median price for a single-family home in Flagstaff hit an all-time high of $379,000 in 2006 and a low of $252,000 in 2012.