New market information from our friends at Northern Arizona College of Business administration (Bureau of Business & Economic Research)
FLAGSTAFF-SECOND HOMEOWNER PROFILE
Twenty percent of flagstaff homeowners are second-homeowners, maintaining a primary residence elsewhere and keeping a second home in Flagstaff. This constitutes a population of approximately 12,265 (bases on average family size of 3) living in Flagstaff part time who are considerably wealthier than year round, permanent flagstaff residents. This segment of flagstaff and its demographic characteristics is not captured by the U.S. census or any other data provider.
Seventy-four percent of second-homeowners reside in Arizona. The majority (51%) live in phoenix, Scottsdale, and Paradise Valley. Twenty six percent live in other states- most live in California (24%) followed by Nevada (8%), Colorado (7%) and Texas (6%).
MEDIAN HOME PRICE
The majority of Flagstaff second–homeowners are from the Metro Phoenix area, where the average 2006 median home price is $574,546 which is: 45.5% higher than Flagstaff 2006 median home price, 135.5% higher than Arizona 2006 median home price and 159.3% higher than U.S. median home price.
