2016 Flagstaff Real Estate market update provided by The Kelly Broaddus Team of eXp Realty | by Joselyn Uy

966 N Amberwood Street, Flagstaff, AZ 86004 

 

2016 Flagstaff Home Sales & Prices End Higher 

After making predictions for what the Flagstaff Housing Market would bring in 2017, we wanted to take a moment to look back at the highlights of the 2016 Housing market and bring you our regular update.

Home Sales Climbed 2%

According to the Northern Arizona Multiple Listing Service, 1128 homes sold in the Greater Flagstaff Region in 2016. The volume of homes sold posted a 2% increase lower than last year's double digit gains of 10%. 2016 turned out to be a fairly good year overall for our local housing market. Year over year, the market keeps on improving coming from 2012 slump. Sales volume rose 5 years in a row, despite the housing shortage that we faced in the lower price ranges. 

 In 2005 there were a total of 1210 sales, the most in any calendar year. That bottom occurred in 2008 when there were only 672 houses sold.

Flagstaff Home Prices Soared Over The Past Few Months

In fact, median home price is now at $352K, 7% higher than they were in 2015 and up 40% from the bottom of the market in 2012 when the median sales price was $252K. The top of the market was in 2006 when the median sales price was $379K. Median price, the value where half sold for more, while the other half sold for less, more accurately reflects market conditions compared to average sales price.  In spite of the continuous rise in home prices, the current market is not experiencing a bubble like we saw 10 years ago. Instead, today's high prices are mostly driven by a lack of supply.

Its a great time to sell

If you’ve been considering selling your home, then this winter represents an incredible opportunity. To get started, check out a home value calculator I've put up on my site.

http://www.northernarizonafinehomes.com/cma/property-valuation/

If you'd like to get an even better estimate of your home’s true value, give me a call a 888.446.5602. Once we discuss the unique characteristics of your home, I can give you my best estimate of how much you could get for your home right now, and how quickly you could sell.

Best Flagstaff Real Estate TeamGetting Your Home Sold.  Traditional marketing practices like yard signs and newspaper ads will not get your home sold fast for top dollar.  The Internet is where over 90% of homebuyers start shopping for their next home. Marketing strategies such as using high quality photos and videos, effectively using social media, and utilizing paid advertising online are a few of the necessary techniques that we use to market homes in 2016. 

As we progress throughout 2017 and beyond, if you’re selling your Flagstaff home, it must be exposed everywhere online. Without maximum online exposure, sellers are potentially leaving money on the table when it comes to selling their home.

Demand for Housing

We've made it to the end of the election cycle. Many people were sitting on the sidelines because of the election and the associated uncertainty. They are now re-entering the real estate market . . . and this will keep demand healthy in the coming months.

Now, even though it's only January, the spring season is definitely approaching. Spring is the hottest season for the real estate market, and you have to get moving now to take advantage of it.

Homebuyers: Mortgage Rates Still Low

We saw a period of low but rising mortgage rates. For example, the average 30-year mortgage rate has been steadily increasing from its low of 3.37%, recorded last July. It now stands well above 4%.

It’s true that by historical standards, today's mortgage rates are still very low. And when you combine this with the possibility of continuing increases in the near future…it's clear why so many home buyers are eager to take advantage of the current situation.

Are you ready to purchase a home and need a Lender recommendation? Call Kelly Broaddus @ 888-446-5602 or email kellybroaddus@remax.net.

December 2016 Flagstaff Marketwatch Summary

 

Flagstaff Real Estate

Median Home Price- $358K

Most Expensive Home Sold in Dec 2016: $1,900,000 -  Pine Canyon real estate is back on top of the list with this luxurious hadcrafted log home. It was originally offered for 2.7M in 2014.

$898,007 -  Pine Canyon luxury townhome with over 2700 sq feet is the most expensive attached property that sold last month. Current townhouses for sale in this area are priced from a high $898K to a low $699K

Affordable Homes: $75,000- Sold as is, a manufactured home in Kendrick/Crawley area is the least expensive Flagstaff home that sold in December 2016. Looking to buy an affordable single family home? This bank owned property in Sunset Crater sold as is for $118,000.

See All Flagstaff Homes for Sale Under $200K

Longest Days on Market: 1437 days- Wow, that's almost 4 years on the market! This over 4K sq ft of luxury home overlooking the 3 acre 18 hole putting course is located in Forest Highlands. Days on market indicates the period of time when a property hits the MLS to when it goes under contract.  The January 2017 ILHM Luxury Housing Report reveal Average Days on Market for Phoenix Metro is 183 days. 

A lot of factors influence how fast a home sells. One of them is inventory. In Flagstaff, there is currently an oversupply of homes above $500K.

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For a full Market Report Go Here

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