The report is a guide to the luxury real estate market in North America and Flagstaff.  It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States. 

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  • This month’s report displays the market statistics for North America and Flagstaff month over month as well as the 13-month trend. 
  • The luxury real estate market is wrapping up 2024 on a high note, with November data highlighting resilience after mid-year fluctuations.
  • October’s inventory growth and September’s interest rate cuts spurred notable sales increases. While November saw the usual seasonal slowdown, year-over-year metrics increased significantly, especially for sales.
  • North America Sales Growth: Single-family home sales rose 22.5% year-over-year in November, while attached homes grew by 7.7%.
  • Flagstaff Sales Growth: Single-family home sales rose 27% year-over-year in November.
  • North America Inventory: New listings entering the marketing increased by 8.3% for single-family homes and 7.0% for attached properties, signaling renewed seller confidence.
  • North America Prices: Median sold prices for single-family homes climbed 3.6% year-over-year. Flagstaff: Median sold prices for single-family homes declined 3.4% year-over-year.
  • Although attached properties saw a slight 1.5% decline, the overall market remains optimistic heading into 2025.
  • Interest rates are trending downward. The Federal Reserve is expected to cut rates further in December to 4.25%, with the potential of reaching 3.5% by late 2025.
  • Similarly, Canada’s central bank is expected to reduce their interest rate in December by 25 to 50 basis points and aims for a 2.25% rate by next year’s end in 2025.
  • Affluent buyers remain active, prioritizing sustainability, wellness amenities, and turnkey readiness in luxury properties.
  • Many view these homes as stable, long-term investments and are seeking properties that will meet both current and future needs as well as serve as a hedge against inflation and economic or stock market volatility.
  • While inventory constraints persist despite the uptick both overall and for new listings entering the market, buyers are patient, seeking properties that align with their specific needs.

Take a look at our latest local City Report:

 

NORTHERN AZ LUXURY HOMEOWNER ADVICE

For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.

What is the value of your Flagstaff Home?

 

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It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the Flagstaff luxury market effectively to achieve your goals. Contact us at kelly.broaddus@exprealty.com or call 888.446.5602.

 

 

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