Flagstaff Real estate market data, AZ Provided by The Kelly Broaddus Team of REMAX Fine Living
Flagstaff Home Prices Climb, Buyer Demand Up
The 2016 home buying season is here. The American dream of owning a home remains strong. It’s about the kids; it’s about the money; saving toward their retirement. It’s about feeling good about the fact that you own your own home. We're continuing to see an upward trajectory in April Housing prices in the greater Flagstaff region. Median Home prices climbed 10% for both the month of April as well as for the first four months of the year versus the same time period last year.
Home Buying In Flagstaff
Looking ahead, with demand holding steady and supply levels stilll far from sufficient, the market for entry level and mid priced homes will likely continue to be the most competitive heading into the summer months.
Mortgage rates remain at the 3.375% level. Many buyers wanting to buy are qualified. Finding an affordable home to live in is the challenge. Flagstaff housing supply under $300k is extremely limited. Any home that is listed at or under $300,000 that is in good condition receive multiple offers on it once it hits the market. Most will probably sell for well above its listing price. Some of these homes are grabbed by families and investors but demand from college students is putting presure on the market. Inventory has improved but still cannot keep up with demand.
Affordable Home for Sale in Flagstaff
No such dilemma exist for homes above $500,000. Inventory is well over six months, providing buyers in this price range a number of homes to choose from. However, the high end of the market in Flagstaff is well out of reach of many average, first-time and second-time homebuyers.
Where are Flagstaff homebuyers coming from? We analyzed our 2015 home sales and found out that over 80% of our homebuying clients come from Arizona. It is interesting to note that only a few were out of state buyers. Two were from California, and one were from each of the following: Idaho, New Mexico, Colorado. No international buyers in 2015.
Selling in Flagstaff
For families selling homes in the low and mid range, expect your home to sell fast with the right price and marketing. For retirees and empty nesters wanting to downgrade, there is no better time to put your home on the market. Demand is up, the number of homes for sale is low. Cosult with a real estate professional
April 2016 Flagstaff Marketwatch Summary
Total Home Sales- 91, down 9% vs last year
Median Home Price- $360,000
$1,309,000- Price of Flagstaff's most expensive single family home sold April 2016. This 4 bed luxury residence is in exclusive Pine Canyon, one of the premier golf community in Flagstaff. Listing agent is REMAX Fine Living's top honcho and owner Jamie Shurts.
$137,000- Price of the most affordable home sold in Flagstaff this March. 1 Bedroom, 1 bathroom condo at the Arbors. Located on Flagstaff's northwest side near NAU, The Arbors condos are a perfect starter home for students and young professionals.
423 days on market- new construction townhome in Forest Springs holds the longest day on market for homes sold in April 2016
The Flagstaff housing market is gaining steam. 2016 is shaping out to be a great year for real estate in Flagstaff. If you are thinking of buying or selling a home in the greater Flagstaff area, now may be a great time. Please contact us at 888.446.5602 or email firstname.lastname@example.org.