Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
April Flagstaff Home Sales Down As Supplies Tighten
"Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase," Lawrence Yun, NAR Chief Economist.
Flagstaff sales volume in April 2017 was down 22% from April 2016 with a total of 71 home sales vs a year ago when 91 houses sold. But if we compare the first four months of this year vs same period last year, prices are actually up 2% and sales are only down 9%. This drop in sales is due in part to a lack of inventory.
Home Price Down
April housing prices in the greater Flagstaff area took a breather after hitting new monthly highs in both February and March. The median sales price this April was $340K off 6 % from last April’s median sale price of $360K. But it’s not all bad news, the average price paid per-square-foot jumped 8% to $200.
Low Inventory
Our biggest concern is the supply of home under the median home price. Currently there are only 82 homes under $300K. Between $300K- $350K, it does not get much better with only 50 homes available with a few still to be built /under construction.
Baby boomers are not yet selling. Investors are not yet cashing in- rents are high and vacancies are low. New home construction prices are expensive. Other people still cannot sell their home for the price they paid. People who want to sell are finding it hard to find a home they want to move to. These factors are contributing to the lack of inventory.
Advice to Flagstaff HomeBuyers
- Make your first offer the best offer, move on if you lose to another buyer.
- Complete home inspections. Some homebuyers are skipping the inspection in the hopes of making a stronger offer
- Currently a 30 year fixed rate with 25% down is at 3.75% with no points. Take advantage of the low rates before it goes up again.
Buyers, low inventory doesn't mean you can't find - and buy - your dream home. I'm still helping people get the right home at the right price - it just requires more creativity and tenacity.
Advice to Homesellers
- Be realistic. It's a seller's market but there is a limit to how much a homebuyer can & will pay for a home.
- Sellers must be prepared for many showings.
- Negotiate for the best possible terms.
- Low mortgage rates are helping fuel the demand for housing.
Find Out How Much Your Home Is Worth
Online estimates do not include recent upgrades that add value to you home. Take the next step! Contact us for a personalized evaluation to find out how much your home is really worth. Call Kelly at 888.446.5602
April 2017 Flagstaff Marketwatch Summary
We are still a buyer's market on homes priced $600,000 and above and a seller's market for homes priced under $500,000.
Total Home Sales- 71, down 22 % vs last year
Median Home Price- $340k, down 6 % vs last year
Price Of The Most Expensive Single Family Home in Sold in April 2017: $1,750,000 - Forest Highlands home. First time this year that price went over 1M.
Most Expensive Flagstaff Townhouse Sold: $901,919 New construction located in Pine Canyon
Price of the Most Affordable Home Flagstaff Homes Sold in April 2017:
$111,950- This 2 bedroom manufactured home located in Kachina Village is the most affordable property that sold last month.
$112,500 - The most affordable condo sold April 2017 was our studio listing at the Arbors!
$118,000- The most affordable mobile home in Flagstaff that sold the previous month was located in the Christmas Tree neighborhood.
How much did the most affordable single family home in Flagstaff sell for? $130,000
Longest Number of Days on Market: 384 - The priciest townhouse that sold last month was also the longest listed property among the homes. It was on the market for over a year before it went under contract.
Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. National average days on market for luxury homes in May 2017 hit 176 days. See the May 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email kellybroaddus@remax.net if you are looking to buy or sell in Flagstaff/Sedona and surrounding areas.
Download the full Flagstaff Market Report here
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May 2017 Flagstaff Market Report