Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Flagstaff Home Sales Rise For Second Straight Month, Posts Double-Digit Gains
Tight inventory and rising home prices did not slow down Flagstaff's spring home-selling season.
FLAGSTAFF HOME SALES
Last month's home sales post double-digit gains vs April 2017! This April there were a total of 93 sales which is up 31% from a year ago. 2015 had the highest April home sales on record. Flagstaff housing sales are up 1% month-over-month.
- Properties in the $900K - $1M price range have sold quickest over the last six months.
- The $300K - $400K price range contains the highest number of homes for sale and sold listings.
Homes priced under $500,000 is still way below the normal inventory of six months but we expect more properties to hit the market next month. City-wide, the inventory of homes for sale has started to rise. There was 5.9 months supply of homes in April - the time it would take to run out of homes for sale if no new units were added- down from 6.3 a year ago.
FLAGSTAFF HOME PRICE
The crunch has driven up Flagstaff home prices. The median sale price for a house sold in the greater Flagstaff region came in at $390K up 15% from April of last year. We are still a few thousand shy of breaking the April record set twelve years ago, way back in 2006 when the median sales price was $395K
The average price paid per-square-foot this April was $218 up 8% from a year ago and tying the record set in April of 2007.
April 2018 Flagstaff Market Watch Summary
Total Home Sales- 93 homes, up 31% vs April 2017.
Median Home Price- $390,000 up 15% up vs April 2017
Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit rose to 4.5%.
Median days on market: 54 days
Longest days on market: 444 days
CDOM The acronym CDOM (Cumulative Days on Market) is used by the Flagstaff MLS to describe how many days a property has been available for sale. A property has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on market for properties sold based on CDOM.
The number of days a home sits on the market can tell us a lot about pricing. A high CDOM is commonly a strong indicator that the home is overpriced.
APRIL 2018 HIGHLIGHTS
Flagstaff Priciest Luxury Homes (SOLD)
- $1,500,000 - The most expensive home sold last month is a luxury Flagstaff Ranch home that comes with panoramic views of Meadow 13. Flagstaff Ranch is one of the premier golf communities in Flagstaff.
- $1,000,000 Priciest townhome sold Wow! This fully furnished 3 bedroom comes with a panoramic view of Pine Canyon's 12th fairway and green. Pine Canyon is a gated golf community with one of the best golf courses in Arizona.
The most AFFORDABLE Flagstaff Homes (SOLD)
- Manufactured home - $69,000 - Located in the quiet 55+ community of Wildwood Hills Subdivision, this 2 bedroom sitting on leased land is the least expensive manufactured home that sold last month
- Single-family - $240,000 - Single level 4 bedroom fixer upper with storage shed in Upper Greenlaw
- Townhouse - $219,700 - Single-level 2 bedroom townhome with fenced yard and access to Forest Service located in Christmas Tree Estates
- Condo - $125,000 - Our listing at The Arbors (Woodlands Area)
Flagstaff Home Buyer Advice
If you’re buying and your budget is under $500K, there’s still good news despite the low inventory. We’d be happy to help you navigate the market to find your home.
Home Buying Tips Our home buyer's blog will help you plan and prepare for your successful home purchase and avoid headaches and surprises that may arise during the process.
Flagstaff Home Seller Advice
Why do certain homes fly off the market, while others sit for months? This blog outlines 10 easy and inexpensive things sellers can do to get their house sold faster and for more money. We’ve had a lot of people tell us they found it very helpful.
Inventory continues to rise in the luxury & premium home markets which is causing prices to cool. What’s all this mean for you? If you are selling a luxury home, it may take a little more time to find the right buyers. US single-family luxury homes sold 12 days faster in April with median days on market down to 31 days from 43 days in March. See the April 2018 Luxury Market Report.
Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out.
SATISFIED CLIENTS SAY IT ALL.
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