Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 

April 2020 Flagstaff Market Report

 

Flagstaff  Home Sales Dropped 8% In April while decline in inventory pushed prices to a record high

 

COVID_19 has transformed the real estate landscape across the country. We experienced a nationwide slowdown after demand plummeted in what was supposed to be a robust spring market. The good news is fear among Flagstaff home buyers and sellers appear to be waning. Deals are closing and consumers are engaging with the real estate market. Here's the latest update on the Flagstaff housing market.

 

FLAGSTAFF HOME SALES

The US existing home sales dropped 22.5%  from March and 17.8% year over year. This is the largest month over month drop since July 2010. Meanwhile, Greater Flagstaff's housing sales dropped 8% with 122 units sold from 132 units in March 2020 according to data compiled from the Northern Arizona Multiple Listing Service (NAAR).  Looking at year-over-year figures, Flagstaff home sales slowed down by 15%. See the breakdown below.

April 2020 Flagstaff Home Sales By Type

 

Data from April largely paints a picture of an ongoing downturn, however, many Northern Arizona agents described improving conditions. The activity has surged more recently, in May, for which data is not broadly available yet.

Despite COVID-19 people are still buying homes in Flagstaff. The demand for affordable homes is still high and luxury/vacation/second home buyers are still looking. The Kelly Broaddus Team still posted our second-best April sales in value with 8 homes sold valued at around $2.5M. Our best record was last year, with 4 closings at over $5M.

 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff Median Home Price & DOM April 2020

Housing prices in the Flagstaff region did hit another new monthly high. This April the median sales price came in at $463,000 which is up 12% from April ’19. With demand for affordable Flagstaff homes still exceeding supply, we may not see home prices go down

Due to COVID-19, “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.” NAR Chief Economist Lawrence Yun. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

April 2020 Flagstaff Market Watch Summary

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   79 homes, down 20% vs April 2019. 

Median Home Price -  $463,000, up 12vs April 2019

Mortgage rates  - A 30 year fixed rate mortgage with 5% down and very good credit averaged near record lows at 3.24% according to the latest data released Thursday, May 21, by Freddie Mac 

Longest days on market (SF): 987 New Construction on One of the very last available golf course lots in Continental Country Club. This parcel boasts a flat heavily treed lot and will feature a modern 4 bedroom custom-designed new home

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. 

 

FLAGSTAFF'S PRICIEST HOMES SOLD in April 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in April 2020

Photo courtesy of Pine Canyon Realty

  • The highest-priced single-family Flagstaff home that sold in March was $1,467,000  - a 5 bedroom Pine Canyon  luxury custom home with exclusive finishes, beautiful landscaping, and an expansive covered patio
  • The highest-priced Flagstaff townhome sale was a $535,000  -  Pinnacle Pines Townhomes with 3 bedrooms, 2.5 bathrooms backing to the forest with 2 outdoor living spaces
  • The highest-priced Flagstaff condo sale was $921,524 -  a three-bedroom, 1981 sqft luxury unit in Pine Canyon with a front courtyard, balcony, gourmet kitchen, and 2 car garage

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in April 2020

Lowest Priced Flagstaff Home in April 2020

Photo courtesy of Realty One Group, Mountain Desert

  • The lowest-priced single-family Flagstaff home that sold in April was a $196,911 - 2 bedroom home which was once a church in Leupp/Winona
  • The lowest-priced Flagstaff townhome that sold was a $179,625- 3 bed, 2.5 baths in Rio Homes Subdivision. This is a "Land Trust" home where the City of Flagstaff retains ownership of the land while providing security of tenure and rights of use to the homeowner.
  • The lowest-priced Flagstaff condo that sold was a $175,000 -  1 bedroom Continental Country Club condo with amazing views of Mt. Elden and the golf course! 

 

Flagstaff Home Buyer Advice 

 

Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level. Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan. With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. If you are ready to buy your dream Flagstaff home now, take advantage of the low mortgage rate. Here is what you need to know about the mortgage process.

 

 

Interest Rates Over Time

 

 

INVENTORY

In residential real estate, how many items are available in relation to how many consumers want to buy that item is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.

It's a seller's market for Flagstaff homes under $600,000 while the market favors homebuyers in the higher price ranges. Inventory level is rising which is normal for this time of year. That's great news for buyers who are desperately looking for a new home. Currently, inventory has improved vs last month. 

Need a lender recommendation for your home loan? We work with trusted lenders who will walk you through the entire process and have your best interest at heart. Contact Kelly today and we will get you one of our trusted lenders that best fits your needs.

 

Flagstaff Home Seller Advice 

 

According to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually. Flagstaff homebuyers are definitely back! Flagstaff realtors are reporting higher buyer activity.  The Kelly Broaddus team had just put 4 homebuyers under contract last week and we are expecting more in the coming weeks.

 

OPPORTUNITY FOR SELLERS: With less than 3 months of supply of homes for sale under $600,000, finding an affordable home to buy is still a challenge for Flagstaff homebuyers. If you’re thinking of selling your house this summer, now may be your best opportunity. 

Check out our 5 Tips for Attracting Buyers on Virtual Tours During COVID-19

With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd.

If you've been considering selling your home, you can get started by getting an idea of what your home is worth in the current hot market using this calculator that's based on recent sales: 

What is the value of your Flagstaff Home?

 

 

 

LET'S CONNECT TODAY!

Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day.

We at The Kelly Broaddus Team with eXp Realty know that the only result that ultimately matters is that your home gets sold — and sold for the right amount. Satisfied clients say it all. Check out our 5 Star Reviews.

 

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