Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy

 

Buyer Demand Stronger, Flagstaff Home Sales Jump 29% in April 2023

 

"Flagstaff's current inventory is described as somewhat slow." This means there are not enough qualified buyers for the existing supply. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger. Here's our latest update. 

 

FLAGSTAFF HOME SALES

US Existing-home sales receded 3.4% in April while Greater Flagstaff's housing sales jumped 29% from the previous month. There were eighty-six homes sold, a 27% decline from the previous year. 

 

 

"Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand," said National Association of Realtors Chief Economist Lawrence Yun.

The Broaddus Properties Group Brokered by eXp listed and sold: six Flagstaff homes; valued at over $6 million this April. 

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 99.2%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

Last month's median home price is 0.8% lower than March. Year on year, home price growth has slowed for the fifth month in a row. Flagstaff's median sold price in April fell 9.5% year on year to $630,000, from a record high of $696,000 last year. 

Homes are selling faster in April than in March, with a median of 50 days on the market, but it is still much slower than last year's 38 days.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

APRIL 2023 Flagstaff Market Watch Summary

Total Home Sales - 86 homes, down 27.1% vs April 2022.

Median Sales Price - $630,000, down 9.5% vs April 2022

Mortgage rates - Mortgage rates have ticked higher across the board this week. The weekly average for a 30-year fixed rate mortgage rate is 6.39% as of May 18 (Source: FreddieMac)

Longest days on market (SF): 323 days This four-bedroom, 3-story luxury home in Switzer Mesa has an elevator that reaches all levels and covered lighted decks with privacy in back and unbeatable mountain views in front. 

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 must be off the MLS for at least 90 days for the CDOM to restart, even if a different agent lists it. We report the average days on the 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 LUXURY HOME SALES

The luxury benchmark price for Flagstaff single-family homes is $975,000, set by The Institute for Luxury Home Marketing.  LUXURY BENCHMARK PRICE is the price point that marks the transition from traditional homes to luxury homes.

• The Flagstaff single-family luxury market is a Buyer's Market with a 13% Sales Ratio.
• Homes sold for a median of 95.65% of list price in April 2023.
• The most active price band is $1,200,000-$1,299,999, where the sales ratio is 38%.
• The median luxury sales price for single-family homes is $1,650,000.
• The median days on market for April 2023 was 138 days, down from 37 in April 2022.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in APRIL 2023

Photo courtesy of Symmetry Realty Brokerage

• The highest-priced single-family Flagstaff home that sold in April 2023 is a $2,370,000 four-bedroom custom home in Pine Canyon 
• The highest-priced Flagstaff townhome sale was a $1,055,000 four-bedroom, 3-story Switzer Mesa home with an elevator that reaches all levels and covered lighted decks and mountain views in front.
• The highest-priced Flagstaff condominium sale was a $446,970 two-bedroom new build in Woodshire

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in APRIL 2023

Photo courtesy of Realty Executives of Flagstaff

• The lowest-priced single-family Flagstaff home that sold in April was a $350,000 charming two-bedroom 1920's bungalow in the Flagstaff Townsite neighborhood
• The lowest-priced Flagstaff townhome sale last month was a $300,000 two-bedroom move-in ready end-unit in Sunnyside with views of Mount Elden.
• The lowest-priced Flagstaff condominium sold was a $227,000 one-bedroom ground level unit in University Meadows

Flagstaff Home Buyer Advice

“Higher mortgage rates have slowed home purchase activity during a time in the year when typically home shoppers are out in full force,” said Lisa Sturtevant, chief economist at Bright MLS. “Rate-sensitive homebuyers have either been priced out of the market or are holding off in the hopes that rates will fall.”

The best way to prepare to buy a home is to work with a trusted real estate professional who understands the process. They’ll help you navigate the costs you may encounter as you begin your homebuying journey.

If you’d like to look at what’s available on the market today, you can view the homes that are available in the Northern Arizona MLS right now:

Click here to see all Flagstaff homes for sale

Search Northern Arizona Homes For Sale

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.

Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. I can set up a customized search, so you’ll get notified when new listings that meet your criteria hit the market.

 

 

Flagstaff Home Seller Advice 

There is less than four months' supply of Northern Arizona homes for sale. The Flagstaff real estate market is firmly in favor of sellers for homes priced under $800,000. If you’re thinking about selling your house this year, there are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 

Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, let’s connect today. Call Kelly at 928.606.6749.

If you’re curious about what your home is worth in today’s market, click the image below then enter your address to instantly calculate your home’s value in today’s market based on recent Flagstaff home sales

 

 

Home Selling Tips Our blog for Northern Arizona home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out. 

We at the Broaddus Properties Group 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. 

 

If you’ve been waiting to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email kelly.broaddus@exprealty.com. 

 

You Might Be Interested In: