Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of REMAX Fine Living / by Josie Uy
Flagstaff August Home Sales Rebound
Last month, a few real estate pundits remarked that July home sales dropped due to a quirk in the number of calendar days and that home sales will go up in August. They were right. Here is the calendar days comparison. Note that home sales are recorded only during working days.
- July 2015 had 22 working days
- July 2016 had 20 working days (10% fewer)
- August 2015 had 21 working days
- August 2016 had 23 working days (10% more)
“All the variation in monthly sales counts in July & August are due to the above facts and had nothing to do with conditions in the real estate market which remained very similar throughout the period. It is amusing to see all the analysts trying to explain the July numbers with ‘low inventory’and ‘poor affordability’ the favorite excuses. Nope. The correct reason was ‘there was a weekend at both ends of July’. Michael Orr of the Cromford Report
Home sales in the Greater Flagstaff region posted 117 homes sold as reported by the Northern Arizona Multtiple Listing Service. This represents a 17 percent increase over sales in August 2015.
Prices Still Rising
Prices in the Flagstaff real estate market have increases substantially and continue to rise. The median price of a home in the Flagstaff area increased 5 percent between August 2015 and August 2016, to $353,090. This number is lower compared to July 2016 at $354K.
These continue to be the main drivers of price appreciation in Flagstaff:
- Very Low Supply - Properties priced under the median continue to be elusive. There is only a three months supply of homes, when it should at least be least six months. A few new builds are available, however many are priced well above a first time home buyer's budget.
- Rising Rent
- Strong Demand - Employment growth, higher student population continue to drive demand for affordable housing
It’s why despite historically low mortgage rates, too many would-be buyers are struggling to find affordable homes in their price range.
Aug 2016 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 the Flagstaff median home price.
Total Home Sales- 117, busiest August since 2005
Median Home Price- $353,090
$1,675,000 - The most expensive single family Flagstaff home sold in August 2016 is another luxury country club home on one of Flagstaff's most exclusive communities, Forest Highlands. On the market for 102 days, this golf course home on 701-1633 Jim Simmons has 4 bedrooms, 4.5 baths and has spectacular waterfront and golf course view.
$549,900 - Price of the most expensive Flagstaff townhome sold in August 2016. Same as last month, this is a new new build by Miramonte Homes. Located in Switzer Canyon, a new luxury subdivision located 1.36 miles from downtown.
$93,290- Finding a Flagstaff home priced under $100,00 is not easy but one lucky homebuyer did in August 2016! The least expensive single family Flagstaff home sold in August is a 2 bedroom home in Kachina Village near Forest Highlands.
682 days on market- Days on market indicates the period of time when a property hits the MLS to when it goes under contract. High end homes typically take a few months or even years to sell. While some Flagstaff luxury homes do sell fast, the number of days it took to sell this Continental Country Club condo is typical of the luxury market segment.
Blended statistics may not reflect the current condition of the market in the Flagstaff neighborhood you are looking to buy. Please contact us at 888.446.5602 or email kellybroaddus@remax.net.
Download the full Flagstaff Market Report here
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