Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Home Price Set New All-Time High
The trees and leaves have begun to change their colors to fall gold. It's time to head up the mountain and enjoy the cooler temps, stunning views and fun activities that Flagstaff has to offer. In the greater Flagstaff area, the median sale price of a house sold in August soared 8% to $380,000 year-over-year. There is so much demand but very few affordable homes that home prices have nowhere to go but up. This is the new record high for the month of August, smashing the previous record of $375,000 in August of 2007. This is the first time that a new monthly all-time high has been set after coming close on a couple of occasions earlier this year.
August Home Sales in Flagstaff...
Is down. Is it alarming? Not really. There were a total of 123 house sales which is down 7% from August of last year. This is the second busiest August in a more than a decade.
When asked about the state of the Flagstaff market right now, Kelly Broaddus, one of the busiest agents in Flagstaff has this to say: (The market is) "Still pretty strong in the lower price ranges, I feel a bit of softening in the higher price points."
US home sales declined by 1.7% in August 2017 according to the National Association of Realtors (NAR). "Sales have been unable to break out because there are simply not enough homes for sale," Lawrence Yun, NAR Chief Economist.
Advice to Flagstaff HomeBuyers
Flagstaff home inventory has recovered and is about the same level as last year. The market remains favorable to luxury homebuyers with over 9 months of supply of homes priced above $500,000. The supply of homes for sale is weakest at the lower price ranges. This is holding back a few boomers wanting to relocate in Flagstaff and some renters who would prefer to be homeowners. Here's our advice:
- Get to know how much you can really afford. Find out here: What’s Your Home Buying Power?
- Get your finances in order. Make sure you have enough funds for closing costs. More Than Half of All Buyers Are Surprised by Closing Costs
- Take advantage of low mortgage rates. A 30 year fixed rate, with only 5% down is holding steady at 3.625% with no points. Pundits predict a slow rise in mortgage rates starting October.
- If you are a first-time buyer or a homeowner ready to move up to a new home, we can help you get in touch with our trusted mortgage lenders to make your home buying dreams a reality sooner. Contact Kelly
Advice to Homesellers
High consumer confidence and low mortgage rates are fueling the demand for Flagstaff real estate, and more prospective homebuyers are expected to enter the housing market. These include people who have been negatively affected by the housing bust and waited seven years for their bankruptcy to disappear off their credit reports. Thinking of selling? Check these out:
- 5 Tips To Increase Your Home Value By Up to 28%
- How to Amp Up The Resale Value of Your Home
- Find Out How Much Your Home Is Worth
Online estimates do not include recent upgrades that add value to your 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
August 2017 Flagstaff Marketwatch Summary
We are still a buyer's market for homes priced above $500,000 and a seller's market for homes priced under $500,000.
Total Home Sales- 123, down 7% vs last year
Median Home Price- $380k, up 7 % vs last year
The Most Expensive Single Family Home in August 2017 Sold for $2,250,000 - a cool million more than last month's #1. This 5 bedroom Pine Canyon luxury home broke the 4 consecutive month streak of Forest Highland homes. A GEM electric car and furnishings were included in the price.
The Most Affordable Home Flagstaff Homes Sold in August 2017:
- $90,000 - A 3 bedroom home on 20 acres in Alpine Ranches, great off-grid location in Leupp/Winona Area. This house tops the list of the most affordable single family home that sold last month.
- $150,000 - A University Meadows condo backing Arizona State Park and Riordan Mansion claim last month's most affordable condo spot.
- $135,000 - August 2017's most affordable townhouse located in Sunnyside
- $81,500 - Most affordable manufactured home sold in August 2017
Longest Days on Market (Flagstaff): 643 - this 3 bedroom Rio Homes townhome is part of the Flagstaff Affordability Program and is deed restricted. Call us if you would like to know more about this program.
Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. Luxury homes sold slower in August with national average days on market down to 162 days from 156 days in July. Phoenix AZ luxury homes stay 194 days on market (average). See the August 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email email@example.com if you are looking to buy or sell in Flagstaff/Sedona and the surrounding areas.
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