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

Aug 2019 Flagstaff Market Report

 

Is The Flagstaff Real Estate Market Slowing Down?

 

Fall is typically the time of year when we start talking about the housing market taking a breather - but did you know that fall is an incredible time to buy or sell a home? According to the latest market stats, there is still a lack of inventory and high demand from buyers. With that in mind, I wanted to give you a quick update on the housing market. 

FLAGSTAFF HOME SALES

The US Existing home sales increased by 1.3% in August 2019. Meanwhile, Flagstaff housing sales rose 17% from the same period last year.  There were 134 houses sold in August, the most in 14 years. A big contributor to the strength in our real estate market is mortgage rates which recently hit a 3-year low.

 

FLAGSTAFF MEDIAN HOME PRICE

August 2019 Flagstaff Median Sales Price and Days on Market

Flagstaff home prices have come down from July 2019 when the median sale price was $445K, with a median sold price of $394,000. This remains 2% higher from a year ago with the median sale price coming in at $386K, setting a new August monthly price high. The average price paid per-square-foot (single-family) was $233 which is also a new high and up from July’s PSF of $225.

 

DOWNLOAD THE FULL MARKET REPORT HERE

 

August 2019 Flagstaff Market Watch Summary

2019 Flagstaff Real Estate Market Watch Total Home Sales -   134 homes,   up 17% vs August 2018. 

Median Home Price -  $404,000 ,   up 6% vs August 2018

Mortgage rates  - A 30 year fixed rate mortgage with 5% down and very good credit is now at an average of 4%

Longest days on market (SF):  545 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. 

Flagstaff's Priciest Homes SOLD in AUGUST 2019

  • $1,300,000  - This single-level Mountain Modern custom home in Anasazi Ridge sold fast. Located outside the country club areas of Flagstaff, this luxury home is a work of art!
  • $563,524  -  Last month's priciest townhome is another 3 bedroom luxury townhome in the Switzer Mesa area, new build, master on the main, open layout with gorgeous mountain views 
  • $367,500 -  2 bedroom Flagstaff Ranch condo with a social membership that can be purchased separately. We listed this home!

The most AFFORDABLE  Flagstaff Homes Sold in AUGUST 2019

  • $200,000 - Three-bedroom single-family in the Mountain Dell area southwest of the city of Flagstaff
  • $219,900 - Another 3 bedroom townhouse, move-in ready investment opportunity in Christmas Tree
  • $130,000 -  Woodlands Area (The Arbors) studio unit close to NAU, shopping, hiking, and minutes from downtown. 

 

Flagstaff Home Buyer Advice 

What do the stats tell us? It means that low-interest rates have enticed more buyers, and sellers may be a bit hesitant to put their home on the market. But even with more buyers, it is still a seller’s market in Flagstaff for homes under $600,000. If you’re thinking about a move or want to learn more about our local market, let's talk. 

Here's what you need to know about the mortgage process.

Probability of Home Prices Being Lower In 2 yearsINVENTORY has remained below 4 months for a home priced under $500,000. Many buyers are wondering where to find affordable houses for sale in today’s market. It’s a true dilemma. We see an increase in buyer demand, but the supply available for purchase isn’t keeping up. If inventory grows, we might see lower prices.

Check out the latest list of Flagstaff homes for sale under $300K. There are 110+ houses available in the $300K to $400,000 range and 60+ houses available to purchase in the $400K to $450K range. If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home. Let's talk about your situation in person! Call Kelly at 888.446.5602

 

Flagstaff Home Seller Advice 

If you’re considering selling your home to move up, now is a great time to get a positive return on your investment in a market with low supply and high demand. What is driving demand?

  1. MILLENNIAL BUYERS According to CoreLogic's latest Home Price Insight Report 26% of Millenials want to buy a home in the next 12 months.
  2. LOW-INTEREST RATES Interest rates have gone up in the last 2 weeks but it's still near historic lows.
  3. RISING INCOME Average hourly earnings have increased by 3.2% over the past 12 months

 CoreLogic HPI Forecast indicates that US home prices will increase by 5.2% on a year-over-year basis from June 2019 to June 2020. The amount of appreciation is pretty much determined by price range. The lower-priced houses that have the least amount of inventory and the greatest amount of demand appreciate much higher than luxury homes. As we go up in price, there will be fewer buyers that could afford those houses and there’s more and more inventory. We can see that as we go up in price, the year-over-year change in price, the amount of appreciation, actually goes down.Forecasted Year Over Year Change in Price

If you’re thinking about selling now, let’s get started. From hiring the right real estate agent to handing over the keys, here is your step by step guide to the home selling process. Let’s get together to determine the specific options available for you and your family. Contact 928.606.6749 or email kelly.broaddus@exprealty.com if you are looking for a Northern Arizona realtor to help you buy/sell your Flagstaff/Sedona real estate and the surrounding areas. 

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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 jULY 2019 Flagstaff Market Statistics