Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff New Listings and Home Price on the Rise
As the school year kicks off and as the holidays approach, the market cools. It’s what’s expected. Here's the most recent update.
FLAGSTAFF HOME SALES
US Existing-Home Sales Decreased 0.7% in August while Greater Flagstaff's housing sales rose 1.6% from the previous month according to data released by the Northern Arizona MLS. One hundred and thirty homes were sold in August, representing a 21.7% decline from the prior year.
"Home sales have been stable for several months ... Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run, " said National Association of Realtors Chief Economist Lawrence Yun.
In August, the Broaddus Properties Group listed and sold: seven Flagstaff, Munds Park & Williams homes valued at over $4.9 million.
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 99.9%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
Flagstaff sold median home price in August 2023 increased by 9% vs July this year. It jumped 20.6% year on year to $760,000, from $630,000 the previous year. The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.
Homes remained on the market for a median of 53 days, which means homes sold 3 days faster vs the prior year, and slower than the 48 days we saw in July.
DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE
AUGUST 2023 Flagstaff Market Watch Summary
Total Home Sales - 130 homes, down 21.7% vs Aug 22.
Median Sales Price - $760,000, up 20.6% vs Aug 22
Mortgage rates - The weekly average for a 30-year fixed rate mortgage rate is 7.42% as of September 24, up from 7.41 percent last week. That’s the highest level since December 2000, according to Bankrate data.
Longest days on market (SF): 333 days, this is a 6-bedroom custom home situated on over 2acres Bordering dedicated open space!! Nestled in the Private Desirable Gated Community of A-1 Mountain Ranch
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 Seller's Market with a 26% Sales Ratio.
- Homes sold for a median of 97.69% of list price in Aug 2023.
- The most active price band is $1,400,000-$1,499,999, where the sales ratio is 150%.
- The median luxury sales price for single-family homes is $1,470,000.
- The median days on market for August 2023 was 47 days, up from 50 in July 2022.
FLAGSTAFF'S PRICIEST HOMES SOLD in AUG 2023
Photo courtesy of Best Flagstaff Homes Realty
- The highest-priced single-family Flagstaff home that sold in August 2023 is a $2,575,000 exquisite Tuscan inspired four-bedroom luxury home in Pine Canyon situated on a landscaped lot backing the 5th fairway of the Pine Canyon Golf Course.
- The highest-priced Flagstaff townhome sale was a $1,775,000 four-bedroom mountain rustic luxury townhome in Pine Canyon with views of the #12 fairway and green of the Pine Canyon Golf Course.
- The highest-priced Flagstaff condominium sale was a $507,400 move-in ready two bedroom in Switzer Mesa/Ridge
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in AUGUST 2023
Photo courtesy of Flagstaff Top Producers R.E.
- The lowest-priced single-family Flagstaff home that sold in August was a $285,000 four-bedroom residential/commercial property in Sunnyside with a detached garage and workshop
- The lowest-priced Flagstaff townhome sale last month was $442,500 four-bedroom built in 2015. Located in the Railroad Springs community, close to NAU
- The lowest-priced condominium sold was a $358,495 one-bedroom located on the ground level of Building 2 in the Switzer Mesa/Ridge area, minutes from downtown and NAU.
Flagstaff Home Buyer Advice
If you’ve been putting off purchasing your home, now may be the sweet spot to make your move. While you may be tempted to wait for interest rates to drop, if you wait too long, you could be dealing with a surge in home prices.
Data shows buyers are still active, even with higher mortgage rates. This goes to show, people still want to buy homes, and those who can are moving now.
If you’re a first-time homebuyer and you’d like to learn more about lending options that could help you overcome today’s affordability challenges, we can connect you to our trusted lender professionals. Call us at 888.446.5602 or email kelly.broaddus@exprealty.com.
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.
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Flagstaff Home Seller Advice
Are you considering selling your home? If that's the case, today's mortgage rates may be making you reconsider. Some homeowners are hesitant to sell their current house and take on a higher mortgage rate on their future purchase. If you're concerned about this, keep in mind that while interest rates are now high, so is home equity.
When you decide to relocate, your equity might make a significant impact. After you sell your home, you can use the equity you've built up to help you purchase your next one. Here's how it's done:
- Be an all-cash buyer: If you've lived in your existing home for a long time, you may have enough equity to buy a new one without taking out a loan.
- Make a larger down payment: Your equity could be applied to your next down payment. It might even be enough to allow you to put down a higher amount, allowing you to borrow less money and making today's rates less of a concern.
Ready to sell? Let’s connect to start the process. Call us at 928.606.6749 or email kelly.broaddus@exprealty.com.
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.
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