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

 

Flagstaff Market Watch: Increased Inventory and Lower Mortgage Rates Create Perfect Buying Conditions

 

Happy Fall! While the Flagstaff real estate market is slowing down as the holidays approach, mortgage rates have dropped by 1.5%, and buyer activity has been increasing for five weeks in a row. Currently, there are 17% more homes on the market compared to this time last year, but inventory is expected to decrease as winter approaches. Now is the ideal time to explore opportunities—check out our latest Flagstaff Market Report!

 

FLAGSTAFF HOME SALES

U.S. Existing-Home Sales Dipped 2.5% in August. Meanwhile, the Greater Flagstaff housing market saw a  7.5% decline in sales from the previous month, based on data from the Northern Arizona MLS. Only 148 homes were sold in August, marking one of the lowest August sales in a decade. In comparison, the highest number of homes sold in August over the past decade was 263 in 2020. 

 

Flagstaff Home Sales by Type

 

"Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months. The home-buying process, from the initial search to getting the house keys, typically takes several months." said National Association of Realtors Chief Economist Lawrence Yun.

 

In August 2024, the Broaddus Properties Group, under the brokerage of eXp, aided ten clients in selling and locating their desired homes in Flagstaff, Williams & Munds Park, with a combined value surpassing $8,900,000.

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 98.2%." The list-to-sales ratio is the percentage of the list price that the buyer paid for the property. 

The median property price in Flagstaff rose 6% to $750,000. In comparison to the same month last year, this reflects a 1.3% decline from $760,000. 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.

In August, homes stayed on the market longer, with the median time increasing to 68 days. This is 15 days longer compared to August of last year and 13 days longer than in July of this year.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

AUGUST 2024: Flagstaff Market Watch Summary

Total Home Sales: 148 homes, up 13% vs. August 2023.

Median Sale Price: $750,000, down 1.3% vs August 2023

Mortgage rates: According to Bankrate.com, the 30-year fixed-rate mortgage rate averaged 6.24 percent for the week of Sept 25. The cost of a mortgage has dropped to its lowest point in 24 months!

Longest days on market (SF): 815 days This is a luxury, single-level, new construction, open three-bedroom home with stunning views of Ponderosa Pines. Located in prestigious Pine Canyon.

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 Institute for Luxury Home Marketing has established the luxury benchmark price for single-family homes in Flagstaff at $975,000. The 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 an 29% Sales ratio.
• Homes sold for a median of  97.42% of list price in August 2024.
• The most active price band is $1,900,000-$2,099,999, where the sales ratio is 100%.
• The median luxury sales price for single-family homes is $1,600,000.
• The median days on market for August 2024 was 78 days, up from 47 in July 2023.

 

HIGHEST-PRICED HOMES SOLD IN FLAGSTAFF IN AUGUST 2024

Photo courtesy of Silverleaf Realty LLC

• In August 2024, Flagstaff's most expensive single-family home sold was a stunning $5,500,000 three-bedroom luxury residence in Forest Highlands, offering breathtaking golf course views. Check it out here
• The highest-priced townhome sold in Flagstaff was an $788,000 luxury home at Pinnacle Pines with a stunning great room, chef's kitchen, private deck with greenbelt views, and a primary suite overlooking the San Francisco Peaks.
• The highest-priced condominium sale in Flagstaff was a $593,059 move-in ready downtown Flagstaff condo in Flagstaff Townsite with a private balcony offering San Francisco Peaks views.

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in AUGUST 2024

Photo courtesy of Russ Lyon Sothebys International Realty 

• The lowest-priced single-family home sold in Flagstaff in August was a $411,111, 1955-built three-bedroom, two-bathroom house with 1,294 square feet of living space in Sunnyside. See the details here.
• Flagstaff's most affordable townhome sale last month was a $335,000 freshly painted townhome located in the Christmas Tree neighborhood, perfect for investment or a first home, offering convenience and potential.
• The lowest-priced condominium sold in Flagstaff was a $255,000 low-maintenance condo in University Heights, near the Urban Trail, NAU, CCC, shopping. Close to the clubhouse, it features a covered patio, parking, and a spacious layout.

 

 

Flagstaff Home Buyer Advice

 

Buy now, or wait? With mortgage rates at their lowest in 52 weeks, it’s tempting to hold off and hope they drop further, but here's the catch: if you wait, you’ll face tougher competition when rates do fall. Right now, you have the chance to get ahead of other buyers and make the most of this favorable market, especially during the final quarter of 2024.

 

A 1% drop in rates can boost your buying power by up to 10% or lower your monthly payments, making a huge difference in your home search and budget. Plus, with home prices expected to rise over the next few years, buying now could set you up for significant equity growth down the road.

 

If you’re ready to explore your options and take advantage of these conditions, let’s connect. Reach out today at 888.446.5602, and we’ll help guide you through the process to ensure you're in the best position for your next home purchase.

If you’d like to look at what’s available on the market, 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.

 

Home Seller Advice for Flagstaff/Northern AZ

 

Every seller aims to sell their home quickly, for the best price, and with minimal hassle. A key factor that could impact your success is the asking price. Pricing your home correctly is crucial to attracting buyers and avoiding a prolonged listing.

 

If your home:

• isn’t getting many showings or offers,
• or if buyers consistently provide negative feedback after viewings, it may be a sign the price is too high.

Your real estate agent can help you adjust your strategy and recommend changes to attract more interest.

 

If you’re thinking of selling, contact us today at 888.446.5602 or email kelly.broaddus@exprealty.com for expert guidance on pricing your home right and navigating the market with confidence!

 

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. 

 

Have questions about buying or selling in Flagstaff, or ready to get started? We're here to help! Call us at 888.446.5602 or email kelly.broaddus@exprealty.com. We look forward to hearing from you!

 

 

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