Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Housing Report in February 2017
The spring season is here! Spring is the busiest time with Flagstaff real estate as hibernating and new homebuyers come out ready to purchase their dream home. This season, we expect to see strong real estate numbers.
Sales price hit all time high
February housing prices in the greater Flagstaff region have hit a new monthly all time high. February 2017 saw prices jump 7% from a year ago with the median sales price coming in at $384,500. This eclipsed the previous February high from back in 2007 when the median sales price was $367K. This is the first time since the market started declining 10 years ago that a new monthly high has been set.
The average price paid per square foot was $196 up 4% from last February. In February 2007 that figure was $213.
Home sales increased
US home sales stumbled while Flagstaff home sales rose in February 2017. Last month there were a total of 51 houses sold which is up 13% from a year ago but not quite a new record. The best February home sales on record was in 2007 with a total of 54 houses sold.
Advice to Flagstaff HomeBuyers
If you are ready to buy your Flagstaff home this spring, don't delay. Here's why:
- CoreLogic’s latest Home Price Index reports that prices will continue to increase at a rate of 4.8% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years.
- Lock up current low interest rates because the Federal Reserve is expected to raise rates two more times this year. Analysts are saying that there is a good chance that mortgage rates could go to 4.8%. Currently the rate for a 30 year mortgage with 25% down is 4.23%. An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
- We expect to see more homes on the market this season which means more choices for the serious buyer.
Buying sooner than later could save you thousands in housing costs.
Advice to Homeowners
Maybe you are thinking of moving up to a new home with new additions in the family. You may be planning on downsizing into a smaller home that would serve your current need better. With so much demand yet so little supply, it IS time to list your Flagstaff home. As home prices price rise, your home's equity would have significantly increased in the past few years.
- February 2017 current inventory levels of Flagstaff homes for sale show the same scenario: there is a shortage of affordable homes below the median home price.
- "Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers." - Lawrence Yun, NAR
- Listing in summer gets your home sold faster and for more money when priced and marketed right.
Online estimates do not include recent upgrades that add value to you 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
February 2017 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 $500,000.
Total Home Sales- 51
Median Home Price- $384,500
Price Of The Most Expensive Flagstaff Home in Sold in Feb 2017: $846,183 - It's another townhome in Pine Canyon! This is the second time that a townhouse appeared on top of our monthly list of the most expensive Flagstaff homes sold. Townhouses dominated last month's list. Surprisingly (or not?) no million dollar listing sold.
Price of the Most Affordable Home Flagstaff Home Sold in Feb 2017: $75,525- This listing is a lot with a mobile home located southwest of downtown Flagstaff. The mobile home is a teardown.
Longest Number of Days on Market: 373 - Some homes get sold even before they hit the market. This single family home in Forest Highlands was on the MLS for over a year before it got sold in February 2017.
Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. National average days on market for luxury homes in February 2017 hit 182 days. See the February 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email firstname.lastname@example.org if you are looking to buy or sell in Flagstaff/Sedona and surrounding areas.
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