Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Winter Slow Down Flagstaff 's Housing Market In February 2018
US HOME SALES: "Persistently and relentlessly tight inventory, rising mortgage interest rates and a series of nasty winter storms likely combined to keep February home sales activity muted, especially sales of existing homes," Aaron Terrazas, Zillow Senior Economist
FLAGSTAFF HOME SALES: This February there were a total of 46 sales in the greater Flagstaff region, a 10% drop from a year ago. February Housing sales slowed as winter returned to the mountains and inventory of affordable homes remain unable to cope with buyer demand. February is traditionally the slowest month of the year and we sometimes see statistical anomalies.
FLAGSTAFF MEDIAN HOME PRICE
Prices declined 6% with the median sale price coming in for the month at $361,250. The average price paid per-square-foot, however, rose to $214 which represents a new February high.
February 2018 Flagstaff Market Watch Summary
Total Home Sales- 46 homes, down 10% vs Feb 2017.
Median Home Price- $361,250, down 6% vs Feb 2017
Mortgage rates down A 30 year fixed rate mortgage with 5% down and very good credit plunged to 3.75%.
Average Days on Market: 99 days, 60% of homes that closed in February was on the market for less than 90 days. More homes sold within 90 days compared to last month's 44%. Days on market typically decline closer to the spring and summer buying season.
Longest days on market: 312 days, this property is also February 2018's priciest home (sold)
Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. US luxury homes sold a day faster in February with median days on market down to 60 days from 61 days in January. See the February 2018 Luxury Market Report.
February 2018 HIGHLIGHTS
FLAGSTAFF LUXURY HOMES (SOLD)
- $1,005,000 - No surprise here, it's another mouthwatering country club home from the Flagstaff's Pine Canyon area
- $750,000 It's a 3 bedroom Elk Pass townhome with expansive views of the 12th green and fairway in the exclusive golf community of Pine Canyon.
AFFORDABLE FLAGSTAFF HOMES (SOLD)
- $178,900- South of Flagstaff, another Kachina Village home tops the list of February 2018's most affordable single-family Flagstaff home.
- $180,000 - West side of Flagstaff, The Village at University Heights 2 bedroom 2nd-floor condo
- $205,000 - Northeast side of Flagstaff, Arroyo Seco 2 bedroom townhome in the Sunnyside area
Flagstaff Home Buyer Advice
"With demand remaining above its pre-recession peak, prospective home buyers are in for another tough spring home buying season as ready home buyers descend on a scant number of homes," Cheryl Young, Trulia Senior Economist
In Flagstaff, the number of homes for sale has improved with 3.64 months of inventory, a 14% increase compared to the same period last year. However, a balanced market has a 6 month supply.
- If you are looking to buy under $400k, expect strong competition from millennials and baby boomers.
- Move up buyers will have a great opportunity to sell high and face less competition at the higher price ranges.
As prices rise the ability to purchase a home is becoming more dependent on the buyer’s ability to acquire financing. Need a lender recommendation for your home loan? We work with trusted lenders who will walk you through the entire process and have your best interest at heart. Contact Kelly today and we will get you one of our trusted lender that best fits your needs.
Flagstaff Home Seller Advice
For sellers, there is a huge opportunity to sell at these price points: under $500,000 and at 1M-1.1M in the luxury market. However, listing your home at these prices don't guarantee a fast sale or an offer over asking price. It’s crucial to work with a qualified real estate agent who will price and market your property right. Not just a professional, but an amazing agent and a market expert. Check out: The Consumer’s Guide to Hiring an Amazing Real Estate Agent in Flagstaff
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