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

February 2023 Flagstaff Market Report

 

Springtime Surge: Rising Demand in Flagstaff Real Estate Benefits Sellers

 

As the spring homebuying season approaches, there's typically a surge in home sales, and Flagstaff appears to be no exception. The anticipation of warmer weather often brings increased activity to the real estate market as buyers seek to take advantage of more favorable conditions for house hunting and moving. Sellers may also be more inclined to list their properties during this time, hoping to capitalize on the heightened demand. Here's our latest update. 

 

FLAGSTAFF HOME SALES

 

US Existing-Home Sales Vaulted 9.5% in February while Greater Flagstaff's housing market jumped 16.7% from the previous month, according to data provided by the Northern Arizona MLS. With seventy-seven homes sold, this is one of the better January sales in a decade—better than last year with only 69 homes sold. The highest was in 2020, with 108 homes. 

 

Home Sales by Type

February 2024 Flagstaff Home Sales by Type

 

"Additional housing supply is helping to satisfy market demand. Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices," said National Association of Realtors Chief Economist Lawrence Yun.

 

In February 2024, the Broaddus Properties Group, under the brokerage of eXp, aided six clients in selling and locating their desired homes in Flagstaff, with a combined value surpassing $3,500,000.

 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff Median Home Price & DOM February 2024

"The median list-to-sales ratio for this area is 99.4%." 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 slipped 3.9%, reaching just $706,250 in February. In comparison to the same month last year, this reflects a notable 9.5% rise from $645,000. 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.

Homes sold at a slower pace in February, with the median time on the market reaching 114 days. This reflects a 48-day increase compared to the previous year.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

FEBRUARY 2024: Flagstaff Market Watch Summary

2023 Flagstaff Real Estate Market Watch Total Home Sales: 77 homes, up 11.6vs. February 2023.

Median Sale Price: $706,250, up 9.5% vs February 2023

Mortgage rates: The 30-year fixed-rate mortgage rate averaged 7.07 percent the week of March 20, according to Bankrate.com

Longest days on market (SF): 969 days This luxury residence in Flagstaff Ranch offers four bedrooms and four baths and features a heated driveway and San Francisco Peaks views from massive pella windows. Golf membership is not included in the price of the home.

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.

Flagstaff Luxury Market Report February 2024

  • The Flagstaff single-family luxury market is a Balanced Market with a 20% Sales ratio.
  • Homes sold for a median of 96.5% of list price in February 2024.
  • The most active price band is $1,000,000–$1,199,999, where the sales ratio is 57%.
  • The median luxury sales price for single-family homes is $1,230,000.
  • The median days on market for February 2024 was 122 days, up from 89 in February 2023.

 

HIGHEST-PRICED HOMES SOLD IN FLAGSTAFF IN FEBRUARY 2024

FLAGSTAFF'S PRICIEST HOMES SOLD in February 2024

Photo courtesy of Silverleaf Realty LLC

  • The highest-priced single-family Flagstaff home that sold in February was a $2,737,500 four-bedroom newer built custom luxury home in Forest Highland with dramatic and spectacular views
  • The highest-priced Flagstaff townhome sale was a $757,047 five-bedroom townhome, with breathtaking views of Mt. Elden from multiple decks.
  • The highest-priced Flagstaff condominium sale was a $499,000 rare top 5th-floor one bedroom unit with designed parking in The Views Butler. 

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in FEBRUARY 2024

Lowest Priced Flagstaff Home in January 2024

Photo courtesy of UR HOME Realty

  • The lowest-priced single-family Flagstaff home that sold in February was a $370,000 two-bedroom home in a corner lot in Mountainaire, a community just a few minutes south of Flagstaff that has hiking, 4X4 trails, a general store, and bar & grill
  • Last month's most affordable townhome sale in Flagstaff was an end-unit with AC and three bedrooms, priced at $445,000. Located in the Christmas Tree neighborhood, this home has tons of storage space, including a finished garage. 
  • The lowest-priced Flagstaff condominium sold was a $245,000 1 bedroom, 1 bathroom condo that comes with a renter and an assigned parking spot at the Arbors. 

 

Flagstaff Home Buyer Advice

 

Hey, future Flagstaff homeowners! Exciting news: more homes are hitting the market, giving you more choices. But hold up; it's not a total buyer's paradise just yet. Patience is key because we're not back to pre-pandemic levels.

So, is finding your dream home easier now? Sort of. There's progress, but there's still a shortage. Cue your local real estate agent; they're your secret weapon in this game.

Bottom line: stay realistic, lean on the experts, and get ready for an adventure! Reach out to our team today at 888.446.5602 and let's find your Flagstaff dream home together!

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.

 

 

Flagstaff Home Seller Advice 

 

Considering selling your Flagstaff home? Wondering if now's the time? Absolutely—it's still a seller's market with potential for upward pricing pressure soon!

Here's what's happening:

  • Sellers have a slight advantage.
  • Despite higher rates, home prices remain stable.
  • Low resale inventory and strong buyer demand keep prices steady.
  • Home sales surpass supply, driving the Market Action Index higher.

What does this mean for you?

  • 👉 Your home will attract attention and depending on the pricing, multiple offers.
  • 👉 Sales may be slower initially but are expected to pick up, yielding top dollar in the end.
  • 👉 Collaborate with an agent for competitive pricing and preparation.

As Ramsey Solutions notes, "You can expect to sell fairly quickly for close to your asking price."

 

Bottom line: The Flagstaff market still favors sellers! Ready to seize the opportunity? Connect with a local real estate advisor today! 

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

 

What is the value of your Flagstaff Home?

 

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. 

 

Got any questions about buying or selling in Flagstaff, or are you ready to kick off the process? Just give us a call or shoot us an email. We look forward to hearing from you! Feel free to reach out at 888.446.5602 or drop me a line at kelly.broaddus@exprealty.com. Cheers!

 

 

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March 2024 Flagstaff Luxury Real Estate Market Report