Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Home Sales Drop in January
US home sales in January set record pace, reaching the highest mark since 2007 while Flagstaff home sales declined. The total number of sales in January dropped to 49 from 56 due in part to the rush to get purchase contracts closed in December for 2016 tax purposes as well as to lock in lower interest rates. Traditionally, sales are slow during the winter months.
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home." - Lawrence Yun, NAR
Flagstaff Home Prices Up, Again
Last month saw housing prices rise again in the greater Flagstaff area. January 2017 median home price rose 9% to $360,000 from $330,000 in 2016 and up by 1% compared to December 2016. We’re getting very close to the January all time high of $369K which we hit in 2007. If you have been watching home prices in Flagstaff for the past six months, it's been a roller coaster ride with prices going up and down between $340K- $360K. Flagstaff home prices are expected to increase by 3-4% in 2017 mostly driven by a lack of supply.
January 2017 found residential active inventory down 15% from 1 year earlier according to data released by the Northern Arizona Association of Realtors. Active inventory is also down by 11% compared to the previous month. Expect more homes on the market with spring less than a month away.
Advice to Flagstaff HomeBuyers
In spite of the continuous rise in home prices, market demand remains high. The smaller inventory last month means that buyers who waited to buy may have had a smaller selection to choose from. If you're considering buying, winter months are often a good time to buy.
- Take a second look at listings that have been in the market for a while. You might find that a number of homes have reduced prices to generate more interest from buyers.
- Get pre- appoved for your mortage to find out how much home you can afford before you start shopping.
Advice to Home Sellers
It's still a seller's market below the median home price. Take advantage of the strong market demand for starter homes below $400K. Current inventory levels show the same scenario since last year, there is a shortage of affordable homes. If you are on the fence about listing you home this winter, keep in mind that other homeowners will also decide to list during the summer selling season. While listing in summer may get your home sold faster and for more money, a recent study revealed that listing in winter comes in at a close second! Listing your home today will attract serious buyers looking for a home now.
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
January 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- 49
Median Home Price- $360,000
$1,125,000 - Wow, it's a townhome in Pine Canyon. Bought by a cash buyer. This is the first time a townhouse appeared on top of our monthly list of the most expensive Flagstaff homes sold. We started featuring these amazing homes on the Flagstaff Market Update- February 2016 blog.
Some homes get sold even before they hit the market. This Flagstaff home stayed longest (553 days) on the market before it got sold in January 2017. It is a 10 acre horse property with a beautiful cabin, barn, arena located in the Fort Valley Area. 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 January 2017 hit 188 days. See the January 2017 ILHM Luxury Housing 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 and surrounding areas.
You might be interested in...