Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Flagstaff 's Housing Market Start Hot, Break January Record Highs
We are in the middle of slow season which runs from December to February but the Flagstaff real estate market is on fire and the year has only just started! Both January housing prices and sales for the greater Flagstaff region set new monthly records.
FLAGSTAFF HOME SALES
US existing home sales slipped 4.8% from last year according to the National Association of Realtor. In Flagstaff there were a total of 71 sales in January 2018 which is up 42% from a year ago. This surpassed the old record from 2007 when there were 66 sales. The Flagstaff real estate market started rocking and rolling so early in the year, here's why:
- Very Mild Winter - Up until recently we had a very warm dry weather which has allowed buyers to stay in the market through the winter months
- Pending Interest Rate Hike - Three possible interest rate hikes are expected in 2018
- Lack of affordable housing
1255 E Big Bear, our first listing in 2018 had a fully accepted offer in less than two weeks. The 4 bedroom cul-de-sac home that Kelly listed in late January sold before it went live on the MLS. While Flagstaff home sales are down by -22% vs December 2017 (it's the slow season after all), it looks like buyers have wised up and are in the market early to avoid stiff competition during spring.
FLAGSTAFF MEDIAN HOME PRICE
The median sales price for a house, sold this January was $389K surpassing the old January high set in 2007 of $369K. Year-over-year, January prices were up 8%. Low inventory and steady demand for affordable homes means prices will continue to rise.
“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1% by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective buyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
Frank Nothaft, the Chief Economist at CoreLogic
January 2018 Flagstaff Market Watch Summary
Total Home Sales- 71 homes, up 42% vs 2017. This represents a new record.
Median Home Price- $389,000, record new high for the month of January
Mortgage rates up A 30 year fixed rate mortgage with 5% down and very good credit is now at 4.375%.
Days on Market (Flagstaff): 44% of homes that closed in January was on the market for less than 90 days. Three Flagstaff single family homes that have been listed for over a year finally sold. Longest days on market: 561 days
Days on market indicates the period of time when a property goes active on the Multiple Listing Service (MLS) to when it goes under contract. US luxury homes sold slower in December with national average days on market up to 183 days from 176 days in November. Phoenix AZ luxury homes stay 182 days on market on the average. See the January 2018 Luxury Market Report.
JANUARY 2018 HIGHLIGHTS
Flagstaff Luxury Homes (Sold)
The Most Expensive Flagstaff Single Family Home Sold in January 2018 Sold for $1,150,000 This stunning 5,153 sq ft home in Forest Highlands features over-sized bedrooms, views of nearby Canyon Clubhouse, art studio and an elevator and temperature controlled wine room among others! What a home!
Most Expensive Flagstaff Row Home Sold $660,000. It's a 2 bedroom Elk Pass town home in exclusive golf community, Pine Canyon.
Most Affordable Flagstaff Homes (Sold)
- $180,000- This affordable off-grid house in Leupp/Winona area tops the list of January 2018's most affordable single family Flagstaff home (sold).
- $142,000 - This 725 sq ft, 1 bedroom, 1 bath unit in Timberline located in the Continental Country Club area is last month's most affordable condo unit (sold) and is also the most affordable Flagstaff home sold in January 2018
- $194,000 - Flagstaff's most affordable row home sold in January is nestled northeast section of the city in the Swiss Manor area.
Flagstaff Home Buyer Advice
FOR BUYERS LOOKING TO BUY HOMES UNDER $500,000 If you are buying a home this spring, get pre-approved for a mortgage now. Lock in your low mortgage rates because interest rates are going higher. Currently a 30 year fixed rate mortgage with at least 5% down and with real good credit is at 4.375% up ¼ of a point from a month ago and up 5/8 of a point in the last two months. What you need to know about the mortgage process.
With demand for affordable Flagstaff homes exceeding supply, competition will heat up in the months ahead. Beginning your home search now could lead to a successful and less stressful buying experience.
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
There is true under supply of homes under $500,000. Odds of a sale in the first 30 days are most favorable for properties under $400,000. With less than 3 months supply of inventory, sellers are in a position to negotiate. 2 Ways to Get the Most Money from The Sale of Your Home Whether your home gets sold depends heavily on the agent you choose to hire for the job.
We at The Kelly Broaddus Team 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.
We are your Flagstaff home experts! Contact us at 888.446.5602 or email kelly.broaddus@exprealty.com if you are looking for a Northern Arizona realtor to help you buy/sell your Flagstaff/Sedona real estate and the surrounding areas.
Download the full Flagstaff Market Report here
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