Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 

 

Flagstaff 's Housing Market Chill in January, While Inventory Remain Light

 

I can't believe we're almost at the end of February! We hope your year had a great start. January is traditionally one of the slowest months in real estate. Here's how the Flagstaff real estate market kicked off. 

FLAGSTAFF SINGLE FAMILY HOME SALES

US existing home sales slipped for the 3rd consecutive month while Greater Flagstaff's January housing sales tanked. There were only 37 houses sold which is down 48% from a year ago when there were 71 sales. Here's why:

• Part of the decline is due to the Government shutdown which delayed IRS income verifications, holding up mortgage approvals and delaying closings.
• Bad Weather
• Lack of affordable housing 

Flagstaff started its selling season with far less optimism than last year but with mortgage rates at 12-month low, better inventory as we go into spring and with the economy and the jobs sector doing as well as it’s going, we expect that spring's going to be a great market!

Meanwhile, with last year's deals finally closing last month, the Kelly Broaddus Team started 2019 off with a bang, bagging our highest January sales ever. The team sold 9 properties valued at $2.95M. 

FLAGSTAFF MEDIAN HOME PRICE

January housing prices for the greater Flagstaff area remained flat year-over-year, with the median sales price coming in at $374,500. If we consider single-family homes only, the figure is much higher at $390,000.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

January 2019 Flagstaff Market Watch Summary

Total Home Sales -   37 homes (SF), down 48% vs January 2018. 

Median Home Price -  $390,000 (SF), flat vs January 2018, highest in more than a decade

Mortgage rates  - A 30 year fixed rate mortgage with 5% down and very good credit fell back to an average of 4.125% 

Longest days on market (SF): 696 days. A 5 bedroom, 2800 sqft home in Elk Run. Originally listed for $420K, this home stayed on the market for 23 months before it sold.

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 has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on 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's Priciest Homes SOLD in January 2019

• $900,000  - A Pine Canyon luxury home is back to the top of our most expensive Flagstaff homes list. Million dollar homes usually dominate this group. Had to go back to our March 2017 report to see a home that sold less than a million dollars at #1.
• $585,000  -  Last month's priciest townhome is a 3 bedroom new build in Flagstaff Ranch
• $327,612 -   One of the 12 units in Miramonte's Dale Condominiums in the Flagstaff Townsite area

The most AFFORDABLE  Flagstaff Homes Sold in January 2019

• Single-family - $71,900 - 2 bedroom fixer-upper on 10 acres in East Rural Flagstaff
• Townhouse - $237,000 - Boyington Townhome located near Lake Mary
• Condo - $130,000 -  Very rare Arbors studio unit listed by Kelly perfect starter or vacation home

 

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. Mortgage rates, after hitting a seven-year high last September, have continued to drop and over the last month dropped yet another 1/8th of a point with a 30-year fixed rate mortgage now at 4.125% with no points. What you need to know about the mortgage process. 

Inventory levels remain light which is normal for this time of year. Currently, there are 60+ houses available in the $350K to $399,999 range and 40+ houses available to purchase in the $400K to $450K range. 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 

Many homeowners believe that rising interest rates and home prices have scared away buyers and therefore have not listed their houses for sale. However, the truth is that buyers who were unable to find a home last year are out in force, and there are even more coming! 

 

Approximately one-third (32%) of Americans plan to purchase a home in the next five years. Millennials are most likely to have such a purchase in their five-year plan (49%), versus 35% of Generation X and 17% of baby boomers.

Nerdwallet's 2018 Homebuyer Report

 

Don’t wait for a competitive market; be ahead of the curve and sell your house at the best possible price!

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. 

 

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