Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Experiences Surge in New Listings, Indicating Approaching Spring Real Estate Momentum
Although we usually observe an uptick in new listings at the start of the year, the current year has witnessed a notable surge in new listings, potentially signaling favorable conditions for buyers in the upcoming months. The number of newly listed homes in January was an incredible 80% higher than in December. Here's our latest update.
FLAGSTAFF HOME SALES
US Existing-Home Sales Rose 3.1% in January while Greater Flagstaff's housing market dropped 10.8% from the previous month, according to data provided by the Northern Arizona MLS. With only sixty-six homes sold, this is one of the lowest January sales in a decade; the lowest was last year with only fifty-two homes sold.
Home Sales by Type
"While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand. Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year," said National Association of Realtors Chief Economist Lawrence Yun.
In January 2024, the Broaddus Properties Group, Brokered by eXp, helped 2 buyers find their dream Flagstaff homes valued at over $800,000+.
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 98.5%." 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 experienced a modest 2.8% increase, reaching $735,000 in January. In comparison to the same month last year, this reflects a notable 9.4% leap from $672,000. 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 continued to be sold at a consistent rate in January, with the median time on the market reaching 100 days. This reflects a 20-day increase compared to the previous year, maintaining the same pace as December.
DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE
JANUARY 2024: Flagstaff Market Watch Summary
Total Home Sales: 66 homes, up 26.9% vs. January 2023.
Median Sale Price: $735,000, up 9.4% vs January 2023
Mortgage rates: The 30-year fixed-rate mortgage rate averaged 7.22 percent the week of February 28, according to Bankrate.com
Longest days on market (SF): 728 days This newly constructed residence offers three bedrooms and three baths. Featuring a great room centered around a fireplace and a gourmet kitchen, this Pine Canyon home provides generous space for hosting family and friends.
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.
- The Flagstaff single-family luxury market is a Buyer's Market with a 13% Sales Ratio.
- Homes sold for a median of 96% of list price in January 2024.
- The most active price band is $1,700,000–$1,899,999, where the sales ratio is 40%.
- The median luxury sales price for single-family homes is $1,800,000.
- The median days on market for January 2024 was 99 days, down from 103 in January 2023.
HIGHEST-PRICED HOMES SOLD IN FLAGSTAFF IN JANUARY 2024
Photo courtesy of Symmetry Realty Brokerage
- The highest-priced single-family Flagstaff home that sold in December was a $4,000,000 four-bedroom luxury home in Pine Canyon
- The highest-priced Flagstaff townhome sale was a $1,700,000 four-bedroom in Forest Spring, located between the prestigious Country Club neighborhood and Downtown Flagstaff
- The highest-priced Flagstaff condominium sale was a $1,717,916 three-bedroom newly constructed residence in Pine Canyon, offering ample space for hosting family and friends
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JANUARY 2024
Photo courtesy of UR HOME Realty
- The lowest-priced single-family Flagstaff home that sold in January was a $602,000 three-bedroom home in Kachina Village set on just over 1/3 acre.
- Last month's most affordable townhome sale in Flagstaff was a three-bedroom end-unit in Elk Run, priced at $428,000. This unit features an open floor plan, along with mountain views visible from both the backyard and bedrooms.
- The lowest-priced Flagstaff condominium sold was a $280,000 one-bedroom, fully furnished end-unit in the Arbors. Close to NAU, CCC, bus routes, and downtown Flagstaff.
Flagstaff Home Buyer Advice
Embarking on your first home purchase is a significant and exciting milestone, but today's housing market poses challenges, such as limited supply and affordability issues. To help turn your dream into reality:
1. Explore First-Time Homebuyer Programs:
Overcome the initial costs with assistance programs offering lower down payments and flexible requirements. Many programs provide help with closing costs and down payments through grants and low-interest loans. Contact your state's housing authority or visit resources like Down Payment Resource for more information.
2. Consider Condos and Townhomes:
Due to the scarcity of homes for sale, condos and townhomes are viable options. These more affordable alternatives offer a chance to enter the market, build equity, and potentially move into a larger home later. Condos, in particular, serve as an excellent entry point for those with smaller budgets, helping to accumulate equity, according to Realtor.com.
3. Pool Resources for a Multi-Generational Home:
Collaborate with friends or family to share costs, making homeownership more attainable. With combined incomes, you may qualify for a larger mortgage, easing the financial burden in today's high-cost market, as highlighted by Money.com.
If you’d like to look at what’s available on the market today, 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
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Flagstaff Home Seller Advice
Are you considering selling your Northern Arizona house? Yes, it makes sense, and here's why: The current Flagstaff housing market shows a 17% increase in available homes compared to last year. However, when compared to 2019, there are just 4% more homes for sale. This situation benefits sellers in two ways:
- More Options for Your Move: The increased inventory offers more choices for your next home, making it less challenging to find what you're looking for.
- Low Competition When You Sell: This means that with the right pricing strategy, your home should attract considerable attention from eager buyers and potentially sell quickly. Working with a local real estate professional ensures you stay updated on the available homes in your area.
Let's chat about how much equity you've got in your current home and how we can use that to make your next move happen. We're here to help you figure out if it's the right time.
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!
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
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.
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