Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy

 June 2017 Flagstaff Home Sales

 

More Than Half Of Flagstaff Homes Sold In Less Than Three Months

The Flagstaff Multiple Listing Service data show that 62% of homes in the Greater Flagstaff area sold within 90 days in July 2017. Less than 10% sold in one month, 42% sold in 2 months while 76% of homes for sale closed in 120 days. This is great news for home sellers! 

Flagstaff Home Sales Up

According to August RE/MAX National housing Report, home sales in the US dropped 14 points while prices continued to increase. In Flagstaff, after a very strong performance in June, home sales and prices for the month of July continued to rise. There were a total of 126 house sales which is up 12% from July of last year. The busiest July was back in 2005 when there were 152 sales. 

Looking back at our reports for the last 4 years, it is not unusual to see a jump in sales this month. Sales figures were down the same period last year, but we have observed a pattern with sales going up every other year.

NAR Chief Economist on July 2017 Home Sales

Home Price

In the greater Flagstaff area the median sale price of a house sold in July rose 7% to $378K. This is the second highest July ever, only behind July of 2006 when the median sale price was $392K. Through the first 7 months of the year, prices are up 4% vs the same period a year ago. 

Inventory

  • Inventory has improved with four months supply of homes under $500,000. A normal market has 6-7 months inventory.
  • There remains an overabundance of homes to choose from for the $500K and above buyer.

Advice to Flagstaff HomeBuyers  

Buying a home is one of the most exciting and expensive decision that you will ever make.

  • Know how much home you can really afford -> What’s Your Home Buying Power?
  • A recent Realtor.com report reveal that many millennials are still waiting to buy a home because they don't believe they can qualify for a mortgage. 
  • Mortgage rates dropped again. A 30 year fixed rate, with only 5% down is now at 3.86% with no points.

If you are a first time buyer or a homeowner ready to move up to a new home, we can help you get in touch with our trusted mortgage lenders to make your home buying dreams a reality sooner. Contact Kelly

Advice to Homesellers

There is a continuing demand for Flagstaff real estate, and more prospective homebuyers are expected to enter the housing market. These include people who have been negatively affected by the housing bust and waited seven years for their bankruptcy to disappear off their credit reports. Thinking of selling? Check these out:

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

July 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. 

Flagstaff Real Estate Total Home Sales- 126, up 12% vs last year

Median Home Price- $378k, up 7 % vs last year 

The Most Expensive Single Family Home in July 2017 Sold for: $1,250,000 -another Forest Highlands home! This is the fourth consecutive month that a house in this gated golf community featured on top of the list. Wow! July 2017's Most Expensive Flagstaff Townhouse Sold for: $855,000 It's a luxury 2- story town home behind the 12th green of Pine Canyon golf course. 

Price of the Most Affordable Home Flagstaff Homes Sold in July 2017: 

$115,000- An off grid log barn converted to a cabin on 10 acres next to AZ state lands. Located in Leupp/Winona Area, this house tops the most affordable single family home list that sold last month. 

$116,000- Two turnkey studio units at the Arbors claim last month's most affordable condo spot. 

How much did July's most affordable townhouse in Flagstaff sell for? $175,000This property is a bit more expensive than the June TH that sold for $140K. Location: Christmas Tree, a neighborhood in northeast Flagstaff. 

Longest Number of Days on Market (Flagstaff): 495 - this Pine Canyon town home sat on the market for 15 months before it sold in July 2017. 

Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. Luxury homes sold faster in July with national average days on market down to 156 days from 176 days in June. See the July 2017 Luxury Market Report.

We are your Flagstaff home experts!  Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com if you are looking to buy or sell in Flagstaff/Sedona and surrounding areas.

Download the full Flagstaff Market Report here

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