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

 July 2018 Flagstaff Home Sales

Flagstaff  Home Sales Slowdown in July

The summer selling season is starting to wind down. The National Association of Realtors® reports US existing-home sales down for the fourth straight month in July to their slowest pace in over two years. Flagstaff home sales have also cooled off after June's all-time high figures. 

 

"In addition to the steady climb in home prices over the past year, it’s evident that the quick run-up in mortgage rates earlier this spring has had somewhat of a cooling effect on home sales," Lawrence Yun, NAR Chief Economist

 

FLAGSTAFF HOME SALES

If you have been following our monthly market report blog, we reported an uptrend for the last 5 months. This July, Flagstaff housing sales in the greater Flagstaff region dropped 12% compared to the same month a year ago. There were a total of 111 houses sold. However, for the first seven months of 2018, sales are actually up 11% compared to last year.

In July 2018, the Kelly Broaddus team sold more units compared to June but at a lower total dollar sales of  2.09 M.

 

FLAGSTAFF HOME PRICE

July prices rose 2% with a median sale price of $385K.  This is not a new July high, but close. The July record is $392K set twelve years ago in 2006. On a calendar year basis, that was the top of the housing market in Flagstaff. Twelve years later and we are still not quite back yet

July 2018 Median Home Price Flagstaff AZ

 

July 2018 Flagstaff Market Watch Summary 

2018 Flagstaff Real Estate Market Watch Total Home Sales-   111 homes, down 12% vs June 2017. 

Median Home Price-  $385,000 up 3% up vs June 2017

Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit remain at 4.375%

Longest days on market: 386 days

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. 

DOWNLOAD THE FULL MARKET REPORT HERE

Flagstaff's Priciest Luxury Homes (SOLD)

  • $1,425,000 - The most expensive home sold that sold in July 2018 is another luxury custom home in Forest Highlands. 4 bedrooms, 4.5 baths and 3,535 SqFt.
  • $686,309 Priciest townhome sold last month is a newer construction 4 bedroom custom home in the  Switzer Mesa/Ridge area

The most AFFORDABLE  Flagstaff Homes (SOLD)

  • Manufactured home - $42,500 - In the quiet 55+ community of Wildwood Hills, this home sits on a premium corner lot. The land is leased monthly.
  • Single-family - $243,000 - Quaint Mountainaire cottage featuring a GREAT front, fully covered porch to enjoy the birds and garden. Close proximity to the Mountainaire Country Store and Tavern. 
  • Townhouse - $205,000 - Terrific, turnkey, mint condition townhouse at The Village just a short distance from the base of Mount Elden. Swiss Manor area
  • Condo - $133,750  - Studio end unit at The Arbors (Woodlands Area) This would make a great rental, a perfect investment opportunity for that NAU student, or just a great get-away for those wanting to get away from the triple-digit heat of the valley.

 

Flagstaff Home Buyer Advice 

2018 Supply and Demand Starter Homes

Inventory levels are still down. The current level is far from what is needed to satisfy the demand for affordable/starter home where homebuyer demand is strongest. 

  • $200k- $400K, inventory is down 9% vs last month
  • $400K- $600K, up by almost 3% with over 6 months inventory available
  • Above $600K, we have even more than 6 months supply. No shortage here.

If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home.

Don't have the funds for your down payment yet? Here is something you might want to do: Crowdfund It 

Or go the traditional route and check out downpayment assistance programs from one of the reputable mortgage lenders that we work with: Fairway Mortgage  

Home Buying Tips Our home buyer's blog will help you plan and prepare for your successful home purchase and avoid headaches and surprises that may arise during the process.

Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. 

 

Flagstaff Home Seller Advice 

If you are thinking about selling, now may be the time. Demand for your house will be strongest while there is still very little competition (Under 500K) which could lead to a quick sale for a great price.

Best Time To Sell

There has been a rash of price reductions across the country according to a new report released by Zillow. This is also happening in Flagstaff. On-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points. Our advice to home sellers: if you want to sell your house quickly and with the least amount of hassles, price it correctly from the beginning.

Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out

 

SATISFIED CLIENTS SAY IT ALL. Check out our 5 Star Reviews. 

 

GET IN TOUCH

We are your Flagstaff home experts! Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com with any questions you might have about this report of the Flagstaff real estate market.  Contact Us

 

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