Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Best. Month. Ever. July Flagstaff home sales beat out 2019 by 37%
I hope that you've had a fun summer and are keeping cool. After the bottom fell out of the real estate market immediately following the shutdown, it saw a roaring bounce back from the recent pandemic skid– and seems to still be gaining steam. Here's the latest update on the Flagstaff.
FLAGSTAFF HOME SALES
The US existing home sales skyrocket by 24.7% in July marking two consecutive months of significant gains. Sales as a whole rose year-over-year, up 8.7% from a year ago.
Meanwhile, buyers inundate the Flagstaff real estate housing market breaking record prices and sales.
Greater Flagstaff's housing sales surge 26% for the second straight month with 295 housing units sold after a meteoric rise in June 2020. This is the most sales we’ve had in July, in 15 years. In July of 2019, there were 215 sales but back then the median sale price was only $445K. Helping boost sales and prices are historically low mortgage rates.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021,” said Lawrence Yun, NAR’s chief economist.
In the month of July, our team hit a record of 17 homes, selling over $8M of Flagstaff and nearby area real estate. This is the biggest number of homes the Kelly Broaddus Real Estate Advisors Team sold in a month! We are very happy to have helped 4 sellers and 13 buyers achieve their real estate goals.
FLAGSTAFF MEDIAN HOME PRICE
US HOME PRICES RISE 5.9% VERSUS THE EXPECTED 3.5%. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July.
In Flagstaff, a new price record is set for the month of July. The median sales price for June 2020 came in at $480K up 8% from the same period last year. The previous high of $445K was set last year.
July 2020 Flagstaff Market Watch Summary
Total Single Family Home Sales - 201 homes, up 39% vs July 2019.
Median Home Price - $480,000, up 7.9% vs June 2019
Average Mortgage rates - 30-year fixed-rate mortgage rose 3.13% on Aug 31. Mortgage rates change daily but they remain very competitive and are worth locking in.
Longest days on market (SF): 1,080 This is a 3-bedroom luxury custom new build home in Flagstaff Ranch's Aspen Shadows. Property owners in Flagstaff Ranch must purchase either a Golf ($60,000) or Social Membership($30,000).
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 JULY 2020
Photo courtesy of Symmetry Realty Brokerage
- The highest-priced single-family Flagstaff home that sold in July was a $4,600,000 4-bedroom multi-level home in Pine Canyon. This is currently the most expensive Flagstaff home that sold this year. Pine Canyon is an exclusive, 600-plus-acre private lifestyle golf community tucked among the Ponderosa Pines of Arizona's high country.
- The highest-priced Flagstaff townhome sale was a $780,000 single-level luxury Mountain Villas townhome in Pine Canyon that features an attached one bedroom, one bathroom, casita with a private entrance off the courtyard.
- The highest-priced Flagstaff condo sale was a $425,000 newer two-bedroom unit at Dale Condominiums in Flagstaff Townsite. Located in the heart of downtown with views of the town's most historic landmarks.
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JULY 2020
Photo courtesy of RE/MAX Peak Properties
- The lowest-priced single-family Flagstaff home that sold in July was a $175,000 2-bedroom rental in Sunnyside with a large fenced yard with mature shade trees and back deck. Cash sale.
- The lowest-priced Flagstaff townhome that sold was a $199,000 2-bed unit in Christmas Tree Estates, the easternmost residential neighborhood in the city beyond the Flagstaff Mall.
- The lowest-priced Flagstaff condo that sold was a $139,000 renovated Arbors (Woodlands Area) studio unit located near NAU.
Flagstaff Home Buyer Advice
Are you thinking of buying a home in our market? Then you need to be prepared to enter into a multiple-offer scenario because they’re quite common right now. Kelly has several tips to share that will help you win the home you want if you find yourself in a bidding war for it. These tips will strengthen your offer and make life much easier for the seller. Watch the video below.
0:38—Make a strong earnest money deposit.
Put down a strong earnest deposit to show in good faith that you truly want that house. If you’re an FHA buyer and need to put down 3.5%, don’t just offer $500, put it down in your deposit. You’ll get credit for it at closing. If you’re a VA buyer with 100% financing, still put down a strong deposit because you’ll get it back at closing.
1:13—Have your agent ask the listing agent what closing date works best for the seller
Consider what closing date is best for the seller. Have your real estate agent talk to their listing agent and find out what date works best for them so you can accommodate their needs.
1:56—Don’t ask the seller to pay your closing costs
Do not ask the seller to pay your closing costs unless you absolutely need it. If you do need it, consider bumping up the price to cover the closing costs; that way, you’ll pay it off in your monthly payments later.
3:41—Don’t ask for a home warranty
Make a clean offer. If you want a home warranty, you can buy it yourself at closing. It costs $500 to $600, and it covers you for the first year.
4:13—Don’t ask the seller to leave personal property
Don’t ask the seller for a personal property they’re not offering. Again, make it a clean offer.
5:10—Pick an offer price you’re comfortable with
Nowadays, you can’t look back at prices from the last six to 12 months in a neighborhood because there’s so much activity, and buyers are bumping up prices. In addition to all the typical summer activity, interest rates are extremely low and many people are relocating to this area. Consider what price you feel comfortable offering for that property—it’s not uncommon for prices to be bumped up, especially during multiple-offer scenarios.
7:04—Keep your due diligence period as short as possible
Have as short of a due diligence period as possible. Maybe make it five business days from acceptance so you have time to get the inspector lined up. We used to see two weeks for due diligence, but with all the activity happening, Home Inspectors, Radon Inspectors are booked out. If you have a good real estate agent that does a lot of transactions, they usually have a relationship with inspectors and sometimes they can get it done a little bit sooner. You might want to think about that when choosing a real estate agent.
8:35—Add an escalation clause to your offer
This is a great strategy for getting the house you love! Our team has gotten many homes for our clients with this method. Contact Kelly at 888.446.5602 to discuss how this works.
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 us today and we will get you one of our trusted lenders that best fits your needs.
Flagstaff Home Seller Advice
It appears that the fall will be a busy time. If you're thinking about selling your home, NOW's the time. Buyers are in the market, interest rates are still historically low, and you won't have a lot of competition due to LOW inventory. The supply of homes for sale in July declined to under 3 months, we were at 4.88 a year ago.
A normal market would have 6-7 months of inventory. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices. It's a seller's market for Flagstaff home except in 2 high-end price ranges.
If you are considering selling your home, you can start by simply finding out what you could get for it in the current hot market. An easy way to do this is with the following home value calculator, which takes into account recent area sales. Click below and Enter your address to find out what your home is currently worth
If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar.
LET'S CONNECT TODAY!
Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email email@example.com.
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.
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