Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Home Sales Slide, Prices Down from a Year Earlier
The summer selling season may be starting to taper off as July saw Flagstaff home sales down from June. This decline was tied to a 25% drop in new listings going on the market. However, inventory is still up 3% from the previous month, and demand for houses is still strong. Here's the most recent update.
FLAGSTAFF HOME SALES
US Existing-Home Sales Slipped 2.2% in July while Greater Flagstaff's housing sales retreated by 26% from the previous month according to data released by the Northern Arizona MLS. One hundred and twenty-eight homes were sold in July, representing a 7.9% decline from the prior year.
"Two factors are driving current sales activity – inventory availability and mortgage rates. Unfortunately, both have been unfavorable to buyers." said National Association of Realtors Chief Economist Lawrence Yun.
The Broaddus Properties Group listed and sold: seven Flagstaff homes in July; valued at over $4.5 million.
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 98.8%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
Flagstaff sold median home price in July 2023 is flat at -0.1% vs June this year. It dropped 4.5% year on year to $697,000, from $730,000 the previous year. 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 remained on the market for a median of 48 days, which means homes sold 5 days faster vs the same period last year, and faster than the 51 days we saw in June.
JULY 2023 Flagstaff Market Watch Summary
Total Home Sales - 128 homes, down 7.9% vs July 2022.
Median Sales Price - $697,000, down 4.5% vs July 2022
Mortgage rates - The weekly average for a 30-year fixed rate mortgage rate is 7.09% as of Aug 17, down from 6.96% the previous week. The 30-year fixed-rate mortgage was 5.54% a year ago.
Longest days on market (SF): 640 days, this is a 2-bedroom new construction in the Tiny House Village, one of Flagstaff's newest manufactured home community
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.
The luxury benchmark price for Flagstaff single-family homes is $975,000, set by The Institute for Luxury Home Marketing. 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 Balanced Market with a 20% Sales Ratio.
- Homes sold for a median of 97.1% of list price in July 2023.
- The most active price band is $2,900,000-$3,199,999, where the sales ratio is 150%.
- The median luxury sales price for single-family homes is $1,492,500.
- The median days on market for July 2023 was 42 days, up from 56 in July 2022.
FLAGSTAFF'S PRICIEST HOMES SOLD in JULY 2023
Photo courtesy of Symmetry Realty Brokerage
- The highest-priced single-family Flagstaff home that sold in July 2023 is a stunning $7,600,000 four-bedroom modern luxury home in Pine Canyon built in 2019. Located at Clubhouse Circle on a corner lot and just over a half-acre, the new owners will enjoy filtered views of Mt. Elden
- The highest-priced Flagstaff townhome sale was a $563,500 four-bedroom in University Heights with 4 decks and patios. Views of the Peaks. On Flagstaff's urban trail system
- The highest-priced Flagstaff condominium sale was a $1,250,000 upper-level condo featuring stunning views of the San Francisco Peaks located in Pine Canyon built in 2021
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JUNE 2023
Photo courtesy of Realty Executives of Flagstaff
- The lowest-priced single-family Flagstaff home that sold in July was a $415,000 three-bedroom turnkey Southside/ Brannen home sitting on a LARGE lot backing undeveloped land, near Arroyo Park and trails
- The lowest-priced Flagstaff townhome sale last month was $395,000 three-bedroom updated townhouse in Christmas Tree Estates. Close to trails, shopping, and easy freeway access.
- The lowest-priced condominium sold in July was a $259,900 one-bedroom in University Meadows, located just across Northern Arizona University, close to downtown.
Flagstaff Home Buyer Advice
The housing market is constantly changing, and in today's fast-paced environment, it is more important than ever to have a trusted real estate agent on your side. Whether you are buying your first home or selling your current one, it is essential to work with an expert who can guide you through each unique step of the process.
A real estate agent can help you find the right property for your needs, negotiate the best price, and close the deal smoothly. They can also provide valuable advice on everything from financing to home inspections.
If you’re a first-time homebuyer and you’d like to learn more about lending options that could help you overcome today’s affordability challenges, we can connect you to our trusted lender professionals. Call us at 888.446.5602 or email email@example.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:
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Flagstaff Home Seller Advice
Let's talk about how to get a better knowledge of home price trends and reports. Just because the median home sales price changes, it doesn’t mean home prices are falling.
The median home sales price is not a perfect indicator of the overall health of the housing market. It can be affected by a number of factors, including the mix of homes being sold, affordability, and current mortgage rates. For example, if there is an increase in the number of high-priced homes being sold, the median home sales price will go up even if the overall number of homes sold remains the same. Similarly, if mortgage rates go up, fewer people will be able to afford to buy homes, which could lead to a decrease in the median home sales price.
Ready to sell? Let’s connect to start the process. Call us at 928.606.6749 or email firstname.lastname@example.org.
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If you’ve been waiting to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email email@example.com.
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