Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy

 

 Good News for Northern AZ Homebuyers: Increased Inventory and Dropping Rates!

 

Exciting news for Northern Arizona homebuyers: inventory levels are continuing to increase, currently at a 4.1-month supply. As I’ve noted before, higher interest rates often drive up inventory levels. Now that rates are declining, there could be even more opportunities for buyers. Read our latest update below to learn more!

 

FLAGSTAFF HOME SALES

U.S. existing-home sales increased by 1.3% in July, ending a four-month decline. Meanwhile, the Greater Flagstaff housing market saw a significant 32.8% jump in sales from the previous month, based on data from the Northern Arizona MLS. Despite this spike, only 158 homes were sold in July, marking one of the lowest July sales in a decade. In comparison, the highest number of homes sold in July over the past decade was 300 in 2020.

 

Flagstaff Home Sales by Type

 

"Despite the modest gain, home sales are still sluggish, but consumers are definitely seeing more choices, and affordability is improving due to lower interest rates." said National Association of Realtors Chief Economist Lawrence Yun.

 

In July 2024, the Broaddus Properties Group, under the brokerage of eXp, aided nine clients in selling and locating their desired homes in Flagstaff & Williams, with a combined value surpassing $6,600,000.

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 99.6%." 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 rose 1.1% to $707,500. In comparison to the same month last year, this reflects a 1.5% rise from $697,000. 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.

In July, homes took longer to sell, with the median time on the market increasing to 55 days. This represents a 7-day increase compared to the same period last year. However, the median time on the market remained the same as in June.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

JULY 2024: Flagstaff Market Watch Summary

Total Home Sales: 158 homes, up 14.5% vs. July 2023.

Median Sale Price: $707,500, up 0.5% vs July 2023

Mortgage rates: According to Bankrate.com, the 30-year fixed-rate mortgage rate averaged 6.62 percent for the week of August 23. This is the lowest that 30-year mortgage rates have been since May 2023.

Longest days on market (SF): 528 days This is a home in Johnson Ranch,  boasting 4 beds, 3 baths 2400 sf built in 2023 by D&G Development

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 Seller's Market with an 24% Sales ratio.
• Homes sold for a median of  100.00% of list price in July 2024.
• The most active price band is $2,100,000-$2,299,999, where the sales ratio is 150%.
• The median luxury sales price for single-family homes is $1,397,500.
• The median days on market for July 2024 was 75 days, up from 42 in July 2023.

 

HIGHEST-PRICED HOMES SOLD IN FLAGSTAFF IN JULY 2024

Photo courtesy of RE/MAX Fine Properties

• In July 2024, Flagstaff's most expensive single-family home sold was a stunning $3,725,000 five-bedroom luxury residence in Pine Canyon, set on a one-acre lot with breathtaking views of the 6th green. Check it out here
• The highest-priced townhome sold in Flagstaff was an $800,000 three-bedroom in Pinnacle Pines, perfectly situated on an HOA greenbelt that leads directly to the National Forest. See the property here.
• The highest-priced condominium sale in Flagstaff was a $1,468,000 three-bedroom main-level unit in Pine Canyon, featuring a spacious wrap-around patio with a built-in BBQ, perfect for a luxurious mountain escape in any season. View the condo here.

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JULY 2024

Photo courtesy of Coldwell Banker Northland

• The lowest-priced single-family home sold in Flagstaff in July was a $165,000, 1955-built three-bedroom, one-bathroom house with 1,755 square feet of living space on a 0.16-acre lot. See the details here.
• Flagstaff's most affordable townhome sale last month was a charming single-level, two-bedroom, one-bathroom unit sold for $385,000 in Continental Country Club, featuring vaulted ceilings, a cozy fireplace, and plenty of potential for updates to create your dream home near golf and club amenities. Check out the listing here.
• The lowest-priced condominium sold in Flagstaff was a $265,000 one-bedroom, one-bathroom unit in the sought-after University Meadows neighborhood, offering upgraded features, a covered balcony, and prime proximity to NAU, restaurants, and shopping. View the listing here

 

Flagstaff Home Buyer Advice

 

Good news for homebuyers! Mortgage rates have recently dropped to their lowest in 2024 and may keep falling, possibly reaching the low 6s soon. If you've been waiting for rates to drop, now is a great time to act. Determine the rate that works for you—like 6.25%, 6.0%, or even 5.99%—and let a local real estate expert help you stay updated.

Flagstaff's housing market is also looking up, with listings up 39.5% from last year to 392 in July. This increase means more choices and better negotiation power for buyers.  

Expert Projections

Experts expect mortgage rates to continue trending down if inflation and the economy stabilize. Rates may drop to the low 6s, with some experts revising forecasts to a year-end rate of 6.3%.

Know Your Target Rate

Decide the mortgage rate that feels right for you and connect with a local real estate professional. They'll keep you informed and ready to act when rates hit your target.

 

Bottom Line

If high rates have stalled your plans, think about your ideal rate and reach out to us. We’ll help you stay updated and ready to move when the time is right.

Reach out to our team today at 888.446.5602 to understand what current market conditions mean for your homebuying journey.

If you’d like to look at what’s available on the market, 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

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. I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.

 

Home Seller Advice for Flagstaff/Northern AZ

 

Many Flagstaff and Northern AZ sellers are making a key mistake: overpricing their homes. This often leads to long market times and eventual price cuts. Here’s how to avoid this:

• Know the Current Market: Don’t use past trends from the pandemic to price your home. The market has shifted, and your pricing should reflect today’s conditions. A local real estate agent can provide the latest market insights.
• Price Based on Market Value: Set your price based on current market value, not on personal financial goals. An agent will conduct a comparative market analysis (CMA) to ensure your price aligns with similar properties in the area.
• Avoid High Pricing for Negotiation: Pricing too high to allow for negotiation can deter buyers. Set a realistic price to attract more interest and competitive offers.

Bottom Line: Overpricing can lead to longer market times and price reductions. Partner with a local real estate expert to price your home correctly. Contact us today at 888.446.5602 to get started!

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. 

 

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!

 

 

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