While the rest of Arizona baked in the seasonally hot summer temps, the mild Flagstaff weather continued to draw vacationers and out of town homebuyers. What is happening in the Flagstaff real estate market?
Flagstaff Home Sales Flat, Prices Surge
First Half & 2nd Quarter Home Sales
|
1st Half 2016 |
1st Half 2015 |
Year-on-Year Change |
2nd Qtr 2016 |
2nd Qtr 2015 |
Year-on-Year Change |
|
| SFR | 489 | 487 | Flat | 309 | 314 | -2% |
| Median Home Price | $355K | $319K | 11% | $355K | $318K | 12% |
The Flagstaff real estate market home sales plateaued during the first half and second quarter of the year, reporting no growth vs last year's home sales. Meanwhile, prices in the Flagstaff real estate market continued to climb during this period. The median price of a single-family home in the Flagstaff area increased by 12 percent vs 2nd Quarter / 2015 and 11 percent vs 1st Half of 2015 to $355K.
June 2016 Home Sales
| June 2016 | May 2016 |
Mo-Over-Mo Change |
June 2015 |
Year-Over-Year Change |
|
|---|---|---|---|---|---|
| SFR Sales (Units) | 115 | 103 | +11% | 105 | 7% |
| Median Home Price | $333K | $368K | -9.5% | $335K | Flat |
Sales volume is up in June, we might yet surpass last year's sales volume if this continues. Since February, home price has been on the rise. This June, Flagstaff median sale price was $333K, flat compared to a year ago but down 10% from May when the median sale was $368K. A little slowing down on the rise of prices is a welcome respite for homebuyers.
Kelly Broaddus Team Celebrates Record Breaking Sales in June 2016
June was a phenomenal month for the Kelly Broaddus Team with record breaking sales of 7 Flagstaff homes listed and sold, and $5,139,400 in monthly sales. 9200 W Coyote sold for $1.58 M, the most expensive home that sold in Flagstaff in June 2016, was listed and sold by Kelly. Another first- Kelly also holds the record for the highest priced Flagstaff townhome sold in June 2016!
Inventory , Days on Market & Mortgage Rates
Inventory of homes for sale below $300,000 continue to dip with less than 4 months supply of available homes for buyers in this price range. In the higher price ranges, conditions continue to favor buyers as more houses become available this time of year.
Homes sold faster in June at 94 average days on market (past 30 days). Of course some homes sell so much faster while others linger on the market for over 2 years! Homes marketed and priced right sell faster. Consult with a real estate professional to discuss the best strategy in selling your Flagstaff home.
Mortgage rates continue to remain at near historic lows. Homebuyers, take advantage and lock in your rates.
June 2016 Flagstaff Marketwatch Summary
Total Home Sales- 115, up 7% vs last year
Median Home Price- $333,000
$1,585,000- Flagstaff's most expensive single family home sold in June 2016 is a masive log home on 40 acres in the Fort Valley Ranch area.
$439,500- The most expensive Flagstaff townhome sold in June 2016 is a 4 bedroom townhouse in Pine Knoll.
$182,500- Price of the most affordable single family home sold in Flagstaff in June 2016. This 2 bedroom home is perched on a hill with amazing city and mountain views.
$103,200 - Price of the most affordable condo sold in June 2016. Close to downtown, NAU & and shopping, this studio at the Arbors condo is a good invesment. Great for students or as a summer home.
The Kelly Broaddus Team provides expert real estate services to residential buyers and sellers in Flagstaff and surrounding communities. Contact us today for more information on Flagstaff real estate and for professional assistance navigating this sometimes complex home market.
Download the full Flagstaff Market Report
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May 2016 Flagstaff Market Report
July 2016 Flagstaff Market Report
