Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Home Sales Soar In June, but trend softening
In June, people from all over Arizona and out of state flocked to Flagstaff to get out of the extreme heat. Within this group were homebuyers looking to relocate or buy their second/vacation home in Flagstaff. The influx of potential homebuyers kept Flagstaff realtors busy with showings and paperwork.
Flagstaff Home Sales
With the first half of 2017 in the books, let us first take look at home sales & prices for the first six months of the past 4 years.
First Half home sales in the greater Flagstaff area has slowed down after two consecutive years of stellar performance. Total sales for the first half of the year was off 3%compared to 2016 figures. 2nd quarter sales also slipped, down 4% pointing to a market that is struggling to gain momentum. The Flagstaff housing market is being hampered by a shortage of affordable homes for sale, which is keeping the pressure up on home prices.
However, sales volume in June 2017 was very strong with sales rising 9% versus last year. This is the highest June sales in 12 years . By all measures it was a very busy June.
Home Price
Housing prices in the greater Flagstaff region continue to rise across the board. For the first six months prices jumped 3% compared to the first half of 2016. The median sale price came in at $365K which is the highest in 10 years.
Inventory
The cooling off in home sales reflect a constraint on supply, rather than demand, amid a strong migration and a stronger labor market.
- Inventory has improved. Supply of homes in the $300K-$400K is near normal level at just under 6 months. Under $300K, inventory has improved but remain a significant concern at under 4 months of supply. Builders have been building new construction but the price range is out of reach of most first time buyers.
- There remains an overabundance of homes to choose from for the $500K and above buyer.
Advice to Flagstaff HomeBuyers
- Know how much home you can really afford -> What’s Your Home Buying Power?
- If you are looking to buy in the $200k-$300K price range, be prepared to act fast with an offer. These homes are selling quickly.
- It's a buyer's market above $500K.
- Mortgage rates fell for the second straight week to 3.92% (30 year fixed). Take advantage of this historically low rate before it goes up again.
Advice to Homesellers
- Luxury home sellers: This summer, expect more affluent buyers from the Valley will looking for custom homes in the gated golf communities of Flagstaff or one of the beautiful homes with acreage near Highway 180.
- If your home hasn't sold yet, check the price!
- Thinking of selling? Check these out:
5 Tips To Increase Your Home Value By Up to 28%
How to Amp Up The Resale Value of Your Home
Find Out How Much Your Home Is Worth
Online estimates do not include recent upgrades that add value to you home. Take the next step! Contact us for a personalized evaluation to find out how much your home is really worth. Call Kelly at 888.446.5602
June 2017 Flagstaff Marketwatch Summary
We are still a buyer's market on homes priced $600,000 and above and a seller's market for homes priced under $500,000.
Total Home Sales- 128, up 9% vs last year
Median Home Price- $360k, up 7 % vs last year
The Most Expensive Single Family Home in June 2017 Sold for: $1,750,000 - This 4 bed, 3.5 bath Forest Highlands home went under contract in less than 4 weeks!
Most Expensive Flagstaff Townhouse Sold for: $508,883 It's another luxury new construction located in Pinnacle Pines by Capstone Homes.
Price of the Most Affordable Home Flagstaff Homes Sold in June 2017:
$72,000- This off grid one bedroom located in Leupp/Winona Area is the most affordable single family home that sold last month.
$75,000- The most affordable manufactured home sold in June 2017 is a fixer upper in Kachina. No value was given to the home and was sold "as is"
$145,000- The most affordable condo unit that sold the previous month is a 1 bed/1 bath in Timberline Place Condos
How much did the most affordable townhouse in Flagstaff sell for? $140,000
Longest Number of Days on Market: 750 - MLS records show that this golf community home got listed in June 2015. It expired after 1 year, got relisted in June 2016, sat on the market for 385 days before it sold in June 2017 bringing up cumulative days on market to 750.
Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. National average days on market for luxury homes in June 2017 went down to 176 days. See the June 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com if you are looking to buy or sell in Flagstaff/Sedona and surrounding areas.
Download the full Flagstaff Market Report here
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