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

 

Cooler Flagstaff Real Estate Market on the Horizon

Rising rates, economic pressures and inflationary pressure are slowing down the pace of real estate market across the country. Flagstaff is still in a strong seller's market but sellers will need to reset their expectations. Buyers will have a chance to consider a few more homes before making their purchase. Here's our latest update.

 

FLAGSTAFF HOME SALES

The US Existing-Home Sales Fell 5.4% in June while Greater Flagstaff's housing posted a 4.4% rise from May according to data provided by the Northern Arizona MLS. There was a total of 165 homes sold, 24.2% lower than a year ago.

""Falling housing affordability continues to take a toll on potential home buyers," said NAR Chief Economist Lawrence Yun. "Both mortgage rates and home prices have risen too sharply in a short span of time.

 

 

In the month of June, the Broaddus Properties Group Brokered by eXp listed and sold six properties in Flagstaff, Parks & Williams valued at over $5.4 Million. Last year we helped buy and sell 13 homes worth $6.9 Million +. 

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 102.5%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

The median sold price in June is up 20% year over year to $722,500, highest in more than a decade. Homes remained on the market for an average of 43 days. This is slower than the 41 days we saw in May, but faster than the 48 days we saw a year prior.

Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers

 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

JUNE 2022 Flagstaff Market Watch Summary

Total Home Sales - 166 homes, down 24.2 % vs June 2021.

Median Sale Price - $722,500 up 20.1% vs June 2021, highest in more than a decade

Mortgage rates - Average 30-year fixed-rate mortgage rate ended 6/20 at 5.9% - 6.04%. Rates can change rapidly during the day, and massively from week to week even though they can also be very boring for months on end.

Longest days on market (SF): 351 days This is a brand new single level home in Johnson Ranch with 3 bedrooms and 2.5 baths

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. 

 

LUXURY INVENTORY VS SALES

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 home.

• The Flagstaff single-family luxury market is a Seller's Market with a 27% Sales Ratio.
• Homes sold for a median of 99.44% of list price in June 2022.
• The most active price band is $2,300,000-$2,599,999, where the sales ratio is 100%.
• The median luxury sales price for single-family homes is $1,695,000.
• The median days on market for June 2022 was 46 days, down from 48 in June 2021

 

FLAGSTAFF'S PRICIEST HOMES SOLD in JUNE 2022

Photo courtesy of Symmetry Realty Brokerage, Deana Keck

• The highest-priced single-family Flagstaff home that sold in June was a $5,350,000 seven-bedroom luxury mountain home in Pine Canyon with 2 master suites, 3 gas fireplaces, and panoramic golf views.
• The highest-priced Flagstaff townhome sale was a $775,000 3-bedroom luxury townhouse backing the green belt in Pinnacle Pines 
• The highest-priced Flagstaff condominium sale was a $490,000 two-bedroom, brand-new modern Woodshire bungalow

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JUNE 2022

Photo courtesy of Coldwell Banker Northland, Carla M Pavlik 

• The lowest-priced single-family Flagstaff home that sold in June was a $386,000 home in Sunnyside! The front house has two bedrooms and one bath and a 320 sqft studio in the back.
• The lowest-priced Flagstaff townhome sale last month was a $280,000 two-bedroom townhome with views of the Mt Elden, located in Sunnyside. Close to hiking trails, downtown Flagstaff, Buffalo Park, hospital.
• The lowest-priced Flagstaff condominium sold was a $220,000 upgraded, ground level, end unit studio located in the highly sought-after community of University Meadows (The Arbors). 

 

Flagstaff Home Buyer Advice

While there’s no denying it’s more expensive to buy and finance a home this year than it was last year, it doesn’t mean you should pause your search. 

Historically, homeownership is a great hedge against rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. Not to mention, as home prices continue to appreciate, your home’s value will too.

In addition to shielding yourself from the impact of inflation and growing your wealth through ongoing price appreciation, there are other reasons to buy a home right now like addressing your changing needs and so much more.

Great news for first-time homebuyers:

On June 29, Freddie Mac announced that it will increase homeownership opportunities for first-time homebuyers by considering on-time rent payments as part of the company’s loan purchase decisions. This automated functionality became available on July 10 to mortgage lenders nationwide through Freddie Mac Loan Product Advisor, the company’s automated underwriting system.

“This extremely important initiative will help many renters move closer to achieving the dream of homeownership,” said Michael DeVito, CEO of Freddie Mac. “Millions of American adults lack a credit score or have limited credit history. By factoring in a borrower’s responsible rent payment history into our automated underwriting system, we can help make home possible for more qualified renters, particularly in underserved communities.

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:

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.

 

Flagstaff Home Seller Advice 

The sizzling market of the last year is cooling. There are a lot of sellers right now that haven’t adjusted to the current environment. As inventory increases, we are seeing more sellers cutting their asking price. Along with price reductions, fewer homes are selling above the asking price.

If you are considering selling your home, here is my advise on doing so.

• Make sure you have an agent that is going to be honest with you on price, DO NOT OVER PRICE your home
• Make sure your home is professionally staged and everything is repaired that needs to be repaired.  Now not the time to leave things undone on a high dollar home.
• Putting your home on the MLS with great pictures is not enough. Digital Marketing is paramount, luxury website exposure like Who's Who in Luxury RE, hundreds of thousands of followers on FB and Twitter.  With high net worth individuals still pouring out of Calif and other places, you want to make sure your home get's the exposure you are paying for.  Other sites too, depending on the type of home you are selling. 

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 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 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. 

If you have any questions about our market or are thinking about buying or selling in Flagstaff, don’t hesitate to call us at 888.446.5602 or email us at kelly.broaddus@exprealty.com. We’re out in the market every day helping clients to buy and sell in Northern Arizona, and we do research so we have the best advice to give you, no matter your situation.

 

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