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

 

Flagstaff Home Sales Rise 1.8%, Home Price Appreciation Positive for the Second Month in a Row

 

June is typically one of the biggest months of the year for Flagstaff home sales, and so far, that is proving true for 2023. Here's the most recent update. 

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Retreated 3.3% in June; Monthly Median Sales Price Reached Second-Highest Amount Ever while Greater Flagstaff's housing sales rose by 30.8% from the previous month according to data released by the Northern Arizona MLS. One hundred and seventy residences were sold in June, representing a 1.8% increase from the prior year. 

 

 

"The first half of the year was a downer for sure with sales lower by 23%. Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably." said National Association of Realtors Chief Economist Lawrence Yun.

 

 

The Broaddus Properties Group listed and sold: eleven Flagstaff homes in June; valued at over $14 million.  

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 99.7%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

After 5 consecutive months of negative growth, home price appreciation registered positive for the second month in a row. Flagstaff sold median home price in June 2023 is 5.1% lower than in May. It dropped 3.5% year on year in June to $697,500, from $722,500 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 51 days, which means homes sold 8 days slower vs the same period last year, and slower than the 41 days we saw in May.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

JUNE 2023 Flagstaff Market Watch Summary

Total Home Sales - 170 homes, up 1.8% vs June 2022.

Median Sales Price - $697,500, down 3.3% vs June 2022

Mortgage rates - The weekly average for a 30-year fixed rate mortgage rate is 6.78% in the week ending July 20, down from 6.96% the previous week. The 30-year fixed-rate mortgage was 5.54% a year ago. 

Longest days on market (SF): 681 days This top-floor, new construction unit in Miramonte at Ponderosa Parkway boasts two bedroom and is in the Switzer Mesa area, minutes from Northern Arizona University campus, downtown Flagstaff

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 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 Seller's Market with a 27% Sales Ratio.
• Homes sold for a median of 97.79% of list price in June 2023.
• The most active price band is $1,700,000-$1,899,999, where the sales ratio is 150%.
• The median luxury sales price for single-family homes is $1,595,000.
• The median days on market for June 2023 was 51 days, up from 46 in June 2022.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in JUNE 2023

Photo courtesy of Silverleaf Realty LLC

• The highest-priced single-family Flagstaff home that sold in June 2023 is a stunning $5,500,000 five-bedroom modern luxury home in Pine Canyon. This turn-key, fully furnished custom estate boasts breathtaking views of the Pine Canyon Course par 3 #11 green and water.
• The highest-priced Flagstaff townhome sale was a $1,300,000 four-bedroom in Pine Canyon with two outdoor living spaces with views of the National Forest.
• The highest-priced Flagstaff condominium sale was a $1,540,000 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 June was a $315,450 two-bedroom cottage in the Mobile Haven neighborhood, near Flagstaff Mall and trails
• The lowest-priced Flagstaff townhome sale last month was $399,000 three-bedroom townhouse in Sunnyside with a fenced backyard, and one car detached garage.
• The lowest-priced condominium sold in June was a $245,00 one-bedroom at the Arbors, just a short walk to Northern Arizona University.

Flagstaff Home Buyer Advice

When mortgage rates surged dramatically last year, escalating from roughly 3% to 7%, many potential buyers felt a bit of sticker shock and decided to hold off on their plans to purchase a home. However, as time has passed, that initial shock has worn off. Buyers have grown more accustomed to current mortgage rates and have accepted that the record-low rates of the last few years are behind us.

Here's one great news for buyers: there are more homes for sale on the market which means more homes to choose from. June’s active listings were up 18% from May, and up 4.3% compared to June 2022.

Owning real estate means more than just having a home—it’s an investment in your future. That’s because it’s typically a stable and secure asset that tends to increase in value as time goes on. Let’s connect if you’re ready to buy a home and invest in your future. Call us at 888.446.5602 or email kelly.broaddus@exprealty.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:

Click here to see all Flagstaff homes for sale

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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.

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Flagstaff Home Seller Advice 

Today’s housing inventory is still well below more normal years. This low inventory is why homes that are priced right are still selling quickly and seeing multiple offers. If you want to sell your house, now is a great time because inventory is still low. Let’s connect to start the process. Call us at 928.606.6749 or email kelly.broaddus@exprealty.com.

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. 

 

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 kelly.broaddus@exprealty.com. 

 

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