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

 

 Flagstaff Housing Market: Are Home Prices Dropping as Inventory Surges?

 

Good news for Northern Arizona buyers this month, inventory continues to rise. We saw it rise 21.4% from May to June this year, and it is still up 22.6% year-over-year from June 2023. That means we’re seeing 4.3 months supply of inventory currently. This growing inventory might contribute to downward pressure on prices if demand doesn't keep up. Dive into our latest update to learn more!

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Slipped 5.4% in June; Median Sales Price Jumps to Record High of $426,900 while Greater Flagstaff's housing market slipped 12.5% from the previous month, according to data provided by the Northern Arizona MLS. With one hundred nineteen homes sold, this the lowest June sales in a decade. The highest was in 2020, with 237 homes. This decline is unexpected, as June has consistently outperformed May in home sales in Flagstaff over the past four years.

 

Flagstaff Home Sales by Type

 

"We're seeing a slow shift from a seller's market to a buyer's market. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”" said National Association of Realtors Chief Economist Lawrence Yun.

 

 

The decrease in sales suggests that buyers are being cautious, likely due to higher interest rates. Despite this, the market remains stable and promising without the drastic fluctuations seen in previous years.

In June 2024, the Broaddus Properties Group, under the brokerage of eXp, aided eight clients in selling and locating their desired homes in Flagstaff & Williams, with a combined value surpassing $6,400,000.

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 99.7%." 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 slipped for the second month in a row, reaching just $700,000. In comparison to the same month last year, this reflects a 0.4% rise from $697,500. 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 June, homes were sold more rapidly, with the median time on the market decreasing to 55 days. This marks a 4-day reduction compared to the previous year.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

JUNE 2024: Flagstaff Market Watch Summary

Total Home Sales: 119 homes, down 32.4% vs. June 2023.

Median Sale Price: $700,000, up 0.5% vs June 2023

Mortgage rates: The 30-year fixed-rate mortgage rate averaged 6.9 percent the week of  July 25, according to Bankrate.com

Longest days on market (SF): 410 days This luxury home in Juniper Point, one of Flagstaff's newest luxury community, boasts 3 beds, 3 baths 2057 sf, with a guesthouse.

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 Balanced Market with an 18% Sales ratio.
• Homes sold for a median of 98.04% of list price in June 2024.
• The most active price band is $1,000,000–$1,099,999, where the sales ratio is 75%.
• The median luxury sales price for single-family homes is $1,225,500.
• The median days on market for June 2024 was 45 days, down from 51 in June 2023.

 

HIGHEST-PRICED HOMES SOLD IN FLAGSTAFF IN JUNE 2024

Photo courtesy of Symmetry Realty Brokerage

• In June 2024, the highest-priced single-family home sold in Flagstaff was a $4,225,000 four bedroom luxury home nestled on a 1.3 acre lot near one of Pine Canyon's most popular amenities, Morrish Station. 
• The most expensive sale of a townhome in Flagstaff was a $890,000 purchase of a four-bedroom new build in The Point at Canyon Del Rio, one of Flagstaff's newest community.
• The highest-priced condominium sale in Flagstaff was a $1,600,000 three-bedroom main level unit situated in Pine Canyon.

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in JUNE 2024

Photo courtesy of Century 21 Flagstaff Realty

• The lowest-priced single-family Flagstaff home that sold in June was a $355,000 charming one-bedroomlog cabin in Hart Prairie Area
• Last month's most affordable townhome sale in Flagstaff was a three bedroom, sold at $229,500. Located in the Rio Homes neighborhood, this home is a COMMUNITY LAND TRUST PROGRAM home and only qualified buyers can purchase. 
• The lowest-priced Flagstaff condominium sold was a $250,000 1 bedroom, 1 bathroom unit situated in the University Meadows neighborhood, a desirable location near campus, restaurants and shopping

 

Flagstaff Home Buyer Advice

For those considering buying a home, the slower price growth is a positive development. It makes homeownership more attainable without the pressure of skyrocketing prices. Marco Santarelli from Norada Real Estate Investments suggests that moderate price growth is expected over the next five years, creating a more balanced market. Additionally, Odeta Kushi from First American highlights that lower price appreciation and mortgage rates could improve affordability, especially for first-time buyers.

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

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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 

From 2020 to 2022, factors like high demand, low-interest rates, and limited supply drove home prices up sharply. Now, with more inventory and less buyer demand due to higher mortgage rates, prices are increasing at a slower, more sustainable pace. According to Case-Shiller, national home prices are still rising, just not as quickly as before.

So, if you're worried about your home's value, remember that the data indicates an upward trend. For personalized insights into your local market, consult a reliable real estate professional. They can provide accurate information and guidance tailored to your specific situation.

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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