Flagstaff Real estate market data, AZ Provided by Kelly Broaddus of The Kelly Broaddus Team of REMAX Fine Living / by Josie Uy

 

Q1 Flagstaff Home Sales Reach Highest Mark in 9 Years

2132 N Fremont Blvd, Flagstaff, AZ 86001 2016 First Quarter home sales in Flagstaff is in! We had the busiest first quarter since 2007 with a total of 180 homes sold according to data provided by the Northern Arizona Multiple Listing Service. Q1 Sales volume rose 4% vs the same period last year. In 2015 volume growth was 3%, while 2 years ago it was at 14%. 2015 was a good year for real estate but 2016 is starting out stronger.

 

Here is a graph of Flagstaff's total homes sold in the first 3 months in 2016 compared to 2015 & 2014.

Flagstaff Q1 Home Sales

Total 2016 March sales came in at 79, the highest for the month of March in 11 years. It looks like the spring buying market started early and indicators show that we might have the best spring selling season since the market crash in 2012.  Expect sales volume to peak between late April and early May.

March Median Home Price Highest since 2007

  • The median sales price of a house sold in the 1st quarter of this year was $349K up 9% from the same period a year ago.
  • March was even more impressive with the median sale’s price coming in at $358K up 19% from a year ago.

See this article on Arizona Daily Sun with historical March and Q1 Flagstaff median home price from 2000-2016.

Selling Your Flagstaff Home

1301 N Royal Oaks WAY, Flagstaff, AZ

If you are thinking of selling your Flagstaff home, now might be the time to do it. The housing market is heating up and buyer demand is still skyrocketing. Flagstaff median home values rose by an average of 13% (2015-2016) based on data released by the Coconino County Assesor's office. It is projected to increase by 11% (2016-2017.

 

Home Buying in Flagstaff

Inventory has improved overall. There are now 7 months worth of inventory below $400,000. Currently there are only 26 houses available within the Flagstaff City Limits priced at or below the median sale price of $358K and 14 of those are new construction in Presidio and not yet built.  

With the coming spring season expect more homes to hit the market, however expect more buyers too. To be competitive, buyers should get pre-approved for a mortgage and be ready to act quickly when they find one that meets their needs. Mortgage rates dropped about an 1/8th of a point over the last month with a 30 year fixed rate now at 3.375%.

 

March 2016 Flagstaff Marketwatch Summary

Flagstaff Real Estate Total Home Sales- 79, up 4% vs last year

Median Home Price- $358,000, up 19% vs last year

$750,000- Price of the most expensive Flagstaff single family home sold in March 2016. Last month's most expensive was a $4.1M mountain home in  Pine Canyon, this month it is a remodeled luxury home in posh Forest Highlands

$210,000 - Price of the most expensive Flagstaff condominium unit sold in March 2016. This 3 bedroom 2.5 bathroom condo came is located in Sunnyside.

$93,000- Price of the most affordable home sold in Flagstaff this March. An off grid 1 Bedroom, 2 bathroom single family on 5 acres home located in the East side of town. 

518 days on market- new construction home, not yet built in University Heights II holds the longest day on market for homes sold in March 2016

 

The 2016 Flagstaff housing market started out well and looks to be gaining steam. If you are thinking of buying or selling a home in Flagstaff, now may be a great time. Please contact us at 888.446.5602 or email kellybroaddus@remax.net.

 

Download the full Flagstaff Market Report here

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