Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 

March 2020 Flagstaff Market Report

 

Flagstaff 's 1st Quarter Home Sales Hit New Highs, Despite Expected Decline Due to COVID-19

 

We hope you and your family are well and safe. As the bleak headlines about the economy continue to roll in, there is still one silver lining: Mortgage rates are still extremely low. We are also happy to report that Greater Flagstaff Housing Market shows signs of insulation to volatility and uncertainty due to coronavirus outbreak by lack of inventory at the lower price points. Here's the latest update on the Flagstaff housing market.

 

FLAGSTAFF HOME SALES

The US existing home sales dropped 8.5% from February but sales increased year-over-year for the ninth straight month, up 0.8% from a year ago.  Meanwhile, Greater Flagstaff's housing sales rose 24.5% with 132 units sold from 106 units in February 2020 according to data compiled from the Northern Arizona Multiple Listing Service (NAAR).  Looking at year-over-year figures, Flagstaff home sales remain robust. See the breakdown below.

March 2020 Flagstaff Home Sales By Type

 

FIRST QUARTER 2020 HOME SALES HIT NEW HIGHS

The 1st quarter home sales are historically the slowest of the year. First-quarter 2020 home sales in the greater Flagstaff region hit a new quarterly high. There were a total of 351 homes sold up 49% from a year ago, when there were 244, and the most ever for the first quarter.

March signal the start of the spring homebuying season and despite COVID-19 people are still buying homes in Flagstaff. The demand for affordable homes is still high and luxury/vacation/second home buyers are still looking. The Kelly Broaddus Team still posted our best March sales in value with 5 homes sold valued at around $1.8M

 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff Median Home Price & DOM March 2020

March housing prices for the greater Flagstaff hit a new monthly high with the median sales price coming in at $419,500.

Due to COVID-19, “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.” NAR Chief Economist Lawrence Yun. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

March 2020 Flagstaff Market Watch Summary

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   91 homes, up 31% vs March 2019. 

Median Home Price -  $419,500, up 8.4vs March 2019

Mortgage rates  - A 30 year fixed rate mortgage with 5% down and very good credit averaged 3.7% 

Longest days on market (SF): 575 Upgraded Creekside home located near the park in Pine Canyon, a stunning, 600+ acre private golf community offering sophisticated amenities & impressive facilities!

 

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 has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on 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'S PRICIEST HOMES SOLD in March 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in March 2020

Photo courtesy of Forest Highlands Realty LLC

  • The highest-priced single-family Flagstaff home that sold in March was $1,750,000  - a 4 bedroom, 5,076 sqft, newer construction luxury home perched above the 16th green of the Meadow course in  Pine Canyon 
  • The highest-priced Flagstaff townhome sale in March was a $567,000  -  Switzer Canyon Townhomes 3 bedroom, 2.5 bathrooms with views and direct access to the Flagstaff Urban Trail system located in Switzer Mesa/Ridge
  • The highest-priced Flagstaff condo sale in March was $255,000 -  a three-bedroom, 2 baths upgraded investment property in Timberline Place Condos 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in MARCH 2020

Lowest Priced Flagstaff Home in March 2020

Photo courtesy of Realty One Group, Mountain Desert

  • The lowest-priced single-family Flagstaff home that sold in March was a $259,000 - updated 1 bedroom which was once a county firehouse in Mountain Vw Ranchos
  • The lowest-priced Flagstaff townhome that sold in March was a $220,000 - 3 bed, 3 baths in Christmas Tree Estates
  • The lowest-priced Flagstaff condo that sold in March was a $195,000 -  1 bedroom Continental Cntry Club condo with amazing views of Mt. Elden and the golf course! 

 

Flagstaff Home Buyer Advice 

Last month, two of our buyers decided to cancel their contract because of COVID-19. The first buyer was buying his second home but due to business closures, his income and ability to close on the home were affected and he decided to terminate the deal. The second buyer terminated his purchase of a luxury home since he cannot release funds on closing and the sellers chose not to extend the closing date.

Some buyers are holding off purchasing because of the economic shutdown, job layoffs, and the massive drop in the stock market.  Some are hoping for major price reductions because the health crisis is straining the economy. Some buyers are eager to buy now more than ever. That might sound surprising, but it's simple economics.

The 30-year fixed mortgage rate recently hit 3.29%, the lowest on record since tracking started almost 50 years ago. This kind of low mortgage rate can take tens of thousands of dollars off the effective price of a property, once interest payments are factored into the equation.

If you are ready to buy your dream Flagstaff home now, take advantage of the low mortgage rate and diminished homebuyer interest - which means less competition for you. Here is what you need to know about the mortgage process.

Homeownership

INVENTORY

In residential real estate, how many items are available in relation to how many consumers want to buy that item is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.

It's a seller's market for Flagstaff homes under $600,000 however the market favors buyers in the higher price ranges. Inventory level is rising which is normal for this time of year. That's great news for buyers who are desperately looking for a new home. Currently, inventory has improved vs last month. 

Need a lender recommendation for your home loan? We work with trusted lenders who will walk you through the entire process and have your best interest at heart. Contact Kelly today and we will get you one of our trusted lenders that best fits your needs.

 

Flagstaff Home Seller Advice 

A new study shows that people selling their houses today are holding strong on price. According to the most recent data from NAR’s Economic Pulse Flash Survey, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers.

Lawrence Yun, the Chief Economist at NAR, has pointed out that we entered the current crisis with a housing market that faced a significant inventory shortage. He also says, “With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices.”

With buyer choices already limited going into this season, and more sellers removing listings today, if you’ve been thinking about listing your house, it’s a great time to do so. Selling now may help your listing rise to the top of the pool. Call me today to make sure you have the expert help you need to succeed in the selling process.

If you've been considering selling your home, you can get started by getting an idea of what your home is worth in the current hot market using this calculator that's based on recent sales: 

What is the value of your Flagstaff Home?

Enter your home address here to find out what your Northern AZ home is currently worth

 

 

CONNECT WITH US

Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day.

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.

 

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