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

 

Flagstaff Home Sales Fall 5.8% in March 2023

 

The peak spring selling season is here! Here's our latest update. 

Flagstaff's inventory of homes for sale rose 18.2% in March 2023 vs the same period last year with 324 homes on the market. Data from the Northern Arizona MLS also shows one hundred fifty new homes on the market, 27.9% lower than last year. 

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Slid 2.4% in March while Greater Flagstaff's housing sales fell 5.8% from the previous month. There were sixty-five homes sold, a 50% decline from the previous year. 

 

 

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates. Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market," said National Association of Realtors Chief Economist Lawrence Yun.

The Broaddus Properties Group Brokered by eXp listed and sold: two Flagstaff plus one Happy Jack home; valued at over $1.3 million this March. Last year, we assisted in the purchase of two homes in Flagstaff and Parks totaling $600,000+.

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 97.7%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

The rise in interest rates, combined with a drop in buyer demand, had quite an effect on home prices. Last month's median home price is 1.6% lower than February. Year on year, home price growth has slowed for the fourth month in a row. Flagstaff's median sold price in March fell 8.9% year on year to $635,000, from a record high of $697,150 last year. 

Homes are selling faster in March than in February, with a median of 55 days on the market, but they are still much slower than last year's 35 days.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

MARCH 2023 Flagstaff Market Watch Summary

Total Home Sales - 65 homes, down 50% vs March 2022.

Median Sales Price - $635,000, down 8.9% vs March 2022

Mortgage rates - Mortgage rates have ticked higher across the board this week, but some bad economic news halted the rise. The average 30-year fixed rate mortgage rate is around 6.4% - 7% as of April 23 (Sources: Bankrate, Nerdwallet)

Longest days on market (SF): 307 days This five-bedroom luxury home sits on 1.37 acres backing a greenbelt in the coveted community of Lakeside Acres

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 Balanced Market with a 16% Sales Ratio.
• Homes sold for a median of 98.56% of list price in March 2023.
• The most active price band is $3,200,000-$3,499,999, where the sales ratio is 100%.
• The median luxury sales price for single-family homes is $1,241,250.
• The median days on market for March 2023 was 39 days, down from 51 in March 2023.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in MARCH 2023

Photo courtesy of Symmetry Realty Brokerage

• The highest-priced single-family Flagstaff home that sold in March 2023 was a $3,200,000 four-bedroom custom home in Pine Canyon 
• The highest-priced Flagstaff townhome sale was a $735,000 three-bedroom, beautiful and highly upgraded Miramonte home in Presidio, only 2 years old
• The highest-priced Flagstaff condominium sale was a $350,000 two-bedroom updated, 1st floor condo at The Arbors with easy access to NAU, Shopping, the mountain line bus route and downtown.

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in MARCH 2023

Photo courtesy of Hague Partners

• The lowest-priced single-family Flagstaff home that sold in March was a $312,000 one-bedroom home in the Sunnyside neighborhood, zoned commercial and fully fenced property with tons of parking and gate
• The lowest-priced Flagstaff townhome sale last month was a $455,000 three-bedroom in Boulder Pointe close to NAU, shopping, and downtown
• The lowest-priced Flagstaff condominium sold was a $250,000 one-bedroom condominium at The Arbors, located near downtown Flagstaff, NAU, Snowbowl and I-40 and I-17 interchange.

 

Flagstaff Home Buyer Advice

Should you keep waiting to buy a home until prices come down?

If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023.

The best way to prepare to buy a home is to work with a trusted real estate professional who understands the process. They’ll help you navigate the costs you may encounter as you begin your homebuying journey.

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 

There is less than two months' supply of inventory. The Flagstaff real estate market is firmly in favor of sellers for homes priced under $1,600,000 and could trigger prices to rise again. Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low.

Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, let’s connect today. Call Kelly at 928.606.6749.

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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