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

 

 Flagstaff Inventory Surge Sparks Excitement for Prime Homebuying Season!

 

March infused a burst of optimism into the budding spring real estate landscape! Witnessing an extraordinary surge, March 2024 saw new listings skyrocket by 36% compared to the same period in 2023. This surge in listings resulted in a remarkable 29.8% increase in overall inventory vs last year, laying the groundwork for an exhilarating market transformation. Dive into our latest update to learn more!

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Descended 4.3% in March while Greater Flagstaff's housing market slipped 1.5% from the previous month, according to data provided by the Northern Arizona MLS. With ninety-four homes sold, this is one of the lowest March sales in a decade—but way better than last year with only 66 homes sold. The highest was in 2021, with 151 homes. 

 

Flagstaff Home Sales by Type

 

"Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves. There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market," said National Association of Realtors Chief Economist Lawrence Yun.

 

In March 2024, the Broaddus Properties Group, under the brokerage of eXp, aided five clients in selling and locating their desired homes in Flagstaff & Williams, with a combined value surpassing $5,500,000.

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 98.5%." 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 by 1.5%, reaching just $695,550 in March. In comparison to the same month last year, this reflects a notable 9.5% rise from $635,000. 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 March, homes were sold more rapidly, with the median time on the market decreasing to 65 days. This marks a 10-day reduction compared to the previous year.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

MARCH 2024: Flagstaff Market Watch Summary

Total Home Sales: 94 homes, up 42.4% vs. March 2023.

Median Sale Price: $695,556, up 9.5% vs March 2023

Mortgage rates: The 30-year fixed-rate mortgage rate averaged 7.33 percent the week of April 17, according to Bankrate.com

Longest days on market (SF): 388 days This luxury townhome in Elk Pass (Pine Canyon) offers four bedrooms and four baths and features a full-length covered outdoor patio with built-in BBQ.

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 Seller's Market with a 23% Sales ratio.
• Homes sold for a median of 100% of list price in March 2024.
• The most active price band is $975,000–$999,999, where the sales ratio is 67%.
• The median luxury sales price for single-family homes is $1,625,500.
• The median days on market for March 2024 was 54 days, up from 39 in March 2023.

 

 

HIGHEST-PRICED HOMES SOLD IN FLAGSTAFF IN MARCH 2024

Photo courtesy of Silverleaf Realty LLC

• In March 2024, the highest-priced single-family home sold in Flagstaff was a $6,000,000 luxury residence with seven bedrooms, located in Pine Canyon and constructed in 2009.
• The most expensive sale of a townhome in Flagstaff was a $1,875,000 purchase of a four-bedroom Pine Canyon townhome, situated with picturesque views of the golf course. This luxurious residence features an on-site casita, a spacious deck equipped with a barbecue, and a downstairs bunk room.
• The highest-priced condominium sale in Flagstaff was a $1,650,000 three-bedroom unit situated in Pine Canyon.

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in MARCH 2024

Photo courtesy of UR HOME Realty

• The lowest-priced single-family Flagstaff home that sold in March was a $330,000 three-bedroom fixer upper in Upper Greenlaw
• Last month's most affordable townhome sale in Flagstaff was a centrally located two bedroom, sold at $305,000. Located in the Sunnyside neighborhood, this home boasts views of Mt. Elden and the San Francisco Peak & 2 designated parking spaces.
• The lowest-priced Flagstaff condominium sold was a $255,500 1 bedroom, 1 bathroom ground floor unit situated in the University Heights neighborhood, a desirable location near campus, restaurants and shopping

 

Flagstaff Home Buyer Advice

As we approach the peak homebuying season, the increased inventory means more options for buyers. However, it's important to keep an eye on mortgage rate trends amid the excitement of finding your dream home.

Mortgage rates have been fluctuating due to factors like inflation, economic growth, and decisions by the Federal Reserve. Understanding these complexities can be overwhelming, especially when you're busy planning your move.

That's where professionals can help. Instead of diving into market intricacies yourself, rely on experts for a clear summary of trends and their impact. They can provide valuable insights and tools, like charts showing how mortgage rates affect monthly payments.

Even a slight rate shift can significantly impact affordability. With a knowledgeable professional by your side, you can navigate these complexities confidently.

Here's the bottom line: you don't have to be an expert on real estate or mortgage rates; you just need the guidance of someone who is. So, when starting your homebuying journey, make sure you have a trusted professional supporting you every step of the way.

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.

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 

For home sellers, concerns about declining home prices may stem from sensationalized media reports. However, data reveals a different story.

Over the past year, home prices predominantly rose, with only slight fluctuations. These dips are typical during the winter months when housing activity slows. Experts emphasize that these minor declines are insignificant in the broader context of overall price growth.

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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