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

Home sales in the Greater Flagstaff region suffered a slight drop and is now 6% lower vs the same period last year with 103 total units sold while monthly housing prices continue to rise. The median home price climbed 21% for the month of May, up $8K from just last month and now at the highest level of the year.

 7250 N Hadrians Walk, Flagstaff, AZ 86001_livingroom

Flagstaff Median Home Prices Peak in 2016

Exactly nine years ago in May 2007, the median resale home sale price rose to peak prices at $400,000 in Flagstaff. Today we refer to 2007 as the absolute top of the market. A common topic among housing reports is comparing home prices today with the peak prices of 2007 and using this barometer to gauge how far along various housing markets are in their recovery. The median resale price in  May 2016 is now within 8% of that figure.

Homebuying In Flagstaff

As expected, demand for affordable housing rose during the spring buying season despite the lagging supply of homes for sale below  $300,000. For buyers looking at homes above $300,000, inventory has picked up. There is now ample inventory with more than six months supply available on the market. It is still a great time to buy a home! Mortgage rates have dropped an 1/8th of a point over the last month, now at about 3.25% for a 30 year fixed helping to compensate for the higher prices.

Brexit

Does Brexit have an effect on the Flagstaff housing market? With the Brexit debacle coupled with other uncertainties in foreign markets, the Federal Reserve is expected to not raise interest rates this year. Though the Fed does not directly set mortgage rates, it does influence it a great deal. So hurray, this means that homebuyers may get to enjoy low mortagage rates the whole year round.

Selling in Flagstaff

For prospective sellers still on the fence about putting your home on the market, it is a great time to sell your Flagstaff real estate. Flagstaff neighborhood valuations is up by 11% according to data released by the Coconino Assesor's office. The current situation remains unchanged: Low supply of homes for sale with high buyer demand from students, investors and first time buyers. Contact your realtor about your home selling strategy. Homes priced right + right marketing strategy = home sold fast and for more $$$.

 

May 2016 Flagstaff Marketwatch Summary

Flagstaff Real Estate Total Home Sales- 103, down 6% vs last year

Median Home Price- $368,000

$2,000,000- Price of Flagstaff's most expensive single family home sold in May 2016. On the market for only 63 days, this custom Montana luxury log home is located in Spring Valley, west of downtown Flagstaff. 

$933,315 - Price of the most expensive Flagstaff townhome sold in April 2016. Surprised that a Flagstaff townhome could cost this much? It's located in prestigious Pine Canyon, sat on the market for almost a year but sold for $100,000+ more than it's list price! Ask us why!

$110,000Price of the most affordable home sold in Flagstaff in May 2016. An investor's special, this 2 bedroom home in the Sunnyside area was sold as is, cash.

449 days on marketnew construction townhome in Forest Springs holds the longest day on market for homes sold in May 2016

 

 For more information about the Flagstaff real estate market,  recent sales and coming soon properties, please contact us at 888.446.5602 or email kellybroaddus@remax.net.

 

Download the full Flagstaff Market Report here

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