Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Home Sales Slow Down
This May 102 houses sold in the Greater Flagstaff region driving home sales up 43% vs last month. But this month's numbers dropped vs 104 sales from the same period a year ago. This makes two months in a row of weaker home sales after starting out strong in the first quarter of the year. For the first five months of 2017 there were 350 sales vs 376 for the same five month period in 2016 which represents a 7% decline. Why? Two factors: Rising home prices and tight inventory. Listings in the affordable price range had been very limited. These homes receive multiple offers and so pushing up prices which may have discouraged a few buyers.
"Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions." - Lawrence Yun, NAR Chief Economist
Home Price Up Again
After taking a breather in April, the median Flagstaff home price is again on the rise. The median sale price for a house sold this May was $375K a 2% jump from a year ago and up 10% from April. Through the first five months the median sale price was $369K also a 2% increase from a year ago.
Housing inventory has risen over the past month which is normal this time of year. Of the 673 listings currently available on the MLS as of June 22, 2017, 37% are priced below the median home price.
- Inventory continues to be a significant concern in the $200,000 - $300K price segment. The competition for homes in this price range is fierce as this price band only has 3 months of inventory.
- Supply of homes in the $100K-200K and $300K-$400K is near normal level at just under 6 months.
- There remains an overabundance of homes to choose from for the $500K and above buyer.
Advice to Flagstaff HomeBuyers
Traditionally during summer months, there is a surge of buyers from the Valley looking to escape the heat.
- Know how much home you can really afford -> What’s Your Home Buying Power?
- If you are looking to buy in the $200k-$300K price range, be prepared to act fast with an offer. These homes are selling quickly.
- It's a buyer's market above $500K.
- Mortgage rates are holding steady in the below 4%. Take advantage of this low rate before it goes up again.
Advice to Homesellers
- Luxury home sellers: This summer, expect more affluent buyers from the Valley will looking for custom homes in the gated golf communities of Flagstaff or one of the beautiful homes with acreage near Highway 180.
- If your home hasn't sold yet, check the price!
- Thinking of selling? Check these out:
Online estimates do not include recent upgrades that add value to you home. Take the next step! Contact us for a personalized evaluation to find out how much your home is really worth. Call Kelly at 888.446.5602
May 2017 Flagstaff Marketwatch Summary
We are still a buyer's market on homes priced $600,000 and above and a seller's market for homes priced under $500,000.
Total Home Sales- 102, down 2 % vs last year
Median Home Price- $375k, up 2 % vs last year
The Most Expensive Single Family Home in May 2017 Sold for: $2,150,000 - This Forest Highlands home is also currently the most expensive home that sold in this year. This is the first time in 2017 that sold price breached the 2M mark.
Most Expensive Flagstaff Townhouse Sold for: $483,241 Luxury townhouse. New construction located in Pinnacle Pines, a community of premiere luxury townhomes in a private, quiet, treed location, close to hiking, golf and downtown Flagstaff.
Price of the Most Affordable Home Flagstaff Homes Sold in May 2017:
$150,000- The most affordable mobile home that sold the previous month is in the Mobile Haven area of Flagstaff.
How much did the most affordable single family home in Flagstaff sell for? $135,000
Longest Number of Days on Market:
800 - The Kelly Broaddus team brought in the buyer for this truly beautiful Sedona luxury home on the Flagstaff MLS. It was listed for more than 2 years before our out of state buyers swooped in and got it off market.
Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. National average days on market for luxury homes in May 2017 hit 176 days. See the May 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email@example.com if you are looking to buy or sell in Flagstaff/Sedona and surrounding areas.
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