Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
May 2019 Flagstaff Home Sales Set New Records
Wow! I can’t believe we’re halfway through the year already. It’s certainly been an exciting year in Flagstaff real estate so far.
FLAGSTAFF SINGLE FAMILY HOME SALES
US Existing Home Sales rebounded in May by 2.5% after a slight decline in April. Meanwhile, housing sales in the greater Flagstaff region set the new all-time sales record reported for the month of May with 119 sales which are up 6% from the same month last year. Demand is still really high which helped properties stay on the market for a median of 55 days only, down from 57 days in April.
The Kelly Broaddus team is having a blast, closing the month of May with 8 homes and total sales at over $4.5M!!!
FLAGSTAFF MEDIAN HOME PRICE
Twelve years ago in May 2007, the median single-family home resale price rose to peak prices at $400,000 in Flagstaff. Today we refer to 2007 as the absolute top of the market. The median sales price for single-family homes came in at $400K tying the May record set back in 2007. This time however sales are almost double what they were back then. This May the average price paid per-square-foot was $225 which was not the record. That was $232 per square foot set in May of ’06.
DOWNLOAD THE FULL MARKET REPORT HERE
May 2019 Flagstaff Market Watch Summary
Total Home Sales - 119 homes (SF), up 6% vs May 2018.
Median Home Price - $400,000 (SF), up 3.6% vs May 2018
Mortgage rates - A 30 year fixed rate mortgage with 5% down and very good credit is now at an average of 3.8%
Longest days on market (SF): 781 days. Pine Canyon contemporary custom luxury home listed under $1.3M in early 2017
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 MAY 2019
- $1,875,000 - Absolutely gorgeous custom Forest Highlands log cabin with amazing views! This is a 7 bedroom, 7.5 bath luxury home with 3,000 square feet of covered deck nestled on the 10th fairway of the Meadow Course.
- $535,837 - Last month's priciest townhome is a brand new 3 bedroom townhome in the Switzer Mesa area with mountain views and direct access to the Flagstaff Urban Trail system
- $350,000 - 3 bedroom unit in gated Flagstaff Ranch golf community.
The most AFFORDABLE Flagstaff Homes Sold in May 2019
- Single-family - $157,000 - 2 bedroom in Mountainaire
- Townhouse - $215,000 - 3 bedroom townhouse in Sunnyside
- Condo - $156,000 - 1 bedroom Tanglewood condo with gorgeous views of the mountain and the golf course with access to amenities in nearby Aspen Valley and Continental Country Clubs
Flagstaff Home Buyer Advice
Housing demand rises during the spring home buying season. What should you do if you’re in the market for a new home? It’s simple. Be ready! Get pre-approved, know what you want, and when it’s time to make an offer, avoid contingencies if possible. In fact, create an offer that includes concessions for the seller.
Remember, working with a real estate pro is your first step in the right direction.
INVENTORY
Inventory levels have risen but not quite to the levels of a year ago.
- HIGHER INVENTORY OF AFFORDABLE HOMES, now a little over 3 months supply = means more homes to choose from. Check out the latest list of Flagstaff homes for sale under $300K
- INVENTORY LEVELS SLIDE in the $300K- $500K price range. May 2019 data show under 5 months supply of homes. There are 130+ houses available in the $300K to $400,000 range and 60+ houses available to purchase in the $400K to $450K range.
MORTGAGE RATES
Mortgage rates have fallen in three of the last four weeks and are now at the lowest level since September 2017.
- Mortgage rates fell again this week. Our advice: Lock in the low rates while you can. If the lower rate environment persists, we are in for a great spring home buying season. Here's what you need to know about the mortgage process.
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 lender that best fits your needs.
Flagstaff Home Seller Advice
It's still a seller's market for homes under $300K with 3 months supply of houses for sale. It's a great time to sell.
Are you selling a luxury home and it has been on the market for quite some time? Check the price! Luxury home inventory has tremendously improved and Flagstaff currently has an oversupply. The 11 homes in the $1M to $1,099,999 price range count as over 70 months supply! A balanced market has 6 months.
Talk to your realtor about your options if you want to get your home sold now. This summer, expect more affluent buyers from the Valley to look for custom homes in the gated golf communities of Flagstaff or one of the beautiful homes with acreage near Highway 180.
If you’re thinking about selling now, let’s get started. From hiring the right real estate agent to handing over the keys, here is your step by step guide to the home selling process.
We are your Flagstaff home experts! Contact 928.606.6749 or email kelly.broaddus@exprealty.com if you are looking for a Northern Arizona realtor to help you buy/sell your Flagstaff/Sedona real estate and the surrounding areas.
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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