Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Group Brokered by eXp / by Joselyn Uy
Flagstaff's Spring Market Has More Listings and Higher Prices
The current Flagstaff real estate market has shifted from a strong seller's market towards a more typical, pre-pandemic (2019) level. The market has been cooling off, more homes are available, and demand is less. We’re already seeing prices move lower as a result. Here's our latest update.
FLAGSTAFF HOME SALES
The US Existing-Home Sales Fell 3.4% in May while Greater Flagstaff's housing posted a strong 35.9% growth from April according to data provided by the Northern Arizona MLS. There was a total of 159 homes sold, which is 1.9% lower than a year ago.
""Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year," Lawrence Yun- National Association of Realtors Chief Economist. "Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers."
Expect rising interest rates to create a more balanced market over time, a nice counter to the wild seller’s market we’ve been seeing.
In the month of May, the Broaddus Properties Group Brokered by eXp sold six properties in Flagstaff & Bellemont valued at over $3.5 Million. Last year we helped buy and sell 8 homes worth $5.9 Million +.
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 103.3%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
The median sold price in May is up 26% year over year to $721,000, a new monthly high. Homes remained on the market for an average of 41 days. This is slower than the 38 days we saw in April, but faster than the 44 days we saw a year prior.
If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall.
MAY 2022 Flagstaff Market Watch Summary
Total Home Sales - 158 homes, down 2.5 % vs May 2021.
Median Sale Price - $721,000 up 25.8% vs May 2021, highest in more than a decade
Mortgage rates - Average 30-year fixed-rate mortgage rate ended 6/20 at 5.9% - 6.04%. Rates can change rapidly during the day, and massively from week to week even though they can also be very boring for months on end.
Longest days on market (SF): 560 days Brand new single level Slayton Ranch home backing Forest Service land with 4 bedrooms, split floor plan, with upgrades throughout, includes two primary suites.
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'S PRICIEST HOMES SOLD in MAY 2022
Photo courtesy of RE/MAX Fine Properties, Jamie Wong
- The highest-priced single-family Flagstaff home that sold in May was a $4,100,000 three-bedroom luxury mountain retreat in Pine Canyon with 2 master suites, 3 gas fireplaces, and panoramic golf views.
- The highest-priced Flagstaff townhome sale was a $840,000 3-bedroom luxury townhouse in Switzer Mesa. Fully furnished & turnkey.
- The highest-priced Flagstaff condominium sale was a $2,200,000 four-bedroom, almost brand-new luxury main level Mountain Vista Condo in Pine Canyon, turn-key and fully furnished
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in MAY 2022
Photo courtesy of Realty Executives of Flagstaff, Renee Gaun
- The lowest-priced single-family Flagstaff home that sold in May was a $425,000 3-bedroom home in Lower Greenlaw built in 1957
- The lowest-priced Flagstaff townhome sale last month was a $388,402 two-bedroom townhome located in Flagstaff Townsite. Close to the mall, parks, NAU and all the amenities of downtown.
- The lowest-priced Flagstaff condominium sold was a $255,000 one-bedroom ground level condo located in the highly sought-after community of University Meadows (The Arbors).
Flagstaff Home Buyer Advice
You should know data from realtor.com shows more listings are coming onto the market each month this year. Having additional options can make the search for your next home easier
Mortgage interest rates are predicted to rise even further this year. A higher interest rate means a more expensive loan payment, Rates have been up 2% since the start of the year, which means the average homebuyer’s affordability has dropped by 20%.
While it’s true rising mortgage rates and home prices mean buying a house today costs more than it did a year ago, you still have an opportunity to set yourself up for a long-term win. Buying now lets you lock in at today’s rates and prices before both climb higher.
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:
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Flagstaff Home Seller Advice
The demand for homes is still high. The increased interest rates have also caused home sellers to stay in their homes longer, and our typical spring and summer surge of inventory just isn’t happening right now. Low supply is good news for homeowners because it will keep your property values up.
The current frenzied market has been brought on by basic supply and demand, and any kind of market crash is pretty unlikely. According to Brandon Haefele, CEO of Catalyst Mortgage, “I think we’re now going to start seeing individual markets potentially have some slowdown…my reasoning is we still have extremely low inventory. But it’s not going to go the other way and crash.”
Although rising rates are going to cause some buyers to leave the market entirely, all of the evidence we’ve seen on the ground points to home values continuing to appreciate as long as supply remains this low. This is good news for you if you’re thinking about selling.
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
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.
If you have any questions about our market or are thinking about buying or selling in Flagstaff, don’t hesitate to call us at 888.446.5602 or email us at firstname.lastname@example.org. We’re out in the market every day helping clients to buy and sell in Northern Arizona, and we do research so we have the best advice to give you, no matter your situation.
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