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

 

Flagstaff Home Sales Skyrocket by 50%, Home Prices Reach an All Time High in May 2023 

 

And just like that, the first half of the year is nearly done. Sales of existing homes in the United States grew marginally in May, according to industry numbers released Thursday, though activity remained modest due to limited supply and high loan rates. Here's the most recent update. 

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Edged Higher by 0.2% in May while according to data released by the Northern Arizona MLS Greater Flagstaff's housing sales skyrocketed by 50% over the previous month. From eighty-nine properties sold in April, 129 residences were sold last month, representing a 19% decline from the prior year. 

 

 

"Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales." said National Association of Realtors Chief Economist Lawrence Yun.

The Broaddus Properties Group listed and sold: seven Flagstaff homes; valued at over $4 million.  

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 98.9%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

The median home price in May 2023 is 16.7% higher than in April. After a five-month dip, home price growth has surged year on year. Flagstaff's median sold price increased 1.9% year on year in May to $735,000, a new monthly high, up from $721,000 the previous year. 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.

Homes remained on the market for a median of 41 days, which means homes sold as fast as the same period last year, and faster than the 50 days we saw in April.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

MAY 2023 Flagstaff Market Watch Summary

Total Home Sales - 129 homes, down 18.9% vs May 2022.

Median Sales Price - $735,000, up 1.9% vs May 2022

Mortgage rates - For the third week in a row, mortgage rates have fallen. According to Freddie Mac statistics issued Thursday, the weekly average for a 30-year fixed rate mortgage rate is 6.67% in the week ending June 22, down from 6.69% the previous week. The 30-year fixed-rate mortgage was 5.81% a year ago. 

Longest days on market (SF): 675 days This three-bedroom luxury home in Pine Canyon boasts two separate bedroom suites and a separate guest casita, plenty of space for gathering with family and friends.

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 luxury benchmark price for Flagstaff single-family homes is $975,000, set by The Institute for Luxury Home Marketing.  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 Balanced Market with a 15% Sales Ratio.
• Homes sold for a median of 100% of list price in May 2023.
• The most active price band is $2,600,000-$2,899,999, where the sales ratio is 100%.
• The median luxury sales price for single-family homes is $1,300,000.
• The median days on market for April 2023 was 36 days, down from 43 in May 2022.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in MAY 2023

Photo courtesy of Symmetry Realty Brokerage

• The highest-priced single-family Flagstaff home that sold in May 2023 is a stunning $2,727,500 six-bedroom modern luxury home in Flagstaff Ranch overlooking the National Forest 
• The highest-priced Flagstaff townhome sale was a $700,000 three-bedroom, two story home in Pinnacle Pines with 1925 square feet of living space
• The highest-priced Flagstaff condominium sale was a $1,395,000 single level high end luxury lock and leave condo in Pine Canyon built in 2021 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in MAY 2023

Photo courtesy of Realty One Group, Mountain Desert

• The lowest-priced single-family Flagstaff home that sold in May was a $400,000 one-bedroom on five acres with Peaks views and a guest cabin. Located in the Brandis Map 33 neighborhood.
• The lowest-priced Flagstaff townhome sale last month was $378,000 three-bedroom townhouse in Christmas Tree Estates with stunning views, excellent location close to forest access & Flagstaff Mall. Listed by Kelly Broaddus 
• The lowest-priced condominium sold in May was a $228,866 one-bedroom energy efficient unit in Switzer Mesa/Ridge under Flagstaff's Attainable Housing Program

Flagstaff Home Buyer Advice

Homebuyers are finding some welcome relief this month. Inventory grew 13.8% vs the same period last year meaning more options for buyers. If you're considering purchasing a home, you should be aware that your credit score is an important piece of the jigsaw when it comes to qualifying for a home loan. Lenders examine your credit to determine your capacity to make timely payments, repay debts, and other factors. It is also a factor in determining your mortgage rate. In general, the higher your credit score, the cheaper your interest rate and better terms you'll qualify for.

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:

Click here to see all Flagstaff homes for sale

Search Northern Arizona Homes For Sale

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 

As you prepare to sell your home, keep in mind that real estate agents are invaluable resources. They may advise you on the green elements to highlight in your listing and help you identify which upgrades would be most appealing to buyers in your area. If you've recently made these changes, notify your realtor so they can include them in your listing.

Although the number of Northern Arizona properties for sale has increased, the Flagstaff real estate market is still solidly in favor of sellers for homes valued under $600,000. If you're considering selling your home this year, there are plenty of buyers out there right now looking for a home that meets their requirements. This is due to a solid job market and many people having the stable income required to seriously explore homeownership. 

Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, let’s connect today. Call Kelly at 928.606.6749.

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. 

 

If you’ve been waiting to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email kelly.broaddus@exprealty.com. 

 

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