Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of REMAX Fine Living / by Joselyn Uy
Market conditions continue to favor Flagstaff homebuyers in the higher price range (500K and above) while sellers have the advantage in the lower price range as inventory of homes for sale continue to hover at less than 3 months supply.
Flagstaff Home Sales Strong, Prices Continue to Rise
The Northern Arizona Multiple Listing Service reports that in November 2016 total Flagstaff housing sales numbered at 83 which represents a 9% increase from last November. Looking at the first 11 months of the year we’re up 7% from the same period last year. The median sale price of a house, sold in the greater Flagstaff region was $360K up 7% from a year ago. This means that we are now only 5% off of the November all time high of $379K reached in 2006.
Advice to Flagstaff HomeBuyers
Rising interest rates are forcing homebuyers off the fence and into the market. Look for an agent who will look out for your best interests, is well versed with the area you are looking to move in to and is knowledgeable with market trends of that specific neighborhood.
Mortgage rates continue to rise. A 30 year fixed rate mortgage with no points is now at 4.125% up ¼ of a point from just last month but..
“Homebuyers shouldn’t be particularly concerned with [last week’s] Fed move. Even with rates hovering over 4 percent, they’re still historically low. Most market observers are expecting a gradual rise in home loan rates in the near term, anticipating mortgage rates to stay under 5 percent through 2017.”
Ted Mani, Mortgage Expert at Nerd Wallet
Advice to Home Sellers
High demand, low inventory and rising prices: if you are thinking of selling, now might be the time.
Flagstaff home prices are rising and some homeowners may consider selling on their own. This might not be a good idea for majority of sellers. 95% of homebuyers start their home search online. Most real estate agents have an internet marketing strategy to provide exposure for your home. We at the Kelly Broaddus Team take pride in bringing home sellers unsurpassed internet marketing exposure crucial to getting your home sold FAST and for MORE money.
A knowleageable realtor will price and market your home right, attend to mandatory disclosures and paperwork, as well as stay on top of negotiations with buyer agents, inspectors and appraisers to get the results you need.
The demand for affordable housing is very strong. Waiting for the spring buying season to sell your home might not be the best stategy to sell. Feel confident selling your home. Contact Kelly at 888.446.5602 for a free home evaluation.
November 2016 Flagstaff Marketwatch Summary
Total Home Sales- 83 ^
Median Home Price- $360,000 ^
Most Expensive Home Sold in Nov 2016: $1,505,000 - Forest Highlands real estate is hot! This is the fourth straight month that a Forest Highlands home took the title for the most expensive Flagstaff home sold in 2016. On the market for total of 266 days (less than 9 months), this 4,449 sq ft home located on the 14th hole of the Meadow golf course has 4 bedrooms and 3.5 baths.
Most Affordable Homes: $195,000- Another home in Kachina takes thedistinction for "Least Expensive Flagstaff Home Sold in Nov 2016". This charming log cabin is a great vacation get-away home or an affordable primary home. If you are looking to buy a single family home in Flagstaff for under $200K, look in Kachina and Mountainaire.
Looking to buy an affordable townhome or condo? This multilevel townhome in Sunnyside sold for $125,900 while this University Heights condo sold for $131K. Check out homes for sale in Sunnyside and University Heights.
Longest Days on Market: 713 days- Days on market indicates the period of time when a property hits the MLS to when it goes under contract. This luxury home in Forest Highlands was on the market for less than 2 years. The December 2016 ILHM Luxury Housing Report reveal Average Days on Market across the US at 175 days.
A lot of factors influence how fast a home sells. One of them is inventory. In Flagstaff, there is currently an oversupply of homes in the 700K- 800K range.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email email@example.com if you are looking to buy or sell in Flagstaff and surrounding areas.Download the full Flagstaff Market Report here
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