Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy

 November 2017 Flagstaff Home Sales

 

 Flagstaff Home Sales Slump in November 2017 

Two weeks ago, we reconnected with over a thousand home buyers on our database to check of they are still in the market to purchase a home in Flagstaff, Sedona or the nearby areas. Many people are putting their home search on hiatus and most will resume either in spring or summer. Buyers still on the market tend to be more serious and transactions are carried to completion from contract to close. We are now in the slow season which are the months of December, January and February, so expect more softening in the Flagstaff market during the holidays. Here is our latest market stats.

November 2017 Flagstaff Market Watch Summary 

Flagstaff Real Estate Total Home Sales- 78 homes. This represents a 9% decline over sales in November 2016. Conditions continue to favor buyers for homes priced above $500,000 and sellers prevail for homes priced under $500,000.   

Median Home Price- $368,000 , up 3% vs last year. This is the first time median home price fell below $370k since June 2017 as inventory climbs and buyers cool off.

Mortgage rates continue in the 3.75% range for a 30 year fixed-rate with 5% down and very good credit. 

Days on Market (Flagstaff): Fifty three percent of homes that closed in November were on the market for less than 3 months. 84% of homes sold within 6 months. Longest days on market: 448 days 

Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. Luxury homes sold slower in October with national average days on market up to 172 days from 167 days in September. Phoenix AZ luxury homes stay 194 days on market (average). See the November 2017 Luxury Market Report.

Here are some of the highlights in November:

The Most Expensive Flagstaff Single Family Home Sold in November 2017 Sold for $1,050,000 This 4 bedroom Pine Canyon custom luxury home with floor to ceiling windows and 4 fireplaces has one of the best mountain views in the area.

November 2017's Most Expensive Flagstaff Townhome Sold for $598,069. It's a 3 bedroom new construction in one of Flagstaff's premier golf community, Flagstaff Ranch. 

The Most Affordable Flagstaff Homes Sold in November 2017 are:

  • $180,000- Located in the Leupp/Winona area, this is a 2 bedroom home, water haul, solar power. This house tops the list of the most affordable single family home in Flagstaff
  • $157,000-  This 1 bedroom unit with 528 sqft of living space located in University Meadows claim last month's most affordable condo spot. 
  • $205,000 - November 2017's most affordable Flagstaff townhouse is a 2 bedroom multilevel home in the Noho area in the northwest region of Flagstaff.

Flagstaff Home Seller and Buyer Advice 

Generally high prices, limited availability, and quick sales of those homes that do come up for sale make the Flagstaff real estate market a favorable environment for sellers of "affordable homes".

First-time home buyers and recent arrivals to the Flagstaff area find themselves at a disadvantage in the current environment. Many turn to renting or to buying condominiums or town homes for their first residential purchase. Buyers with a larger budget ($500K and up) have a surfeit of homes to choose from. 

Download the full Flagstaff Market Report here

We are your Flagstaff home experts!  Please contact us at 888.446.5602 or email kellyathow2az@gmail.com if you are looking to buy or sell in Flagstaff/Sedona and the surrounding areas.

Happy Holidays

Happy Holidays, Flagstaff! 

It's the most wonderful time of the year, when we get to celebrate time with families and friends. A home for the holidays sounds perfect to us. May your festivities be filled with warmth, comfort, and good cheer. 

You might be interested in...

 October 2017 Flagstaff Market Statistics

October 2017 Flagstaff Market Report

 What is the value of your Flagstaff Home?

What is My Flagstaff Home Worth?

December 2017 Flagstaff Market Report

December 2017 Flagstaff Market Report