Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
November 2018 Flagstaff Home Sales
Hope you all had a wonderful Christmas holiday! US Existing-home sales increased in November, according to the National Association of Realtors®, marking two consecutive months of increases. Flagstaff home sales are up, after 4 consecutive down months. Here are our latest Flagstaff market stats.
NOVEMBER HOME SALES
In November there was 84 single family home sold, up 8% from the same month a year ago.
Year-to-date sales are slightly ahead compared to last year. The Kelly Broaddus Team has listed and sold a total of 58 homes from January to November, up 14% compared to 51 homes sold year-end 2017.
FLAGSTAFF HOME PRICE
November housing prices in the greater Flagstaff region rose 7% with the median sale price coming in at $392K which is a new record high for the month of November. The previous high was set back in November of 2006 when the median sale price was $379K. The average price paid per-square-foot was $225 up 10% from a year ago, tying the high set back in November ‘06.
Our average sold price for the seller and buyer side in 2018 is at $360,000.
Flagstaff Home Buyer Advice
Prices are going to continue to appreciate. Mortgage rates are going to continue to go up. Whether you’re a move-up buyer or a first-time buyer, you'll want to buy now instead of waiting until interest rates start to increase. Take advantage of the low mortgage interest rates. The national average for a 30-year fixed-rate loan is 4.375 percent, down from last month's 4.9%.
If you haven't seen this, you have to check it out:
The Federal Housing Finance Agency (FHFA) announced the 2019 general and high-cost area loan limits. The maximum loan limits will increase in 2019; details are available in Lender Letter LL-2018-05.
The new base loan limit in most of the country will be $484,350
This represents a 6.9% increase over the 2018 limit.
The ceiling limit for most high-cost areas will be $726,525
Additional information and updated resources, including the Loan Limit Look-Up Table, are available on the Loan Limits page.
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. Inventory level for starter homes is down a bit vs last month and is still far from what is needed to satisfy the demand for affordable/starter home where homebuyer demand is strongest.
- $200k- $400K, inventory is 13% lower vs last month, less than 3 months supply. It's a seller's market at this price range. A balanced market has 6 months supply of homes for sale.
- $400K- $500K, down by 18 %, only 3 months supply.
- Above $500K, we have over 6 months of supply. No shortage here. Oversupply is highest at $1M - $1.1M and $1.2M - $1.3M
If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home. Let's talk about your situation in person! Call Kelly at 888.446.5602.
2019 is just a few short days away. While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. AZ home prices are expected to increase by 6.3%.
Flagstaff Home Seller Advice
Many sellers believe that spring is the best time to place their homes on the market because buyer demand traditionally increases at that time of year, but what they don’t realize is that if every homeowner believes the same thing, then that is when they will have the most competition!
Our advice to home sellers:
Do necessary upgrades and list before the summer selling season begins. The #1 Reason to List Your Home in the Winter Months is Less Competition!
November 2018 Flagstaff Market Watch Summary
Total Home Sales- 84 homes, up 8% vs November 2017.
Median Home Price- $392,000 up 7% vs November 2017
Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit fell back to an average of 4.375%
Longest days on market: 753 days. Flagstaff Ranch masterpiece with incredible golf course views tucked in next to the 15th tee box. Priced in the low 800's, this luxury home stayed on the market for a little over 2 years before it sold. Flagstaff luxury homes at this price range typically stay on the market for 7-8 months on the average.
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 November 2018
- $2,910,000 - Last month's #1 most expensive Flagstaff single-family home was another Forest Highlands luxury home
- $935,000 - Pine Canyon townhome
- $239,000 - This Walnut Hills condo in Continental Country Club
The most AFFORDABLE Flagstaff Homes Sold in November 2018
- Single-family - $163,400 - Off-grid on 10 acres in Leup/Winona
- Townhouse - $225,000 - Continental Country Club Townhome
- Condo - $160,000 - Timberline Place Condos
GET IN TOUCH
Wondering what all of this means for you? Kelly would be happy to discuss these numbers along with our local market conditions with you personally. Feel free to call with any questions or for a complete home and market evaluation. Please contact us at 888.446.5602 or email email@example.com with any questions you might have about this report of the Flagstaff real estate market. Contact Us
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