Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 

 

Strong Flagstaff Home Sales in November 

Have a wonderful holiday and a healthy and prosperous New Year! With 2020 just a few short days away, I thought I’d send you a quick note on what’s happening with the Flagstaff housing market. Next month we’ll look at how we did for 2019.

FLAGSTAFF HOME SALES

The US Existing home sales fell by 1.7% in November 2019 while the Flagstaff real estate home sales fell 1.8% vs October 2019 numbers. We typically expect to see a seasonal slide in inventory and buyer activity in the 4th quarter of the year, however, November was a very strong month. November housing sales in the greater Flagstaff region actually rose 29% to hit a new monthly high. There were 108 sales this November versus 84 a year ago. 

FLAGSTAFF MEDIAN HOME PRICE

November housing prices rose 8% from a year ago which is also a new high. This November the median sale price for single-family homes was $422K and last November it was $392K. Year-to-date, through November prices are up 10% and sales are running slightly ahead of last year. The average price paid per-square-foot was $226 this November which is also a new monthly high. This is the best November sales in the last 5 years for the Kelly Broaddus Team with 3 closings at over $2.2M. 

DOWNLOAD THE FULL MARKET REPORT HERE

 

FLAGSTAFF HOUSING SUPPLY 

Flagstaff inventory of affordable homes has been going down over the last three months. 

• There are 50+ homes available, including manufactured homes Under $300K 
• There are 80+ houses available in the $300K to $400,000 range
• 30+ houses available to purchase in the $400K to $450K range
• Inventory in the luxury segment has also declined but still favors buyers in most price ranges.

November 2019 Flagstaff Market Watch Summary

Total Home Sales -     108 homes (SF), 29% up vs November 2018. 

Median Home Price -  $ 425,000 (SF),  % vs November 2018

Mortgage rates  - Today, the average U.S. rate for a 30-year fixed mortgage is 3.635%  

Longest days on market (SF):  891 days new build 3 bedroom home in Presidio

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 in NOVEMBER 2019 (SOLD)

• $2,000,000  - This 5 bedroom single level luxury home is located on a private cul-de-sac golf course lot just off of the 1st Green in exclusive Pine Canyon. This is the 5th most expensive homes sold in Flagstaff in 2019. A 3.8M Pine Canyon home sold in April 2019  holds the number 1 position on our 2019 Flagstaff's most expensive list.
• $510,000  - Last month's priciest townhouse is a stunning, upgraded, 2336 square feet home backing open space in Pinnacle Pines
• $255,000 - Last month's most affordable condo is located in Summit Park

MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in NOVEMBER 2019

• $225,000 - The most affordable single-family Flagstaff home that sold in November is located in the south rural area of Mountainaire
• $223,000 - An upgraded 3 bedroom townhouse in Christmas Tree Estates is November 2019's most affordable townhome
• $156,000 - Last month's most affordable condo is located in University Heights

 

Home Buyer Advice 

Did you know that your purchasing power has increased? Even though prices are going up because interest rates are low and because wages are going up, people can purchase more of a home. New loan limits for case numbers assigned on or after January 1, 2020, have also increased. 

• Conventional loan – limit for 1 unit properties increase to $510,400 up from $484,350 in 2019
• FHA – new loan limits for SFR $331,760.00 up from  $314,827.00. 

If inventory continues to decline relative to demand, however, it is likely that we will upward pressure on pricing. 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

If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low. Now is a great time to lock in a low mortgage rate. It will shrink your monthly payment and could save you a bundle over the long term. Or if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today’s lower rates.

Move-up buyers, if you’re ready to trade in your starter home for something more luxurious, you may get the best of both sectors. We’re still witnessing a strong demand for entry-level homes, giving sellers the upper hand.

Luxury buyers, buyers of high-end homes still have a greater selection (and more negotiating power). 

[Here's what you need to know about the mortgage process.]

Flagstaff Home Seller Advice 

It's a great time to sell! It's still a seller's market in Flagstaff for homes under $600,000 with less than 3 months of housing supply. Experts are saying that home prices will continue to go up and Americans, based on the latest survey by Porch.com, believe that real estate is still a safe investment over the next 10 years. So what we have is a market that buyers are increasing, even though it’s the winter, not the spring buying season. There are people out there buying homes. 

Some homes sell as soon as it gets on the market. Some expire. Why didn’t those houses sell?

1. It could be the condition of the house. If it is, we might be able to help stage it or suggest minor renovations that would help amp up the resale value of your Flagstaff home.
2. It could be the price, the previous realtor may have given them the wrong price. Let's get you an updated market analysis of your home. What’s Your Flagstaff Home Actually Worth? Discover What Buyers Will Pay in Today’s Market
3. It could be that the realtor had no marketing plan for the house. The Consumer’s Guide to Hiring an Amazing Real Estate Agent
4. And it could be that during a very rapidly evolving market, there was no real good communication between the seller and that agent. 

 

GET IN TOUCH

If you’re thinking about selling now, let’s get started. From hiring the right real estate agent to handing over the keys, here is your step by step guide to the home selling process. Let’s get together to determine the specific options available for you and your family. Contact 928.606.6749 or email kelly.broaddus@exprealty.com if you are looking for a Northern Arizona realtor to help you buy/sell your Flagstaff/Sedona real estate and the surrounding areas. 

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.

 

 

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