Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
The Flagstaff Housing Market Remain Strong Despite The “Slow Season”
Have a wonderful holiday and a healthy and prosperous New Year! With 2021 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 2020.
FLAGSTAFF HOME SALES
The market appears to have entered the slow season. According to data released by the Northern Arizona Multiple Listing Service, Greater Flagstaff's housing sales fell 25% compared to last month but jumped 18% from the same period last year. There were 165 houses sold in November, the most in 14 years.
This is the best November sales for the Kelly Broaddus Team with 11 closings at over $8.2M of Flagstaff and nearby area real estate.
FLAGSTAFF MEDIAN HOME PRICE
Greater Flagstaff's housing median sold price fell 2.8% compared to October. Comparing the numbers to a year ago, housing prices jumped with the median sold price coming in at $515K which is 20% higher from last year's $430K, setting a new November monthly price high.
DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE
November 2020 Flagstaff Market Watch Summary
Total Single Family Home Sales - 165 homes, up 18.4% vs November 2019.
Median Sold Price - $515,000, up 19.8% vs November 2019
Average Mortgage rates - 2.8% The national average 30-year fixed mortgage rate hit a record low for the 13th time this year in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Longest days on market (SF): 453 Days To be built Luxury Capstone townhome. 3-bedroom, 2.5-bath with luxury features like Pella windows, wall oven, and microwave, wood flooring, granite t/o, multifaceted ext. siding and stone accents. Located in Flagstaff Ranch, one of the most exclusive Flagstaff lifestyle community offering luxury homes.
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 2020
Photo courtesy of RE/MAX Fine Properties
- The highest-priced single-family Flagstaff home that sold in November was a $2,500,000 private, upscale residence on 10 acres with expansive views of the San Francisco Peaks, located in Mountainaire.
- The highest-priced Flagstaff townhome sale was a $620,000 3-bedroom luxury townhome in Switzer Mesa/ Ridge
- The highest-priced Flagstaff condo sale was a $460,000 upscale 2 bedroom unit in Flagstaff Townsite with a view of Humphreys Peak from the terrace
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in NOVEMBER 2020
Photo courtesy of Capstone Homes Realty
- The lowest-priced single-family Flagstaff home that sold in November was a $300,229 to be built Crestview home. Purchase is for the home only; the land is owned by and leased from the city for $30 per mo. This home is part of the City of Flagstaff Community Land Trust Program.
- The lowest-priced Flagstaff townhome that sold was a $242,000 4-bedroom townhouse, one of the largest units in The Village located in the northeast quadrant of the city of Flagstaff.
- The lowest-priced Flagstaff condo that sold was a $165,000 one-bedroom unit condo in University Heights located close to NAU, hiking & biking, shopping
Flagstaff Home Buyer Advice
There is still demand, but very low inventory. As the weather condition continues to cool, fewer Phoenix buyers visit. We’re still notably in the Seller’s zone, prices have not yet adjusted. IF the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall.
Low mortgage rates make it particularly attractive to buy right now. The average 30-year fixed mortgage rate already dropped 13 times this year to never-before-seen levels. It currently stands at 2.72%, which is 0.5% lower than six months ago and a full percentage point lower than one year ago.
If you or someone you know is looking to buy a home and take advantage of the favorable rates, you'll be interested to know that some great homes recently came on the Flagstaff market. You can take a look at all of them
Click here to see all the latest Flagstaff homes for sale
As always, if you're thinking about buying or have any questions, give me a call at 888.446.5602. I’m here to help.
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.
Flagstaff Home Seller Advice
The recent surge in the real estate market has now offset the spring market losses. This means it's a great moment for anybody thinking of selling a home. However, it's uncertain how long this will last. Let me give you the details:
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Never-before-seen price levels
Sales of Flagstaff homes in November soared well past expectations, rising 18% annually. More impressively, home prices jumped 20% in November year over year. So what's behind this surge?
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Record-low supply
There's an extreme shortage of homes on the market right now. At the end of November, there were just 405 existing homes on the market. That's a 46% drop compared with November 2019. At the current sales pace, that represents a 1.8-month supply, one of the lowest on record. Such a limited supply is pushing up prices. However, there's a second cause for the recent rise in home prices.
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Urgent demand
Mortgage rates hit record lows 13 times this year. Such low mortgage rates make homes more affordable, despite the rise in home prices. That's why so many homebuyers are rushing in to take advantage.
So what does this mean for you?
Well, it means it's a great moment to sell. Right now, you could sell quickly and at top dollar. However, it's unclear how long it will last. More home sellers might enter the market to take advantage of current conditions. More importantly, mortgage rates might bounce back up soon, making homes less affordable and curbing demand. That's why, if you've been thinking of selling, it's worth at least investigating your options right now.
If you want to take advantage of this opportunity while it lasts, you can get started by finding out what your home is worth in the current hot market with this home value calculator: Click below and Enter your address to find out what your Northern Arizona home is currently worth
If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar.
LET'S CONNECT TODAY!
Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com.
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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