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

 

  "Slow Season" Sees Median Price Up in Flagstaff

 

The holidays are here! Now that the year is almost over, the market has slowed some. Homebuyers may find more housing options and less competition in coming months as more homeowners are gearing up to sell. Here's the latest update on the Flagstaff housing market.

 

FLAGSTAFF HOME SALES

The US Existing-Home Sales Continue Upward, Increasing 1.9% in November while Greater Flagstaff's housing sales declined by 17.9% from October according to data provided by the Northern Arizona MLS.  This November saw the second-highest Flagstaff home sales activity in more than a decade. The highest on record was last year with 167 units sold. Flagstaff home sales took a tumble due to low inventory numbers, real estate seasonal variation and cold weather conditions. 

 

 

In the month of November, the Kelly Broaddus Group Brokered by eXp Reaty sold eight Northern Arizona properties valued at over $5.9M. This is our second best November home sales on record. Big thanks to our Flagstaff, Sedona and Mormon Lake clients.

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 102.7%." List to Sales Ratio is the percentage of the list price that the buyer ultimately paid for the property.

“Supply-chain disruptions for building new homes and labor shortages have hindered bringing more inventory to the market,” said Lawrence Yun, NAR’s chief economist. “Therefore, housing prices continue to march higher due to the near record-low supply levels.”

The median sold price in November is up 18.4% year over year to $610,000, a new monthly high. Homes remained on the market for an average of 58 days. This is down from the all-time low of 43 days we saw in March, and slower than the 55 days we saw a year prior. A lot of this change is seasonal, and some of it is buyer fatigue, but demand overall remains historically high.

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November 2021 Flagstaff Market Watch Summary

Total Home Sales -   151 homes, down 9.6% vs Nov 2020. 

Median Sale Price -  $610,000 up 18.4% vs Nov 2020, highest in more than a decade

Mortgage rates  - Average 30-year fixed-rate mortgage rate ended 11/22 at the highest levels in 2 months at 3.2%. Mortgage rates remain low and just above the all-time lows seen at the outset of the year.

Longest days on market (SF): 496 days This is a luxury condo under construction in Pine Canyon with two separate bedroom suites and a separate guest casita.

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 2021

Photo courtesy of The Agency RE LLC

• The highest-priced single-family Flagstaff home that sold in November was a $2,500,000 five-bedroom, 4.5 bathroom luxury home in Lakeside Acres that is a beautiful mix of English opulence with mountain luxury.
• The highest-priced Flagstaff townhome sale was a $850,000  three bedroom former model home in Switzer Mesa, a newer townhome community in Flagstaff
• The highest-priced Flagstaff condo sale last month was an $951,521 luxury Mountain Vista condo under construction with 3 bed 3.5 baths. The new owner has access to all of Pine Canyon’s amenities, but without the burden of maintenance that can come with a single-family home.  

 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in NOVEMBER 2021

Photo courtesy of Gentry Real Estate

• The lowest-priced single-family Flagstaff home that sold in November was a $120,000 two-bedroom home in Mountainaire. It is a successful long-term rental property.
• The lowest-priced Flagstaff townhome that sold last month was a $382,000 three  bedroom townhouse  with a beautiful, private back yard surrounded by trees & a rare, double sized front yard.This townhouse is located in Lower Greenlaw.
• The lowest-priced Flagstaff condo that sold was a $165,000 one bedroom Timberline Place (Arbors) lower unit near NAU and downtown Flagstaff. Perfect for investors or as a starter/vacation home.

 

Flagstaff Home Buyer Advice 

 

Home prices are on the rise—not quite at the rapid pace we’ve seen over the last year, but they’re expected to increase nonetheless. Mortgage interest rates are increasing. Back in 2020, many buyers rushed to the market to buy homes or refinance, taking advantage of the record-low rates at or under 3%. But does that mean you shouldn’t buy a home in today’s market?

 

Ultimately, the decision to buy a home should be based on your needs, not market trends, so don’t let rising rates govern your choices. In the grand scheme of things, interest rates are still historically low. Granted, homes aren’t as affordable as they once were due to inventory shortages and increased competition among buyers.

 

So what does this mean for you?

 

If you’re in the market to buy a home, now is a great time to act. There are usually fewer buyers active in the winter months, and the sellers who keep their homes on the market are typically very motivated to sell. By making a move now, you can still lock in a great rate and get ahead of our ever-growing home prices.

We suggest you get started by taking a look at the homes that are available right now:

Click here to see all Flagstaff homes for sale

Search Northern Arizona Homes For Sale

 

Need to sell before you buy or buy before you sell? Experts expect high home price appreciation for next year, you may be able to recoup costs of your new home purchase and the costs of selling your existing home quickly. Even without that, home prices tend to appreciate every year. This means that if you plan to stay in the new home for a while, the benefits may outweigh the costs.

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.

Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.

 

 

Flagstaff Home Seller Advice 

 

"Of all the shortages afflicting the US economy, the housing shortage might last the longest. It (housing supply) remains well below pre-pandemic levels and the outlook offers no quick fixes for the shortage, " Jan Hatzius, Goldman Sach's economist.

 

High buyer demand and very low available supply suggests that home prices may well surge throughout the 2020s. And even though builders are still constructing new inventory, they’re limited by worker shortages and cost increases. To close the demand vs supply gap, builders would need to double their output for the next five or six years, according to economists at Realtor.com.

 

So what does this mean for you? 

 

If you’re a seller, now is an excellent time to list. The winter months typically mean reduced competition from other buyers, and the buyers that are out looking for homes in the market are highly motivated. Because both home prices and mortgage interest rates are on the rise, you’re sure to fetch a great price for your property from buyers who are feeling the pressure, assuming your home is in good condition and priced correctly for the market.

Do you know what your home is worth? Click the image below then enter your address to instantly calculate your home’s value in today’s market based on recent Flagstaff home sales

 

 

Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out. 

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. 

If you have any questions about our market or are thinking about buying or selling in Flagstaff, don’t hesitate to call us at 888.446.5602 or email us at kelly.broaddus@exprealty.com. We’re out in the market every day helping clients to buy and sell in Northern Arizona, and we do research so we have the best advice to give you, no matter your situation.

 

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