Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy

 

Flagstaff Home Sales Cool in November

 

November marks the beginning of the usual slow season in real estate, and this year is no different. Flagstaff shows a housing market that is experiencing seasonal cooling as consumers prepare for the holidays. The market is slowly leveling back out, and the overheated market of 2021 seems to be behind us. Here's our latest update. 

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Dipped 7.7% in November vs October 2022 while Greater Flagstaff's housing market climbed 4.9% according to data provided by the Northern Arizona MLS. Demand for homes is lower than last year, as indicated by year-over-year decreases in closings. This is one of the lowest November sales in 10 years. 

 

 

"The residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020. The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows," said National Association of Realtors Chief Economist Lawrence Yun.

In the month of November, the Broaddus Properties Group Brokered by eXp listed and sold nine Flagstaff homes valued at over $5.9 Million+. Last year we helped buy and sell eight homes in Flagstaff, Sedona, and Mormon Lake worth $5.9 Million+

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 98.5%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

We continue to see price growth from a year-over-year perspective, but we are no longer seeing the double-digit growth that we experienced earlier this year and last. Flagstaff's November median sold price dropped 8.6% vs last month and increased slightly by +0.1% year over year to $610,500, highest in more than a decade.

Homes are taking longer to sell. In November, homes spent a median of 76 days on the market, which is 21 days longer than last year and 4 days longer than last month. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

NOVEMBER 2022 Flagstaff Market Watch Summary

Total Home Sales - 107 homes, down 30.5% vs November 2021.

Median Sale Price - $610,500, an almost flat growth vs November 2021, highest in more than a decade

Mortgage rates - The 30-year fixed-rate mortgage rate averaged 6.34% in December 21, down from 6.42% the week before. A year ago, at this time it averaged 3.3%.

Longest days on market (SF): 617 days This is a new construction Ponderosa Parkway condominium with two bedrooms located in the Switzer Mesa/Ridge area.

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 must be off the MLS for at least 90 days for the CDOM to restart, even if a different agent lists it. We report the average days on the 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 LUXURY HOME SALES

The luxury benchmark price for Flagstaff single-family homes is $975,000, set by The Institute for Luxury Home Marketing.  LUXURY BENCHMARK PRICE is the price point that marks the transition from traditional homes to luxury homes.

•  The Flagstaff single-family luxury market is a Buyer's Market with a 10% Sales Ratio.
•  Homes sold for a median of 98.52% of list price in November 2022.
• The most active price band is $1,700,000-$1,899,999, where the sales ratio is 33%.
• The median luxury sales price for single-family homes is $1,250,000.
• The median days on market for November 2022 was 122 days, up from 75 in November 2021.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in NOVEMBER 2022

Photo courtesy of Jackson Associates

• The highest-priced single-family Flagstaff home that sold in November was a $2,335,000 six-bedroom luxury custom home in Equestrian Estates bordering forested state trust land on a 1.29 acre heavily treed lot with Peak and forest views.
• The highest-priced Flagstaff townhome sale was a $710,000 three-bedroom townhome in Switzer Mesa/Ridge with forest & red rock views off the decks
• The highest-priced Flagstaff condominium sale was a $1,267,184 luxury new construction in Pine Canyon with two separate bedroom suites and a separate guest casita, fully equipped kitchen with spacious outdoor patio

 

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in NOVEMBER 2022

Photo courtesy of Best Flagstaff Homes Realty

• The lowest-priced single-family Flagstaff home that sold in November was a $230,000 two-bedroom fixer upper in the heart of Old Town, sold as is, all cash
• The lowest-priced Flagstaff townhome sale last month was a $221,605 three-bedroom, end unit in Rio Homes with a front porch overlooking the common area.
• The lowest-priced Flagstaff condominium sold was a $290,000 one-bedroom unit at Timberline Place Condos

 

Flagstaff Home Buyer Advice

Mortgage rates have dropped slightly in recent weeks. Even a small dip can help boost your purchasing power. Let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

Our Advice: If a 7% rate was too high for you, it may be time to contact us. We will refer you to trusted lenders to see if the current rate is more in line with your goal for a monthly housing expense.

If you’d like to look at what’s available on the market today, you can view the homes that are available in the Northern Arizona MLS right now:

Click here to see all Flagstaff homes for sale

Search Northern Arizona Homes For Sale

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 

If you’ve been in your home for more than a few years, you’ve built-up significant equity that can fuel your next move. Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a significant role for those moving greater distances.

There are indications that sellers are waiting until 2023 to put their homes on the market. The number of new listings home sellers brought to the market in November was 14% lower than what we saw last year. 

Whatever your home goals are, we would love to work with you to find the best option. We'll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today. Contact us today!

If you’re curious about what your home is worth in today’s market, 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 Northern Arizona 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 Broaddus Properties Group 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’ve been waiting since 2020 to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email kelly.broaddus@exprealty.com. 

 

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