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

November 2023 Flagstaff Market Report

 

Mortgage Rates Have Dropped, Flagstaff Home Sales Activity Expected to Rise Soon

 

November typically marks the start of the sluggish season in real estate, and this year is no exception. The drop is typical of the end-of-season slowdown, but it can also be ascribed to the recent rise in interest rates. Rates have recently fallen, which could lead to an increase in home activity. Here's the most recent update. 

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Expanded 0.8% in November, Ending Five-Month Slide while Greater Flagstaff's housing sales declined 21.1% from the previous month according to data released by the Northern Arizona MLS. Ninety-seven homes were sold in November, representing a 10.2% decline from the prior year. 

 

November 2023 Flagstaff Home Sales by Type

 

"The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November. A marked turn can be expected as mortgage rates have plunged in recent weeks." said National Association of Realtors Chief Economist Lawrence Yun.

 

Last month, the Broaddus Properties Group listed and sold: four Flagstaff and Cornville homes valued at over $1.9 million. Congrats to our home buyers and sellers!!! 

 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff Median Home Price & DOM November 2023

"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. 

The median price of a property sold in Flagstaff increased 11% from October of this year. When compared to the same month last year, it has increased 14.5% from $610,500. The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.

Homes stayed on the market for an average of 80 days, which means they sold four days slower than the previous year and nine days slower than the 71 days we observed in October.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

NOVEMBER 2023 Flagstaff Market Watch Summary

2023 Flagstaff Real Estate Market Watch Total Home Sales - 97 homes, down 10.2vs Nov 22

Median Sales Price - $699,000, up 14.5% vs Nov 22

Mortgage rates - The weekly average for a 30-year fixed rate mortgage rate is 7.21% as of this week, down from 7.23 percent last week. This is according to Bankrate’s weekly national survey of large lenders.

Longest days on market (SF): 730 days, this is a one-bedroom condo at The Views at Butler, a 5-story condo neighborhood on the intersection of Butler and Beaver in the center of Downtown Flagstaff 

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.

Flagstaff Luxury Market Report October 2023

  • The Flagstaff single-family luxury market is a Balanced Market with a 15% Sales Ratio.
  • Homes sold for a median of 97.24% of list price in November 2023.
  • The most active price band is $1,000,000-$1,099,999, where the sales ratio is 50%.
  • The median luxury sales price for single-family homes is $1,300,000.
  • The median days on market for November 2023 was 90 days, down from 122 in November 2022.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in NOVEMBER 2023

FLAGSTAFF'S PRICIEST HOMES SOLD in NOVEMBER 2023

Photo courtesy of Symmetry Realty Brokerage

  • The highest-priced single-family Flagstaff home that sold in November 2023 is a $4,033,000  four bedroom luxury home located in Pine Canyon that was built in 2016
  • The highest-priced Flagstaff townhome sale was a $1,150,000 three-bedroom lock and leave in Pine Canyon featuring with separate casita (full bath and closet) and overlooking the National Forest
  • The highest-priced Flagstaff condominium sale was a $1,480,000 three-bedroom in the highly sought-after Pine Canyon. Newly constructed in 2023, this condominium is the perfect mountain get-away.

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in NOVEBER 2023

Lowest Priced Flagstaff Single-Family Home in November 2023

Photo courtesy of Flagstaff Mountain Realty

  • The lowest-priced single-family Flagstaff home that sold in November was a $269,000 two-bedroom "handyman special" in the Sunnyside area
  • The lowest-priced Flagstaff townhome sale last month was $459,900 three-bedroom from the Boulder Pointe  neighborhood with high vaulted ceilings and cozy fireplace. Our team represented the buyers on this sale!
  • The lowest-priced condominium sold was a $250,000 one-bedroom condo in University Heights close to NAU, CCC, restaurants and stores with the Urban Trails are right out your front door.

Flagstaff Home Buyer Advice

 

Maybe you are waiting for mortgage rates to go down some more. 

"If you're thinking about buying a house, you should do it now rather than waiting until the spring. The reason is that a lot of other people are also thinking about buying a house, and if you wait, you might find yourself competing with a lot of other buyers. Also, sellers are feeling uneasy about the market right now, and they might be more willing to negotiate a lower price or pay some of your closing costs. So, if you're serious about buying a house, I encourage you to do it now, " said Kelly Broaddus, Associate Broker of Broaddus Properties Group with eXp Realty. 

Let's discuss if you're considering buying a property and want to learn more about the potential benefits. Call us at 888.446.5602 or email kelly.broaddus@exprealty.com. We can connect you to our trusted lender professionals. 

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

 

Has your house been on the market for a while and has yet to sell? If so, you should be aware that this is quite unusual, especially at this time. This is because the supply of available properties for sale remains significantly lower than in a regular year. Buyers will have fewer options as a result, so your home should be an oasis in an inventory desert.

 

So, if homebuyers have few options and your house has yet to sell, there's a reason. Let's dissect one potential stumbling block that could be deterring buyers: your asking price.

 

Buyers are becoming more price sensitive, especially with today's rising mortgage rates already putting a strain on their budget. According to a recent Wall Street Journal (WSJ) article:

 

“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”

 

 

Why is it important to set the right price?

While you want to maximize your return on investment when selling your home, you must also be practical in light of current market conditions. The basic truth is that your house will only sell for the price that buyers are prepared to pay right now.

 

Accepting this can be difficult. Particularly since emotions might run high during the selling process, further complicating issues. After all, you may have lived in this property for years and are emotionally attached to it, which might make it difficult to be impartial. 

 

However, it is crucial to recognize that a higher-than-expected price tag deters purchasers and may cause them to discard your home as a possibility before even visiting it. And how will it sell if no one is looking at it?

 

If you want to sell your house, you'll need to do something to rekindle interest in it. That's where a local real estate agent comes in. They'll utilize statistics to see if it's priced too high for your local market. They consider the worth of properties in your community, current market trends and buyer demand, the condition of your property, and other factors to determine the best price for your home, allowing you to close this chapter and begin the next.

 

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

 

What is the value of your Flagstaff Home?

 

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 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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