Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of REMAX Fine Living / by Joselyn Uy
Strong Flagstaff October Home Sales Contibute to Near-Record Sales
Snow has fallen, it's winter weather in Flagstaff. If you haven't been to the slopes yet, it's time to plan some winter fun with friends and family. As we approach the end of the year we are continuing to see strong Flagstaff home sales despite shrinking inventory.
Home Sales
In the Flagstaff real estate market, conditions remain in favor of sellers over buyers in the lower price ranges while the reverse is true for high-end listings. The Northern Arizona Multiple Listing Service reported a total of 104 Flagstaff homes sold in October 2016. This represents a nine percent increase over sales in October 2015.
"October's strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply. Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes." Lawrence Yun - NAR Chief Economist
Prices in the Flagstaff real estate market continued to climb in that year-long period. The median sales price of Flagstaff homes rose 2% coming in at $344K. It was 338K in October 2015. We started at $330K in January 2016, it peaked in May at $368K. The average price paid per-square-foot in October jumped 6% to $191.
Advice to Flagstaff HomeBuyers
Mortagage rates have increased over the last few weeks to 4%+for a fixed, 30 year rate with no points. You might have missed getting rates below 4% but current rates are still at historic lows. With mortgages rates and home prices projected to rise, waiting to buy a home when you are ready to buy no longer make sense. Do not wait, buying sooner rather than later could lead to substantial savings.
Advice to Home Sellers
Limited supply in the lower price range continue to drive up prices. A knowleageable realtor that will price and market your home right will get your Flagstaff home sold fast. This is especially true for listings priced below the median. Feel confident selling your home. Contact Kelly at 888.446.5602 for a free home evaluation.
October 2016 Flagstaff Marketwatch Summary
Total Home Sales- 104
Median Home Price- $344,000
$1,125,000 - Another luxury home on one of Flagstaff's most exclusive communities, Forest Highlands took the title for the most expensive Flagstaff home sold in October 2016. Listed in June 2015, this fabulous home with views of the Meadow golf course has 5 bedrooms and 4.5 baths.
$592,500 - Located in Switzer Mesa, Flagstaff's most expensive condo sold last month exemplifies modern urban living at it's finest. It's not in one of the country clubs, but what is great about this home is it's location- just a few steps away from NAU and all that Downtown Flagstaff has to offer.
$97,000- It's official! If you are looking to buy a Flagstaff single family home under $200K, look in on the inventory available in Kachina and Mountainaire. This HUD home located in Tishepi Trail, Kachina Village sold via electronic bid and is the least expensive Flagstaff home that sold in October 2016.
657 days on market- Days on market indicates the period of time when a property hits the MLS to when it goes under contract. Listed above $500K, this Townsend Winona home was on the market for less than 2 years. The November 2016 ILHM Luxury Housing Report reveal Average Days on Market across the US at 167 days.
One of the reasons why a home does not immediately sell is inventory. In Flagstaff, there is 6 months inventory of homes above $500K, and an oversupply of homes priced above $600,000. Oversupply, same buyer demand = longer days on market. It's also seasonally a slow time for the Flagstaff real estate market. Don't be surprised though if some high-end homes sell within a month.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email kellybroaddus@remax.net if you are looking to buy or sell in Flagstaff and surrounding areas.
Download the full Flagstaff Market Report here
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