Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Home Sales & Prices Climb in October 2017
Happy Thanksgiving! We hope you spend time enjoying the holidays with the persons who matter to you most. We are thankful to our wonderful clients who put their trust on us to help them with one of the most important decisions in their lives- buying or selling your Flagstaff home. Here is our latest market stats.
October 2017 Flagstaff Home Sales & Prices
Great news! This year was the busiest October in more than a decade of Flagstaff home sales. The median sale price this October came in at $376,000 up 9% from a year ago. The average price paid per-square-foot was $206 up 8% and the highest since 2007 when the average was $221 per square foot. There were 119 houses to have sold which is up 13%, making it the busiest October in 13 years.
We are moving into the slow season which are the months of December, January and February, so expect more softening in the Flagstaff market during the holidays.
Advice to Flagstaff Home Buyers
- Buy now. There are prospective buyers who think that it may not be a great move to buy a Flagstaff home right now because it makes no sense from an affordability standpoint. Data gathered by the Mortgage Monitor says otherwise. The percentage of median income needed to buy a medium-priced home in Arizona today is less in comparison to almost anytime in history except during the housing bubble and bust.
- Hire an amazing Flagstaff real estate agent. It’s tempting for a first-time buyer to start shopping for a home without the help of a real estate professional, especially with the abundance of online information. But why would a first-time home buyer go at it alone, when the seller usually pays the commission to the buyer’s agent from sale proceeds? While commissions are always negotiable, a buyer doesn’t pay anything extra. The vast majority of people who have bought several homes and are familiar with the process still rely on a real estate agent, because they know that if something unexpected happens, they won’t have to fix it themselves.
Mortgage rates A 30 year fixed rate mortgage with 5% down is still around 3.75% with no points. Rates have risen from 2016's near-all-time lows, however lenders have increasingly eased guidelines to allow more access to credit for potential homeowners.
Advice to Flagstaff Home Sellers
Seasonally, we are approaching the slowest months of the year for Flagstaff housing sales which is December, January, February and March. If you’ve been thinking about selling your home, you probably have tons of questions. Is this the right time to sell? Check out 7 Reasons to List Your Home This Holiday Season and find out why waiting to list probably does not make sense.
Your home is your biggest asset and you have a lot invested in it, both financially and emotionally. Here are 5 steps to ensure the success of your home sale:
- Read your CMA: To understand how to price your home, an agent-provided Comparative Market Analysis will show homes similar to yours, both ones that have recently sold and ones listed for sale. Call Kelly at 888.446.5602 to get your FREE personalized home analysis.
- Understand the costs: Every seller has to do the hard math. You need to determine how much equity you have in your home, understand the closing costs involved, and determine how much you expect to net from the sale.
- Be ready for surprises: A flawless home sale is rare. Talk to your agent about what surprises you might encounter so you will be better prepared.
- Stage it: To make the best first impression, professionally staging a home makes rooms look bigger and brighter, downplays the negative, and accentuates the positive.
- Price it right: 45 percent of home sellers had to reduce their asking price at least once, which delayed the sale of their home, according to the National Association of Realtors. While your agent can share their pricing expertise, you set the price.
October 2017 Flagstaff Market Watch Summary
We are still a buyer's market for homes priced above $500,000 and a seller's market for homes priced under $500,000.
Total Home Sales- 119 homes, ^13% vs last year
Median Home Price- $376,000 , up 9% vs last year
The Most Expensive Flagstaff Single Family Home Sold in October 2017 Sold for $1,700,000 This 4 bedroom Forest Highlands luxury home is located on the Meadows golf course with views of the fairway, greens and ponds
October 2017's Most Expensive Flagstaff Townhome Sold for $850,000. It's a 3 bedroom Elk Pass townhome in Pine Canyon featuring beautiful views and luxurious finishes.
The Most Affordable Flagstaff Homes Sold in October 2017:
- $205,000 - A 3 bedroom home backing 5.67 acres Kachina Parkway open space and across Raymond Park. This house tops the list of the most affordable single family home.
- $170,000 - This 2 bedroom unit with 900 sqft of living space located in The Village claim last month's most affordable condo spot.
- $204,900 - A 3 bedroom Swiss Manor home with great views of Mount Elden was October 2017's most affordable townhouse
Days on Market (Flagstaff): More than 50 percent of homes that closed in October were on the market for 3 months or less. Longest days on market: 582 days Low mortgage rates help pick up the pace of home sales in the Flagstaff area.
Days on market indicates the period of time when a property goes active on the MLS to when it goes under contract. Luxury homes sold slower in October with national average days on market up to 172 days from 167 days in September. Phoenix AZ luxury homes stay 194 days on market (average). See the October 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email firstname.lastname@example.org if you are looking to buy or sell in Flagstaff/Sedona and the surrounding areas.
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