Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Tight Inventory Pushes Flagstaff Home Sales and Prices
The holidays are here! Have you started shopping? Those looking for a new home have checked off their lists as the housing market continues to boom. Here are the latest things that you should know about the Flagstaff housing market.
FLAGSTAFF HOME SALES
This October, sales of existing homes in the US rose 4.3% compared to September marking five consecutive months of significant gains. Greater Flagstaff's housing sales fell 18% compared to last month according to data provided by the Northern Arizona MLS. It rose 28% from the same period last year, however. There were 216 houses sold in October, the most in 14 years. Mortgage rates near all-time lows helped a lot to push sales numbers to new heights.
In the month of October, the Kelly Broaddus Real Estate Advisors team sold 5 homes, selling over $1.8M of Flagstaff and nearby area real estate. 2014 was our best October home sales at almost $4M.
FLAGSTAFF MEDIAN HOME PRICE
Flagstaff's October housing prices jumped with the median sale price coming in at $530K which is 24% higher from a year ago at $426K, setting a new October monthly price high.
DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE
October 2020 Flagstaff Market Watch Summary
Total Single Family Home Sales - 158 homes, up 46% vs October 2019.
Median Sold Price - $530,000, up 24% vs Oct 2019
Average Mortgage rates - 2.8% The national average 30-year fixed mortgage rate hit a record low for the 13th time this year in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Longest days on market (SF): 525 Days This is a 1,989 sqft 3 bedroom Mountain Vista condo in Pine Canyon, one of the most exclusive Flagstaff lifestyle community offering luxury homes.
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 OCTOBER 2020
Photo courtesy of Symmetry Realty Brokerage
- The highest-priced single-family Flagstaff home that sold in October was a $3,600,000 new construction 4-bedroom luxury custom home in Pine Canyon.
- The highest-priced Flagstaff townhome sale was a $1,300,000 3-bedroom luxury townhome with all the upgrades and views of the 12th fairway in Pine Canyon.
- The highest-priced Flagstaff condo sale was a $910,000 new build Mountain Vista condo in Pine Canyon
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in OCTOBER 2020
Photo courtesy of Realty ONE Group, Mountain Desert
- The lowest-priced single-family Flagstaff home that sold in October was a $247,000 3-bedroom classic Sunnyside home ready for renovation
- The lowest-priced Flagstaff townhome that sold was a $255,000 3-bedroom townhouse on Christmas Tree
- The lowest-priced Flagstaff condo that sold was a $165,000 one-bedroom unit condo in Tanglewoods Villas located close to club amenities, golf, hiking, shopping
Flagstaff Home Buyer Advice
Is it a bad time to buy a home right now? The popular message right now is that it is a bad time to buy a home. Let’s see if that’s true.
First off, a recent survey confirms the popular sentiment: In September, the share of buyers who think it’s a good time to buy fell from 59% to 54%. Meanwhile, the share of sellers who think it's a good time to sell increased from 48% to 56%.
What's hiding behind these numbers?
A big part is a rise in home prices. This September, the median price of an existing US home rose 14.8% compared to a year earlier. Another part is a shortage of inventory. Nationwide, there are too few homes on the market, making it hard in many places for buyers to find a good home, pushing prices up. However, this is not the whole picture.
Mortgage rates are at record lows.
The fixed 30-year mortgage rate currently stands at 2.8%, almost a whole percent lower than it was a year ago, which at the time was the lowest-ever rate. These incredibly low mortgage rates can mean a total savings of tens of thousands of dollars over the course of a loan. This makes homes more affordable than they appear at first.
The big rise in the median price is partly a statistical glitch
That's because the upper end of the market currently has a greater supply and a larger share of sold homes than usual. In other words, when you look at all homes being sold right now, more of those homes tend to be luxury ones. This is pulling up the median price, making it look like all segments of the market are surging in price.
Available Homes
While there might be a shortage of homes nationwide, I'm consistently seeing beautiful homes being listed in our local Flagstaff market.
So what does this all mean for the Flagstaff homebuyer?
Despite the gloomy picture you might see on the evening news, based on my experience in the Flagstaff market, it's actually a good time to buy. Average prices are indeed rising. However, this doesn't mean that the home you might want to buy is becoming any less affordable. Of course, that could change once our present low mortgage rates start to go up.
That's why I think it makes sense not to ignore the current favorable moment and look at the great homes that are available around Northern Arizona right now. If you want to see the many attractive Flagstaff homes I'm talking about, take a look here:
Click here to see all the latest Flagstaff homes for sale
As always, if you're thinking about buying or have any questions, give me a call at 888.446.5602. I’m here to help.
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.
Flagstaff Home Seller Advice
The real estate market is golden for sellers right now. However, things might change soon. Here are the details:
Flagstaff Prices are soaring
The median price of an existing Flagstaff home sold in October rose 24.4% compared to a year earlier. That is a new record in price growth and also an all-time high when adjusted for inflation. So what's behind this surge in prices?
Limited supply of homes
According to the latest data from the Northern Arizona Multiple Listing Service, the inventory of homes on the market fell 3.7% annually. At the end of October, the number of available homes stood at just 440, which represented a 2.06-month supply. For reference, the normal supply is four to five months. While this imbalance between demand and supply is certainly pushing up prices, there's another important factor...
Record low mortgage rates
The fixed 30-year mortgage rate currently stands at a record-low 2.8%. That's almost a whole percent lower than it was a year ago, which at the time was the lowest-ever rate. Buyers are eager to take advantage of this situation. Such low rates can take tens of thousands of dollars off the real cost of buying a home; despite the growth in prices, homes can still be affordable.
So what does this all mean for you?
Well, if you were to sell your home now, you could sell it for top dollar and in record time. However, things might be changing soon. For one thing, there has been a spike in the number of sellers who think it is a good time to sell right now. This measure plummeted to 16% in March, rose steadily through the summer, and now stands at 56%. Also, home builder sentiment has been rising steadily for the past several months. That means we will likely soon see an increase in the completion of new homes, which can tilt the market more in favor of buyers.
That's why I think it's such a golden moment to sell right now. Prices are high, times-to-sell are short, and buyers are eager.
If you want to take advantage of this opportunity while it lasts, you can get started by finding out what your home is worth in the current hot market with this home value calculator: Click below and Enter your address to find out what your Northern Arizona home is currently worth
If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar.
LET'S CONNECT TODAY!
Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com.
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.
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