Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Home Sales Dive in October
Happy Thanksgiving Flagstaff! Winter is fast approaching, and the weather isn’t the only thing that cooled off in October. Home sales were down from September, and compared to October 2021, it’s an entirely different market! Here's our latest update.
FLAGSTAFF HOME SALES
The US Existing-Home Sales Slumped 5.9% in October 2022 vs September while Greater Flagstaff's housing market posted a 48% decline according to data provided by the Northern Arizona MLS. There was a total of 100 homes sold, almost 50% less than a year ago. This is the lowest October sales in 10 years.
"More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years," National Association of Realtors Chief Economist Lawrence Yun.
In the month of October, the Broaddus Properties Group Brokered by eXp listed and sold three Flagstaff homes valued at over $4 Million. Last year we helped buy and sell eleven homes in Northern Arizona worth $5.6 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.
Flagstaff's October median sold price jumped 6.9% vs last month, up +4.4% year over year to $668,000, highest in more than a decade. Homes remained on the market for 72 days (median), a day longer than the 71 days we saw in September. Same period last year homes were selling much faster at 53 days.
OCTOBER 2022 Flagstaff Market Watch Summary
Total Home Sales - 100 homes, down 45.9% October 2021.
Median Sale Price - $668,000, up 4.4% vs October 2021, highest in more than a decade
Mortgage rates - The 30-year fixed-rate mortgage rate averaged 6.58% in the week ending November 23, down from 6.61% the week before. A year ago at this time it averaged 3.1%.
Longest days on market (SF): 570 days This is a new construction private retreat in Pine Canyon with three spacious bedrooms, each including an en suite private bath.
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.
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 home.
- The Flagstaff single-family luxury market is a Balanced Market with an 18% Sales Ratio.
- Homes sold for a median of 95.46% of list price in October 2022.
- The most active price band is $1,900,000-$2,099,999, where the sales ratio is 100%.
- The median luxury sales price for single-family homes is $1,500,000.
- The median days on market for October 2022 was 85 days, up from 64 in October 2021.
FLAGSTAFF'S PRICIEST HOMES SOLD in OCTOBER 2022
Photo courtesy of My Home Group
- The highest-priced single-family Flagstaff home that sold in October was a $3,750,000 five-bedroom luxury custom cabin style home in Pine Canyon with breathtaking mountain and golf course views.
- The highest-priced Flagstaff townhome sale was a $1,550,000 four-bedroom, 3500 square foot upgraded townhome with a private porch and balcony in Pine Canyon
- The highest-priced Flagstaff condominium sale was a $1,478,000 new construction in Pine Canyon boasting two separate bedroom suites, a separate guest casita, fully equipped kitchen & spacious outdoor patio
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in OCTOBER 2022
Photo courtesy of Robinson and Associates R.E
- The lowest-priced single-family Flagstaff home that sold in October was a $207,000 one-bedroom off-grid home in Leupp/Winona Area. The new owner will enjoy million-dollar views of the Painted Desert, Meriam, and Sheba craters.
- The lowest-priced Flagstaff townhome sale last month was a $349,500 two-bedroom, single-level townhouse in Lower Greenlaw
- The lowest-priced Flagstaff condominium sold was a $250,000turnkey, one-bedroom unit located on the second floor at the Arbors (Woodlands Area)
Flagstaff Home Buyer Advice
New listings are coming onto our market every single day, so you can find the perfect property to fit all your needs. There’s way less competition. You won’t have to offer over the asking price to win a home anymore—in fact, many sellers are willing to give you generous concessions.
If you’re thinking of buying this year I suggest you hurry. Interest rates may rise further this year—the longer you wait, the more it could cost to purchase your dream home. As long as inflation is high, we’ll see higher mortgage rates. If we see more positive news on inflation, mortgage rates will come down. This will give prospective homebuyers more buying power and lead to more homeowners throughout the country.
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:
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
Traditionally, things slow down . However, today’s buyers are looking at homes online every day, no matter the season. Don’t try to time the market based on old assumptions about seasons. Price your home right and it will sell, no matter what time of year you enter the market.
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
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 firstname.lastname@example.org.
You Might Be Interested In: