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

 

Flagstaff Home Prices Stabilize, Inventory Continues Upward Trend in October 2023

We saw our usual seasonal decline in sales this October, and the Flagstaff real estate market is showing promising signs. Inventory continues to rise, while prices are leveling off, creating a more predictable buying, and selling scenario. Here's the most recent update. 

 

FLAGSTAFF HOME SALES

US Existing-Home Sales Receded 4.1% in October while Greater Flagstaff's housing sales declined 10.9% from the previous month according to data released by the Northern Arizona MLS. One hundred and twenty-three homes were sold in October, representing a 20.6% rise from the prior year. 

 

 

"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation. Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market, " said National Association of Realtors Chief Economist Lawrence Yun.

 

Last month, the Broaddus Properties Group listed and sold: four Flagstaff homes valued at over $2.2 million. Congrats to our home buyers and sellers!!! 

 

FLAGSTAFF MEDIAN HOME PRICE

"The median list-to-sales ratio for this area is 98.6%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property. 

Flagstaff sold median home price fell 19.5% vs September this year. If we compare it to the same month last year, it slid 5.78% from $668,000. 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 remained on the market for a median of 71 days, which means homes sold one day faster vs the prior year, but 12 days slower than the 59 days we saw in September.

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

OCTOBER 2023 Flagstaff Market Watch Summary

Total Home Sales - 123 homes, up 20.6% vs Sept 22.

Median Sales Price - $630,000 down 5.7% vs Sept 22

Mortgage rates - The weekly average for a 30-year fixed rate mortgage rate is 7.55% as of this week, down from 7.66 percent last week. This is according to Bankrate’s weekly national survey of large lenders.

Longest days on market (SF): 708 days, this is a 2-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.

• The Flagstaff single-family luxury market is a Balanced Market with a 16% Sales Ratio.
• Homes sold for a median of 96.17% of list price in October 2023.
• The most active price band is $1,400,000-$1,499,999, where the sales ratio is 50%.
• The median luxury sales price for single-family homes is $1,450,000.
• The median days on market for October 2023 was 93 days, up from 85 in September 2022.

 

FLAGSTAFF'S PRICIEST HOMES SOLD in OCTOBER 2023

Photo courtesy of RE/MAX Fine Properties - Downtown

• The highest-priced single-family Flagstaff home that sold in October 2023 is a $3,100,000 luxury home located at the end of a cul de sac on six acres in Lockett Ranches, boasting magnificent mountain views.
• The highest-priced Flagstaff townhome sale was a $737,000 three-bedroom in Pinnacle Pines. End unit, lock and leave, turnkey
• The highest-priced Flagstaff condominium sale was a $1,350,000 three-bedroom in the highly sought-after Pine Canyon. Newly constructed in 2022, this main level condominium is the perfect mountain get-away.

THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in OCTOBER 2023

Photo courtesy of Realty One Group, Mountain Desert

• The lowest-priced single-family Flagstaff home that sold in October was a $407,000  one-bedroom cabin on 1.02 acres in Hart Prairie. This getaway is less than a mile walk to Snowbowl 
• The lowest-priced Flagstaff townhome sale last month was $450,000 three-bedroom from the Lower Greenlaw neighborhood. It comes with a landscaped yard and a deck with a retractable Sunsetter awning.
• The lowest-priced condominium sold was a $205,000 one-bedroom condo in the highly desirable Arbors community, minutes from downtown and NAU.

Flagstaff Home Buyer Advice

If you want to purchase a house, mortgage rates affect how much you can afford. That is why so many homebuyers want to know what mortgage rates will be like in the future. No one can say for certain, but the anticipation is that in 2024, we’ll see a downward trend. 

Home prices are expected to keep climbing next year, and in the years to come. Whether you already own a primary residence or are still renting, the best time to start thinking about purchasing a home is now.

Owning a home:

• provides you a greater sense of comfort, safety, and security.
• allows you to express yourself freely. You may show your style and personality through everything from the color of the paint to the art on the walls.
• allows you to form long-lasting ties with your neighbors and connects you to your community.

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 

Confused about what's going on with housing prices? Despite statistics to the contrary, some people continue to assert that prices are declining. Prices aren’t falling, it’s just that price growth is beginning to normalize. 

You may see headlines saying inventory is up, however data also shows there are still significantly fewer homes for sale than there would usually be in a more normal market.

If you've been putting off selling your home because you're concerned about how shifting home prices will affect its worth or rising inventory, you don't have to wait any longer. 

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

 

 

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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