Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of REMAX Fine Living / by Joselyn Uy
Flagstaff Home Prices Still Climbing
While the calendar officially turned to fall, the weather is still warm and the smell of pumpkin spice is in the air. In no time at all we will be getting our first frost, then the flurries and before you know it a serious snowfall. Get your home ready for fall, folks!
If you have been following the Flagstaff real estate market, this is the third straight month that home price is up. The Median home price continue to climb for the month of September to end at $360K and is now at seven percent higher than September 2015. Through the first nine months of this year, prices have jumped 9% compared to the same time period a year ago with the median sale price coming in at $355K. Third quarter median home price rose five percent vs the 3rd quarter of 2015.
Home Sales & Inventory
The Northern Arizona Multiple Listing Service reported a total of 122 Flagstaff homes sold in September 2016. This is 4 percent higher compared to last month's 117. Flagstaff home sales remain strong with the numbers remaining virtually unchanged from the year before.
Inventory of homes for sale remain in favor of : 1. Flagstaff luxury buyers and; 2. Sellers with homes priced below the median. Supply of homes priced above $500k remain plentiful, no shortage here at all. Below $500k, there is less than six months supply of homes for sale. This leaves first time home buyers and even move up buyers with fewer options which means that it may take a while to find the perfect Flagstaff home for you. The good news is: Mortgage rates remain at near historic lows.
Following seasonal patterns, expect home sales to slow down in the following months- which might be great for serious buyers! At this time, homes that have been sitting for some time on the market would have reduced prices and there will be less people looking are looking to buy.
"Because of the decrease in competition among buyers, home prices do not get bid up as in the summer months. A homebuyer can expect to pay about $1100 less on average for the same home in winter compared to summer."
September 2016 Flagstaff Marketwatch Summary
We are still a buyer's market on homes priced $600,000 and above and a seller's market for homes priced under the Flagstaff median home price.
Total Home Sales- 122
Median Home Price- $360,000
$2,010,000 - The most expensive single family Flagstaff home sold in September 2016 is another Forest Highlands luxury home, one of Flagstaff's most exclusive communities. On the market for less than seven months, this exquisite golf course home on 773-2891 Fred Breen has 4 bedrooms, 5.5 baths and is located at the end of a long, private cul-de-sac street on the prestigious Meadow golf course
$566,500 - Located in the South Side/ Brannen area, 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.
$100,000- One lucky Flagstaff home buyer now owns this cabin in the woods. The least expensive single family Flagstaff home sold in September is a 2 bedroom home in Mountainaire. Needs rehabbing, but if you have time, skills and money this is a great find!
787 days on market- Days on market indicates the period of time when a property hits the MLS to when it goes under contract. High end homes typically take a few months or even years to sell. This luxury listing took a little over 2 years to sell and takes the title for Flagstaff's longest sitting property on the market that sold in September 2016.
Whether you are looking to buy a starter home or thinking of selling your luxury mansion in the woods, we are your Flagstaff home experts! Please contact us at 888.446.5602 or email firstname.lastname@example.org.
You might be interested in...