Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of eXp Realty / by Joselyn Uy
Flagstaff Home Sales & Prices Hit New High in September 2017
We have a lot of exciting news to share with you today. Flagstaff home sales have not slowed down. The Kelly Broaddus Team with RE/MAX Fine Properties finished September 2017 with over $2.5 M in sales and helped 3 home buyers and 2 clients sell their homes.
Flagstaff Home Sales & Prices
For the month, there were a total of 138 single family home sales which is up 12% from last year. This is a new monthly record. Here are the numbers for the 3rd quarter and year-to-date
September housing prices in the greater Flagstaff area hit new monthly and quarterly highs! The September median sale price came in at $383,000 up 6% from a year ago, surpassing the previous September high of $382,000 set in 2006. The average price paid per-square-foot was $207 up 10% compared to last September. This is not a new record; in September of 2006 buyers paid an average of $230/sq ft.
Advice to Buyers
Moving-Up to a Flagstaff Luxury Home? Now’s the Time! If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the Flagstaff luxury market far exceeds those searching to purchase these properties. This means that homes are often staying on the market longer which can eventually lead to a price change. Last year in the 4th quarter there were a total of 269 sales and this year in the first quarter there were 177. This is the reason we’re seeing quite a few price reductions.
Mortgage rates A 30 year fixed rate mortgage with 5% down is now at 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 Sellers
Inventory levels have improved as we move into the final quarter of the year however there continues to be a shortage of affordable homes for sale (under $500,000). If you are considering selling your home under $500K, IT IS TIME TO LIST YOUR HOME TODAY! Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps. Call Kelly at 888.446.5602
September 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- 138 homes, 12% vs last year
Median Home Price- $383,000 , up 6% vs last year
The Most Expensive Flagstaff Single Family Home Sold in September 2017 Sold for $1,545,000 This 4 bedroom Pine Canyon luxury home overlooks the golf course's 8th fairway, 9th tee box, and lake.
September 2017's Most Expensive Flagstaff Condo Sold for $625,000. It's a 3 bedroom condo unit in Tourmaline Drive on Pine Canyon featuring beautiful golf and lake views.
The Most Affordable Flagstaff Homes Sold in September 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 that sold last month.
- $120,000 - The Arbors downstairs studio unit claim last month's most affordable condo spot.
- $219,000 - An upgraded 2 bedroom home in Greenlaw Townhouses, Lower Greenlaw was September 2017's most affordable townhouse
Longest Days on Market (Flagstaff): 538 - this multilevel, 4 bedroom new build in the southwest area Flagstaff, a new subdivision The Sanctuary
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 August with national average days on market down to 162 days from 156 days in July. Phoenix AZ luxury homes stay 194 days on market (average). See the September 2017 Luxury Market Report.
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com if you are looking to buy or sell in Flagstaff/Sedona and the surrounding areas.
Download the full Flagstaff Market Report here
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