Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy

 

 

Flagstaff Real Estate Market Finish Strong in September

The leaves may be falling, but home sales rose in September. The latest Northern Arizona MLS data shows that the peak selling season ended with a bang. Here's a quick update on the Flagstaff housing market. 

FLAGSTAFF HOME SALES

The US Existing home sales fell by 2.2% in September 2019 while the Flagstaff real estate market remained very strong. September housing sales in the greater Flagstaff region jumped 35% compared to the same month a year ago. There were 135 single-family houses sold in September, a new record high. Low mortgage rates are helped a lot to push sales numbers to new heights. 

FLAGSTAFF MEDIAN HOME PRICE

Flagstaff September housing prices rose 12% with the median sale price coming in at $425K which represents a new high for the month. Prices for the 3rd ¼ and for the first 9 months also hit new highs. Here’s the breakdown.

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September 2019 Flagstaff Market Watch Summary

Total Home Sales -    135 homes (SF),  35% vs September 2018. 

Median Home Price -  $425,000 (SF),   12% vs September 2018

Mortgage rates  - The average U.S. rate for a 30-year fixed mortgage was 3.61% in September after declining for 10 consecutive months, according to Freddie Mac. It was the lowest monthly average since April 2016 when it was the same. 

Longest days on market (SF):  1055 Days That's almost 3 years on the market! This listing is a Pine Canyon contemporary custom home under construction situated along the 18th fairway tee box with both golf course and filtered mountain views.

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 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 SEPTEMBER 2019

• $2,500,000  - Forest Highlands luxury home, the "COMPS ONLY" remarks on the MLS show that this million-dollar mansion was sold off-market. This is the second most expensive home sold in 2019, next to 2558 La Serena in Pine Canyon.
• $551,172  -  Last month's priciest townhome is another 3 bedroom townhome with luxury finishes in the Switzer Mesa/Ridge area boasting an oversized kitchen and 2 decks off the back
• $400,000 -  3 bedroom move-in ready fully upgraded Aspen Shadows Penthouse suite in Flagstaff Ranch  with Peak and golf course views

The most AFFORDABLE  Flagstaff Homes Sold in SEPTEMBER 2019

• $205,000 - "Tiny house on a hill", this one-bedroom in Kachina Village, a south rural area of Flagstaff  is the most affordable single-family Flagstaff home that sold in September
• 175,000 - A 3 bedroom townhouse with 2 assigned parking spaces in Swiss Manor
• 142,900 -  Timberline Place one bedroom upstairs unit with views close NAU, shopping, hiking, and minutes from downtown. 

Flagstaff Home Buyer Advice 

With increased sales, there are fewer homes on the market, and they’re selling at a higher price. Fall is a great time to buy and sell as people are motivated to make a move before the holidays, and mortgage rates are still in your favor. 

If you’re looking to buy a home, now is a great time to lock in a low mortgage rate. It will shrink your monthly payment and could save you a bundle over the long term. Or if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today’s lower rates.

Move-up buyers, if you’re ready to trade in your starter home for something more luxurious, you may get the best of both sectors. We’re still witnessing a strong demand for entry-level homes, giving sellers the upper hand.

Luxury buyers, buyers of high-end homes are finding a greater selection (and more negotiating power) than they’ve had in years.

[Here's what you need to know about the mortgage process.]

As of October 26th, INVENTORY fell below 3 months for homes priced under $500,000. We saw an increase in buyer demand due to lower mortgage rates, but the supply available for purchase isn’t keeping up. If inventory grows, we might see lower prices.

Check out the latest list of Flagstaff homes for sale under $300K. There are 110+ houses available in the $300K to $400,000 range and 50+ houses available to purchase in the $400K to $450K range. If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home. Let's talk about your situation in person! Call Kelly at 888.446.5602

 

Flagstaff Home Seller Advice 

If you’re considering selling your home to move up, now is a great time to get a positive return on your investment in a market with low supply and high demand. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.

According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.

With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing.

Is Your House “Priced to Sell Immediately”?

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so the demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.

The secret is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market.

GET IN TOUCH

If you’re thinking about selling now, let’s get started. From hiring the right real estate agent to handing over the keys, here is your step by step guide to the home selling process. Let’s get together to determine the specific options available for you and your family. Contact 928.606.6749 or email kelly.broaddus@exprealty.com if you are looking for a Northern Arizona realtor to help you buy/sell your Flagstaff/Sedona real estate and the surrounding areas. 

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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