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

 

September 2020 Flagstaff Market Report

 

 September Flagstaff Home Sales Surge

 

Happy Halloween! As we move into November, the housing market continues to thrive. The summer season pushed into fall, causing September sales to surge. Here's the latest update on Flagstaff real estate.

 

FLAGSTAFF HOME SALES

This September, sales of existing homes in the US rose 9.4% compared to  August marking four consecutive months of significant gains. Greater Flagstaff's housing sales remain flat compared to last month according to data provided by the Northern Arizona MLS. It rose 40% from the same period last year, however.  There were 260 houses sold in September, the most in 14 years. Mortgage rates near all-time lows helped a lot to push sales numbers to new heights. 

September 2020 Flagstaff Home Sales by Type

 

In the month of September, our Kelly Broaddus Real Estate Advisors team hit a record of 9 homes, selling over $4M of Flagstaff and nearby area real estate.

 

FLAGSTAFF MEDIAN HOME PRICE

Median Sold Price Days on Market September 2020 Flagstaff

 

Flagstaff September housing prices fell 3.6% with the median sale price coming in at $487K which represents a new high for the month. This is 15% higher from a year ago with the median sale price coming in at $425K, setting a new September monthly price high. 

DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE

 

September 2020 Flagstaff Market Watch Summary

 

2020 Flagstaff Real Estate Market Watch Total Single Family Home Sales -   196 homes, up 47% vs September 2019. 

Median Sold Price -  $487,000, up 15vs Sept 2019

Average Mortgage rates  - 30-year fixed-rate mortgage rose 3.13% on Aug 31. Mortgage rates change daily but they remain very competitive and are worth locking in.

Longest days on market (SF): 1,135 Days  This is a stunning 4057 square foot Custom Mountain home on a heavily treed slightly elevated lot in Pine Canyon. Membership to Pine Canyon Gold Club is optional and HOA fees start at just $200/month.

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 2020

FLAGSTAFF'S PRICIEST HOMES SOLD in September 2020

Photo courtesy of My Home Group Real Estate

  • The highest-priced single-family Flagstaff home that sold in September was a $3,000,000 5-bedroom luxury custom home located on the 6th tee box and nestled in a quiet, private cul-de-sac in Pine Canyon. 
  • The highest-priced Flagstaff townhome sale was a $670,000 3-bedroom all-season luxury townhouse, a former model home in Flagstaff Ranch
  • The highest-priced Flagstaff condo sale was a $750,000 renovated lower level condo with a large outdoor space and views of the practice range in Pine Canyon

 

THE MOST AFFORDABLE  FLAGSTAFF HOMES SOLD in SEPTEMBER 2020

Lowest Priced Flagstaff Home in September 2020

Photo courtesy of Realty Executives of Flagstaff

  • The lowest-priced single-family Flagstaff home that sold in September was a $255,000  3-bedroom mountain move-in ready getaway in Christmas Tree Estates that was used as an AIRBNB
  • The lowest-priced Flagstaff townhome that sold was a $255,000 2-bedroom townhouse in Sunnyside with easy access to Buffalo Park, Killip Elementary, shopping, bus line and is 3 miles from downtown and I-40.
  • The lowest-priced Flagstaff condo that sold was a $183,180 one-bedroom upper end-unit condo at the Arbors (Woodlands Area)  located close to dining, shopping, NAU campus, the gym and just minutes from historic downtown Flagstaff

 

Flagstaff Home Buyer Advice

Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important.

Homebuyer Guide Fall 2020On top of that, the same survey reports over two-thirds of prospective home buyers believe they’ll need assistance to save enough for a down payment. What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers. Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:

“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”

Down Payment Assistance Programs Are Not Only for First-Time Homebuyers

Keep in mind, these programs aren’t just for first-time homebuyers, so it’s worth exploring your options no matter where you are in your homeownership journey. For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:

“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”

If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach too.

If you’re interested in learning more about down payment assistance programs, additional information is available through Down Payment Resource. We can help you decide which option is best for you personally. Let’s connect today to get you started on the path to your dream home.

If you are just considering buying, take a look at some of the beautiful homes that recently came on the Flagstaff market.

 

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. 

 

Flagstaff Home Seller Advice 

 

The housing market has continued its booming recovery, and sellers continue to benefit. But things might be changing soon. Let me give you the details:

Demand still outpaces supply by a lot. 

The only thing that's holding sales back is a lack of homes on the market. Inventory of homes for sale in the US is down 18.6% annually to a three-month supply. For reference, the last time that sales were this robust, the supply of homes was twice as high.

Home prices continue to rise.

Unsurprisingly, this mismatch between supply and demand has pushed home prices to new record highs. The price of a median home is up 11.4% annually. Also, homes are now going under contract after just 14 days on average, which is 14 days faster than one year ago.  

Home Seller Guide Fall 2020More homes on the market soon?

Of course, high demand and record prices benefit sellers tremendously. But there's a third aspect of the market that might spoil the party. Right now, the number of seriously delinquent mortgages is growing quickly. Many homeowners are struggling to make their payments during the economic problems caused by the pandemic. However, with current high home prices and low mortgage rates, the vast majority of these homeowners have equity in their homes. 

This means they could sell their home instead of being forced into foreclosure. The upshot is we might see a flood of new homes for sale on the market soon.

 

So what does this mean for you?

Well, if you've been thinking about selling, you might consider taking action now. The reason is the current golden moment. Demand is high, and homes are selling quickly and for top dollar. However, with the chance of many more homes for sale hitting the market, that might change soon.

In other words, we might see supply match demand, so prices start to stagnate and buyers get more choosy. That's why it's a good idea to at least look at your options right now. If you are considering selling your home, you can start by simply finding out what you could get for it in the current hot market. An easy way to do this is with the following home value calculator, which takes into account recent area sales. Click below and Enter your address to find out what your home is currently worth

 

What is the value of your Flagstaff Home?

 

If you’d like a free consultation regarding your home’s value, give us a call at 888.446.5602. Kelly will be happy to talk about strategy and tell you how to take advantage of the current market. Our team sold 85 homes last year, so we know how to guide you through any situation and make sure you sell quickly and for top dollar. 

 

LET'S CONNECT TODAY!

Whether you connect by phone or video chat, we can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to buy or sell, we know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day. Give us a call at 888.446.5602 or email kelly.broaddus@exprealty.com. 

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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