Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
September Sees More Closings, Flagstaff Homes Stay Longer on the Market
The market is slowly rebalancing, rewarding patient buyers as prices soften. The surge in sales brought on by lowering home prices also decreased overall inventory. Here's our latest update.
FLAGSTAFF HOME SALES
The US Existing-Home Sales Decreased 1.5% in September vs August while Greater Flagstaff's housing market posted a flat growth according to data provided by the Northern Arizona MLS. There were a total of 192 homes sold, the same number a year ago.
"The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%. Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales," National Association of Realtors Chief Economist Lawrence Yun.
In the month of September, the Broaddus Properties Group Brokered by eXp listed and sold ten properties in Flagstaff valued at over $5.3 Million. Last year we helped buy and sell three homes worth $2.9 Million+!
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 100.1%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
Flagstaff's September median sold price posted a negligible decline at -0.8% vs last month, however it is still up +4.7% year over year to $625,000, highest in more than a decade. Homes remained on the market for 71 days (median). This is significantly slower than the 56 days we saw in August and 55 days the year prior.
SEPTEMBER 2022 Flagstaff Market Watch Summary
Total Home Sales - 192 homes, flat vs September 2021.
Median Sale Price - $625,000 up 4.7% vs September 2021, highest in more than a decade
Mortgage rates - The 30-year fixed-rate mortgage rate averaged 7.04% to 7.2% as of October 19, up from last month when it averaged 6.3%. A year ago at this time it averaged 3.5%.
Longest days on market (SF): 706 days This is a new construction private retreat in Pine Canyon with two separate bedroom suites and a separate guest casita.
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 home.
- The Flagstaff single-family luxury market is a Balanced Market with a 15% Sales Ratio.
- Homes sold for a median of 99.50% of list price in September 2022.
- The most active price band is $975,000-$999,999, where the sales ratio is 36%.
- The median luxury sales price for single-family homes is $1,182,000.
- The median days on market for September 2022 was 81 days, up from 59 in September 2021.
FLAGSTAFF'S PRICIEST HOMES SOLD in SEPTEMBER 2022
Photo courtesy of Realty One Group, Mountain Desert, Lynn Crawford
- The highest-priced single-family Flagstaff home that sold in September was a $2,450,000 four-bedroom luxury home in Forest Highlands. A blend of mountain/contemporary
- The highest-priced Flagstaff townhome sale was a $1,699,000 four-bedroom, 3,199 sqft upgraded luxury townhouse in Pine Canyon that boasts two decks and impeccable views of the 12th fairway
- The highest-priced Flagstaff condominium sale was a $1,029,700 three-bedroom, new construction in Pine Canyon with a spacious outdoor patio ( also the record holder for longest days on market in Sept 2022)
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in SEPTEMBER 2022
Photo courtesy of Jackson Associates, Shawn Mahoney
- The lowest-priced single-family Flagstaff home that sold in September was a $263,333 2-bedroom in Sunnyside. It is a multi unit investor property that consists of a cinder block house and mobile home. Sold as is.
- The lowest-priced Flagstaff townhome sale last month was a $380,000 three-bedroom townhouse in Sunnyside built in 2003, listed by Kelly Broaddus.
- The lowest-priced Flagstaff condominium sold was a $225,000 studio located on the lower level at the Arbors (Woodlands Area)
Flagstaff Home Buyer Advice
With soaring mortgage rates and falling home prices, more people are backing out of buying a house altogether. 75% of consumers think it’s a bad time to buy a home with most citing high home prices, recession fears and unfavorable mortgage rate conditions
BUT IS IT REALLY A BAD TIME TO BUY?
If you are currently renting, your landlord may be more likely to increase your payments to offset the impact of inflation. Historically, homeownership is a great hedge against inflation/rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses.
“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same,” James Royal, Senior Wealth Management Reporter at Bankrate
Becoming a homeowner, if you’re ready and able to do so, can provide lasting stability and a reliable shelter in times of economic uncertainty.
Buyers should consider reducing the price point for their home search if they don’t want to go over their budget.
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:
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Flagstaff Home Seller Advice
Data shows that sellers are willing to reduce prices. Among recently sold properties (national) that were on the market for more than a month, sellers had to drop prices by 12% on average.
IS IT A GOOD TIME TO SELL?
YES! Inventory is still firmly in Seller’s Market territory. Flagstaff homes for sale under $1,000,000 strongly favors sellers with less than 3 months of supply.
Waiting is unlikely to reveal better conditions. By the end of the year we could start to approach a more balanced market condition if inventory growth continues at the current level.
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
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.
If you have any questions about our market or are thinking about buying or selling in Flagstaff, don’t hesitate to call us at 888.446.5602 or email us at email@example.com. We’re out in the market every day helping clients to buy and sell in Northern Arizona, and we do research so we have the best advice to give you, no matter your situation.
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