Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Inventory Grows Sixth Months in a Row, Home Price Stable
The Flagstaff fall market opened with a significant 14.1% increase in inventory this September, however, new listings dipped 21% from August. These trends are expected for the season, and while the higher inventory is beneficial to buyers entering the market, higher interest rates continue to deter some. Here's the most recent update.
FLAGSTAFF HOME SALES
US Existing-Home Sales Fell 2.0% in September while Greater Flagstaff's housing sales rose 6.2% from the previous month according to data released by the Northern Arizona MLS. One hundred and thirty-eight homes were sold in September, representing a 28.9% decline from the prior year.
"As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales. The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains, " said National Association of Realtors Chief Economist Lawrence Yun.
Last month, the Broaddus Properties Group listed and sold: ten Flagstaff homes valued at over $11.2 million. We represented the sellers for Flagstaff's highest priced single family and townhouse sold in September. Congrats to our home sellers!!!
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 98.8%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
Flagstaff sold median home price climbed 3% vs August this year. If we compare it to the same month last year, it jumped 25.2% from $625,000. The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.
Homes remained on the market for a median of 59 days, which means homes sold 12 days faster vs the prior year, but slower than the 53 days we saw in August.
SEPTEMBER 2023 Flagstaff Market Watch Summary
Total Home Sales - 138 homes, down 28.9% vs Sept 22.
Median Sales Price - $782,750 up 25.2% vs Sept 22
Mortgage rates - The weekly average for a 30-year fixed rate mortgage rate is 8.01% as of October 23, up from 7.75 percent last week. That’s the highest level since August 2000, according to Bankrate data.
Longest days on market (SF): 441 days, this is a 5-bedroom million-dollar Flagstaff home situated on over an acre overlooking the 5th hole of Flagstaff Ranch.
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.
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 homes.
- The Flagstaff single-family luxury market is a Seller's Market with a 24% Sales Ratio.
- Homes sold for a median of 96.15% of list price in September 2023.
- The most active price band is $3,200,000-$3,499,999, where the sales ratio is 300%.
- The median luxury sales price for single-family homes is $1,750,000.
- The median days on market for September 2023 was 67 days, up from 81 in September 2022.
FLAGSTAFF'S PRICIEST HOMES SOLD in SEPTEMBER 2023
- The highest-priced single-family Flagstaff home that sold in September 2023 is a $3,950,000 luxurious brand new four-bedroom luxury home in Pine Canyon nestled on a premium cul-de-sac lot with a protected treed view.
- The highest-priced Flagstaff townhome sale was a $725,000 three-bedroom in the highly sought-after Southside/Brannen area and is just a short walk away from Northern Arizona University (NAU).
- The highest-priced Flagstaff condominium sale was a $458,000 two-bedroom new build, stand-alone condo in Woodshire on Butler
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in SEPTEMBER 2023
Photo courtesy of List With Freedom
- The lowest-priced single-family Flagstaff home that sold in September was a $255,000 one-bedroom cabin on 1.02 acres in Hart Prairie. This getaway is less than a mile walk to Snowbowl
- The lowest-priced Flagstaff townhome sale last month was $319,000 two-bedroom in Christmas Tree Estates neighborhood. It comes with additional loft area and a private fenced in yard.
- The lowest-priced condominium sold was a $270,000 one-bedroom move-in ready lower-level condo in the highly desirable Arbors community, minutes from downtown and NAU.
Flagstaff Home Buyer Advice
Home prices are going up once more, but this time at a more normal pace.
One reason why home prices are going back up is because there still aren't enough homes for sale for all the people who want to buy them. Even though higher mortgage rates cause buyer demand to moderate, they also cause the supply of available homes to go down. That’s because of the mortgage rate lock-in effect. When rates rise, some homeowners are reluctant to sell and lose their current low mortgage rate just to take on a higher one for their next home.
If you've been putting off buying a home because you were scared the value might fall, hearing that home prices have risen should make you feel better. Buying a home gives you a chance to own something that usually becomes more valuable over time. Ready to buy? We can connect you to our trusted lender professionals. Call us at 888.446.5602 or email email@example.com.
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
If you've been putting off selling your home because you're concerned about how shifting home prices will affect its worth, it might be a good idea to work with a real estate agent and list your home. You don't have to wait any longer because recent data shows that housing prices have shifted in your favor.
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 Broaddus Properties Group 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’ve been waiting to make a move, I can help you decide if now is the right time. If you have any questions about buying or selling in Flagstaff, or want to get the process started, give me a call or send an email. I look forward to hearing from you! Don’t hesitate to call us at 888.446.5602 or email firstname.lastname@example.org.
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