Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Flagstaff Real Estate Market Closes 2019 with Record-breaking Stats
I hope your year is off to a great start! 2019 Flagstaff home sales are in the books and it was a record-setting year. Great news too!
“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of a recession over the next year. In contrast, our new recession model suggests just a 20% probability.”
Goldman Sachs’ 2020 U.S. Outlook
Home sales are predicted to grow this year according to The National Association of Realtors, the Mortgage Bankers Association, Fannie Mae and Freddie Mac.
FLAGSTAFF HOME SALES
The US Existing home sales climb by 3.6% in December 2019 while the Flagstaff real estate home sales were off 7.4% compared to November 2019 numbers. We typically expect to see a seasonal slide in inventory and buyer activity in the 4th quarter of the year, however, December housing sales in the greater Flagstaff region are up vs 2018 numbers for the month, quarter and year. Here are our latest figures.
- Month: In December there were 100 single-family homes sold, up 28% from the same month a year ago. There were 67 homes sold in 2018.
- 4th Quarter: sales are up by 20% from last year's 263 with 319 single-family homes sold
- Year-to-date sales are up by 4%compared to last year.
The Kelly Broaddus Team ended the year with 85 homes listed and sold, valued at over $41M.
FLAGSTAFF HOME PRICE
Flagstaff housing prices hit new highs for the year, the 4th quarter and for the month of December. Median price, the value where half sold for more, while the other half sold for less, more accurately reflects market conditions compared to the average sales price.
Month: December housing prices in the greater Flagstaff region rose 4% with the median sale price coming in at $395K which is a new record high for the month of December. The previous high was set last year when the median sale price was at $379K.
4th Quarter: New high at $419,000, up 7% vs last year
Year: For calendar 2019 the median sale price for a single-family home in the greater Flagstaff region hit a record high of $420K, up 9% from 2018. The average price paid per-square-foot was $226, also a new record.
Flagstaff Home Buyer
OUR ADVICE: Plan ahead and take advantage of low mortgage rates if you are buying in 2020. Mortgage rates are expected to be between 3.5 to 3.8% this year and might even go below that, some experts are saying.
INVENTORY
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. Inventory level for starter homes is down vs last month and is still far from what is needed to satisfy the demand for affordable/starter home where homebuyer demand is strongest.
- $200k- $400K, inventory is lower vs last month with less than 2 months supply. It's a seller's market at this price range. A balanced market has 6 months of supply.
- $400K- $600K, down vs last, less than 2 months supply. Seller's market
- $600K- $800K, down less than 4 months supply. Seller's market
- Above $800K, we have less than months 6 months of inventory at $800K-$1.2M. Oversupply is highest at $1.2M - $1.6M & $2.8M+ price range with 12 months inventory
If you’re buying at the lower price range, having fewer homes on the market could present a few challenges. Don’t worry MORE new construction homes are coming into the market! We can also help you find off-market homes that are not listed on the MLS. Let's talk about your situation in person! Call Kelly at 888.446.5602.
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.
Flagstaff Home Seller
OUR ADVICE:
- With high demand from first-time homebuyers and a shortage of inventory in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours.
2. Do necessary upgrades and list before the summer selling season begins. The #1 Reason to List Your Home in the Winter Months is Less Competition!
Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out.
WHAT'S AHEAD FOR FLAGSTAFF REAL ESTATE
This time of year, I always get calls from clients and friends wondering: “Where is the real estate market headed?”
If you’re curious about the real estate market, you’ll want to check out my “2020 Outlook: Real Estate Market Forecast" blog post. In it, I share expert predictions about housing prices, mortgage rates, and inventory levels. I also explain what changes in the market could mean for you.
December 2019 Flagstaff Market Watch Summary
Total Home Sales (SF)- 100 homes, up 49% vs December 2018, new high
Median Home Price (SF)- $395,000 up 4% vs December 2018, new high
Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit is at an average of 3.6%
Median Cumulative Days on Market (All): 100 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.
Longest days on market: 806 days. New build Flagstaff Ranch 3 bedroom home with views overlooking the 4th Tee Box of the acclaimed Jerry Pate designed Flagstaff Ranch Golf Course.
The Institute of Luxury Home Marketing's latest review of the luxury market in North America (US & Canada) pegs median days on market in Dec at 44 days.
DOWNLOAD THE FULL MARKET REPORT HERE
Flagstaff's Priciest Homes SOLD in December 2019
- $3,900,000 - This multimillion-dollar luxury home situated among amazing golf & lake views along Pine Canyon's #16 green and #10 fairway is the most expensive listing that sold for this month and the year 2019.
- $596,900 - This Switzer Mesa property is Flagstaff's most expensive townhome that sold in December 2019
- $837,754 - 3 bedroom Pine Canyon Condo, most expensive unit in Flagstaff that sold last month
The most AFFORDABLE Flagstaff Homes Sold in December 2019
- Single-family - $210,000 - 3 bedroom mid-century single level home in The Woodlands (Arbors), close to NAU, Sawmill, mass transit, NO HOA
- Townhouse - $180,750 - 3 bedroom Rio Homes townhouse. This is a City of Flagstaff Community Land Trust home and may only be sold to a qualified homebuyer. Get more info about Flagstaff's Land Trust program/fill out a homeownership application here.
- Condo - $165,000 - ground floor 1 bedroom unit in the Woodlands Area with beautiful Ponderosa Pines view from the porch
GET IN TOUCH
If you have plans to purchase or sell a home in Northern Arizona this year, email kelly.broaddus@exprealty.com or give me a call at 888.446.5602. I can run a free Comparative Market Analysis on your current Flagstaff/Sedona home to give you an idea of what it’s worth. And if you’re looking to buy a home, I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.
Let’s start making your 2020 real estate dreams a reality! Please don’t hesitate to call, text or email with any questions.
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