Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
2022 Had the Slowest December Flagstaff Home Sales in A Decade, Expect Sales to Pick Up Soon
The Flagstaff housing market is on a seasonal decline as buyers and sellers pulled back to focus their time and energy on the holidays. Here's our latest update.
FLAGSTAFF HOME SALES
US Existing-Home Sales Receded 1.5% in December vs November while Greater Flagstaff's housing market dropped 18% according to data provided by the Northern Arizona MLS. This year we saw a whooping 37.1% drop in home sales from December last year, and new listings dropped even further – to 37%, the lowest of the year. With only eighty-eight homes sold, this is the lowest December sales in 10 years.
Home Sales by Type
All property types of residential sales dipped VS the same month in 2021. Demand for homes is lower than last year, as indicated by the year-over-year decrease in closings.
Flagstaff Home Sales per Quarter
There was a total of 1571 sales which is 22% lower than last year. The highest was in 2020 with 2,240 residential housing units sold. The real estate market slowed down throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller’s market of the previous year.
"December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates. However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year," said National Association of Realtors Chief Economist Lawrence Yun.
In the month of December, the Broaddus Properties Group Brokered by eXp listed and sold four Flagstaff homes valued at over $1.9 Million+. Last year we helped buy and nine homes in Flagstaff worth $5.1 Million+
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 99.0%." List to Sales Ratio is the percentage of the list price that the buyer paid for the property.
The increase in interest rates and decrease in buyer demand impacted home prices. Home price growth dropped for the first time from a year-over-year perspective. Flagstaff's December median sold price dropped 5.7% year over year to $650,000 from last year's high of$689,000.
Homes are taking longer to sell. In December, homes spent a median of 69 days on the market, which is 17 days longer than last year but 4 days faster than last month.
DECEMBER 2022 Flagstaff Market Watch Summary
Total Home Sales - 88 homes, down 37.1% vs December 2021.
Median Sale Price - $650,000, down 5.7% vs December 2021
Mortgage rates - The 30-year fixed-rate mortgage rate averaged 6.15% in the week ending January 19, the lowest level since September. A year ago, rates were 3.56%.
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 21% Sales Ratio.
- Homes sold for a median of 100.00% of list price in December 2022.
- The most active price band is $3,200,000-$3,499,999, where the sales ratio is 100%.
- The median luxury sales price for single-family homes is $1,155,000.
- The median days on market for December 2022 was 57 days, up from 55 in December 2021.
FLAGSTAFF'S PRICIEST HOMES SOLD in DECEMBER 2022
Photo courtesy of RE/MAX Fine Properties
- The highest-priced single-family Flagstaff home that sold in December was a $3,720,000 six-bedroom luxury custom home in Pine Canyon. Sold off market.
- The highest-priced Flagstaff townhome sale was a $725,000 four-bedroom townhome on a corner lot in Pinnacle Pines. Kelly Broaddus helped the owners sell this home!
- The highest-priced Flagstaff condominium sale was a $439,900 two-bedroom unit in Switzer Mesa, close to NAU and hiking trails.
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in DECEMBER 2022
Photo courtesy of Realty One Group, Mountain Desert
- The lowest-priced single-family Flagstaff home that sold in December was a $350,000 three-bedroom single-level Kachina home
- The lowest-priced Flagstaff townhome sale last month was a $395,000 two-bedroom in Railroad Springs, less than 3 miles from both Downtown Flagstaff and NAU
- The lowest-priced Flagstaff condominium sold was a $215,000 one-bedroom move-in ready unit at University Meadows (Riordan Ranch), located at the edge of NAU and near Riordan State Park
Flagstaff Home Buyer Advice
Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake.
Getting pre-approved is an important first step towards buying a home. It lets you know what you can borrow and shows sellers you’re serious about purchasing their home. Work with a local lender to learn how today’s rates impact your goals. Contact us on 888.446.5602 or email email@example.com. We will refer you to trusted lenders to explore your options in our area.
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:
Sign up for free to receive our updates about coming soon properties and homes for sale not listed on the MLS. I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.
Flagstaff Home Seller Advice
If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase. 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.
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.
You Might Be Interested In: