Oct. 29, 2024
Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
September 2024 Flagstaff Sales Trends, Luxury Highlights, and Buyer & Seller Advice
Snow has arrived early in Northern Arizona, giving visitors the rare chance to enjoy both snow and fall colors—Flagstaff is absolutely stunning this season! As temperatures drop, so does the housing market, with many first-time buyers hitting pause until after next week’s election. In fact, a recent Redfin survey shows that nearly a quarter of them are waiting for election results before diving in. But don’t be fooled; this is just a temporary slowdown. Once the election dust settles, we’re likely to see a fresh wave of activity in the market. So, is the Flagstaff housing market truly cooling off? Dive into our latest Flagstaff Market Report to find out!
FLAGSTAFF HOME SALES
US Existing-Home Sales Slid 1.0% in September. Meanwhile, the Greater Flagstaff housing market saw a 27.2% decline in sales from the previous month, based on data from the Northern Arizona MLS. Only 110 homes were sold in September, marking the lowest September sales in a decade. In comparison, the highest number of homes sold in September over the past decade was 262 in 2020.
Flagstaff Home Sales by Type
"Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing. There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy." said National Association of Realtors Chief Economist Lawrence Yun.
Flagstaff’s 2024 home sales show a steady upward trend, with notable shifts each quarter. The year started strong with a 26.7% increase in Q1 sales compared to 2023, followed by a slight dip in Q2, down 8.4% from the previous year. By Q3, the market rebounded with a 4.7% growth in sales year-over-year. Overall, year-to-date sales are up 3.7%, highlighting consistent demand in the Flagstaff market despite some quarterly fluctuations.
In September 2024, the Broaddus Properties Group, under the brokerage of eXp, aided seven clients in selling and locating their desired homes in Flagstaff, Phoenix & Cottonwood, with a combined value surpassing $5,200,000.
FLAGSTAFF MEDIAN HOME PRICE
"The median list-to-sales ratio for this area is 98.2%." The list-to-sales ratio is the percentage of the list price that the buyer paid for the property.
The median property price in Flagstaff declined 4% to $720,000 vs last month. In comparison to the same month last year, this reflects an 8% decline from $782,750. 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.
In September, homes sold faster, with the median time decreasing to 59 days. This is unchanged compared to last year and 9 days shorter than in August of this year.
DOWNLOAD THE FULL FLAGSTAFF MARKET REPORT HERE
SEPTEMBER 2024: Flagstaff Market Watch Summary
Total Home Sales: 110 homes, down 20.9% vs. September 2023.
Median Sale Price: $720,000, down 1.3% vs September 2023
Mortgage rates: According to Bankrate.com, the 30-year fixed-rate mortgage rate averaged 6.78 percent for the week of October 24. In September, the cost of a mortgage had slipped to a 24-month low. However, that’s edged back up in recent weeks.
Longest days on market (SF): 506 days This is an affordable two-story WoodShire on Butler condo nestled among Ponderosa pines—just minutes from downtown and NAU.
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 Institute for Luxury Home Marketing has established the luxury benchmark price for single-family homes in Flagstaff at $975,000. The 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 Balanced Market with an 17% Sales ratio.
- Homes sold for a median of 95.84% of list price in September 2024.
- The most active price band is $1,900,000-$2,099,999, where the sales ratio is 50%.
- The median luxury sales price for single-family homes is $1,292,500.
- The median days on market for August 2024 was 85 days, up from 67 in September 2023.
September’s Luxury Sales Highlights
We’re spotlighting some truly stunning luxury homes that captured the highest sale prices in each property category.
Single-Family Home: This month’s top-selling single-family home is an 8-bed, 8-bath equestrian estate in Lockett Ranches, offering 4 manicured acres with San Francisco Peaks views. With a gourmet kitchen, custom wine room, expansive outdoor spaces, and a three-stall barn with trails, it’s the epitome of luxury equestrian living.
Photo courtesy of RE/MAX Fine Properties
Townhome: September’s highest-priced townhome, in Flagstaff Ranch Golf Community, features 3 beds, 2.5 baths, wood floors, quartz countertops, and a lofty open plan with cathedral ceilings. Perfect for full-time living or a lock-and-leave retreat, it includes access to Troon-managed golf amenities.
Condo: This month’s top condo boasts panoramic views of the 8th green at Flagstaff Ranch Golf Course. Featuring a main-level master suite, spacious open layout, multiple patios, and easy indoor-outdoor living, it’s a luxurious, low-maintenance getaway.
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in SEPTEMBER 2024
Take a look at last month’s lowest-priced Flagstaff home sales:
Photo courtesy of RE/MAX Fine Properties
Single-Family: Cute and cozy 2-bed, 1-bath with updated floors in Sunnyside, open layout, and shed, close to everything—budget-friendly charm at its best!
Townhome: Move-in ready Sunnyside townhome with new floors, spacious layout, front patio, fenced backyard, and garage—perfect for easy, affordable living.
Condo: This University Heights end-unit condo has 2 en-suites, a covered patio, and backs onto green space, all close to NAU and downtown with HOA covering utilities.
Flagstaff Home Buyer Advice
Today’s market has its share of homebuying myths that can feel intimidating, but here’s what you should know: prices aren’t expected to crash, buying with student loan debt is possible, and there are programs to help you save for a down payment. Don’t let these myths hold you back—let’s connect so you have a pro to help you separate fact from fear!
Reach out today at 888.446.5602, and we’ll help guide you through the process to ensure you're in the best position for your next home purchase.
If you’d like to look at what’s available on the market, you can view the homes that are available in the Northern Arizona MLS right now:
Click here to see all Flagstaff homes for sale
Search Northern Arizona Homes For Sale
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.
. I can set up a customized search so you’ll get notified when new listings that meet your criteria hit the market.
Home Seller Advice for Flagstaff/Northern AZ
Although more homes are on the market compared to last year, demand still outpaces supply, giving sellers an edge. A shortage of new home construction over the years, rising building costs, and high demand in desirable areas like Northern AZ have all contributed to a limited inventory. This means your home is likely to attract strong buyer interest, with potential for competitive offers and favorable pricing.
Partnering with a local real estate expert who understands current market trends can help you price your home right and create a strategy to stand out. In today’s tight market, selling your home could be a winning move.
If you're thinking about selling your home in Flagstaff or Northern AZ, now's a great time. Contact us today at 888.446.5602 or email kelly.broaddus@exprealty.com.
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
Home Selling Tips Our blog for Northern Arizona home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out.
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.
Have questions about buying or selling in Flagstaff, or ready to get started? We're here to help! Call us at 888.446.5602 or email kelly.broaddus@exprealty.com. We look forward to hearing from you!
YOU MIGHT BE INTERESTED IN:
--AZ-86351.svg){kind=icon}
--AZ-86351.svg){kind=icon}
