Realty Executives of Flagstaff

Serving Flagstaff, Arizona since 1977

Realty Executives of Flagstaff

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Welcome to Flagstaff!

(Published on - 9/26/2019 6:06:15 PM)

Welcome to Flagstaff! Its location is one of its best features, as it sits at 7,000 feet and has four distinct seasons. Here are a few fun facts:

Location -- It is gateway to the San Francisco Peaks, home of Arizona Snowbowl ski resort. It is also only 80 miles from the Grand Canyon, and hosts over 50 miles of urban trails (FUTS), as well as trails throughout national forest land. Including the Beale Trail…did you know Edward Beale used camels to help establish a trade route from Arkansas to California in 1857? Flagstaff is also home to the longest intact stretch of America’s Mother Road, Route 66!

Route 66 Edward Beale Grand Canyon 

Nature and Space – Packed with trails and forests, Flagstaff is parked right smack in the middle of the largest Ponderosa pine forest in the world…and this tree is famous for its vanilla/butterscotch aroma in the summer months. Go ahead, find one and give it a sniff! And the Lowell Observatory is one of America’s first major astronomical research facilities (built in 1894); Pluto was discovered by scientists there in 1930!  Also, in 2001 Flagstaff became the World’s First “International Dark Sky City.” (This designation is given to cities with exceptional commitment to dark sky preservation through quality outdoor lighting.)  Like rocks? With its close proximity to the Grand Canyon, you can find many layers of rock history in the area…including fossils in the rocks that were used to build the Ice House on Birch Avenue!

Lowell Observatory Pluto Fossils

To Do -- Flagstaff boasts a variety of pet friendly hotels, restaurants, and shops. Bring your furry family member to one of any number festivals and events throughout the year. Too many to name, the short list includes First Friday Art Walk, Movies in the Square, the local Farmer’s Market, Pickin’ in the Pines, Blues and Brews, the Overland Expo, and the Urban Flea Market. There is something for everyone, whether your interests be art, music, history, food, breweries, camping, biking, skiing, star gazing, geology, or just a good time! Check out Flagstaff's calendar of events here.


12 Year Growth in Single Family Home Prices

(Published on - 9/5/2019 3:36:46 PM)

Flagstaff Home Prices vs. Inflation over 12 Years

 

Looking at the median price over a full year, our peak was in 2006. That year, our median Single-Family home prices rose to $384,000. That year we sold 778 homes and had 1681 new listings come to the market.
After getting asked numerous times how our home pricing is today, compared to the peak before the recession, 

Now to clarify things just a little, we are looking in the general Flagstaff area, 86001, 86004, 86005, and only at Single Family homes in that area.

Lower mortgage rates...

 

Fast forward 12 years to 2018, our median single-family home prices rose to $405,750 or a 5.7% gain over those 12 years. We sold 952 homes in 2018 and 1297 homes came to the market.
So there you have it, we are up 5.7% over our high point back in the pre-recession era.

But hold the phone, what about inflation over those 12 years?

This goes well outside my expertise, so I reached out to Emy Tice, a Certified Financial Planner with WT Wealth Management here in town.

According to Emy, the average annual inflation for that twelve-year period was 1.86% per year. If the housing prices in 2006 had increased at this inflation rate the median house price today should be 384,000*(1+.0186)^12 = $479,044.

The compounding annual rate of increase for home prices was actually only .46% per year based on the median home prices in 2006 and 2018, from the Yearly Market Comparison Reports out of the MLS.

This, of course, is due to the decline in prices during the market downturn and recession.

We had deflation in 2009, but for the most part we had increasing prices (inflation) throughout the recession. Prices of consumer goods kept increasing (except in 2009) while home prices were declining. With this said, our median Single-Family Home price has increased since 2006, but not at the rate of the overall average inflation.

Meaning, if Flagstaff housing inflation matched the average annual inflation rate over this past 12 years, we are right at 18% under the value of what a Single-Family Home price would be today.

Hope that helps in understanding our Single-Family home price over the past 12 years.

As questions come up, please never hesitate to reach out.

 

About the Author:

Realty Executives of Flagstaff
Jeff Ross
REALTOR®
Realty Executives of Flagstaff
mobile: (928) 225-3511
email: jeff@allflagstaffhomes.com 
website: www.allflagstaffhomes.com 
15 E Cherry Ave
Flagstaff, AZ 86001
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Flagstaff Housing Market

(Published on - 7/16/2019 2:31:53 PM)

What’s the Housing Market like in Flagstaff these days?

Here are a few detailed facts on our current housing market, through the first half of 2019:

Overall, the numbers are down. So far for the first 6 months of the year, we have sold 16.2% fewer homes in the General Flagstaff area.

If we break it down, Manufactured homes lead the pack and are the only category of home sales that have increased so far this year, with a 6% increase in number sold.  The rest of the categories have decreased in the numbers sold, with Single Family Homes sales for the year down -15.2%.

Median Home Prices are up moderately at +2.2%, with Single Family Homes leading the pack at a +7.1%

Active homes coming to the market for the year are -6.8% under last year, with all categories of homes in the negative.

A little further down in the stats, you will see home sales grouped by price ranges.  This report is for all homes between Williams, through Flagstaff, to Winslow, and for all categories of homes.

You will see that we had -20% fewer Homes Sold under $499,999.  Homes sold in the mid-price range from $500,000 to under $1 million are slightly down -3% or less, and numbers for homes sold over that $1 million mark are down a whopping 32%.

Appraiser Home Values

Another interesting stat:

The Median List Price for the General Flagstaff area for all home types was $415,000, up 6.4% from last year. The Median Sold Price as noted below is $380,130. That is little over an 8% difference. The buyers are the ones that set the trends in pricing, and so far this year, they are saying that listing prices are almost 10% too high.

This is also shown in the number of Days on Market, which has risen by 5% over the same period last year.

 

Flagstaff Housing Market

 

All Home Sales (86001, 86004, 86005)

Year to Date thru July 9, 2019

Single Family, Townhome, Condo and Manufactured

  • Number of Homes Sold

640

-16.2%

  • Median Price

$380,130

+2.2%

  • New Homes to the market

1115

-6.8%

 

Broken down

Single Family,

  • Number of Homes Sold

423

-15.2%

  • Median Price

$427,500

+7.1%

  • New Homes to the market

801

-1.8%

  • Percent of Homes Sold to total

 

66.1%

 

Townhomes,

  • Number of Homes Sold

98

-32.9%

  • Median Price

$336,000

-4.8%

  • New Homes to the market

164

-18.4%

  • Percent of Homes Sold to total

 

15.3%

 

Condos,

  • Number of Homes Sold

66

-4.3%

  • Median Price

$217,000

+1.0%

  • New Homes to the market

89

-13.6%

  • Percent of Homes Sold to total

 

10.3%

 

Manufactured,

  • Number of Homes Sold

53

+6.0%

  • Median Price

$253,000

+5.9%

  • New Homes to the market

61

-19.7%

  • Percent of Homes Sold to total

 

8.3%

 

All type of Homes in all areas, from Williams thru Flagstaff to Winslow

  • Percent of Homes sold up to $299,999, Year to date
    •    -16.1% fewer Homes Sold
    •    -19.3% fewer Homes have come to the market this year
  • Percent of Homes sold from $300,000 to $499,999, Year to date
    •    -18.3% fewer Homes Sold
    •    +2% more Homes have come to the market this year
  • Percent of Homes sold from $500,000 to $699,999, Year to date
    •    -1.0% few Homes Sold
    •    -1.0% fewer Homes have come to the market this year
  • Percent of Homes sold from $700,000 to $999,999, Year to date
    •    -3.0% fewer Homes Sold
    •    +3.0% more Homes have come to the market this year
  • Percent of Homes sold from $1,000,000 and up Year to date
    •    -31.8% fewer Homes Sold
    •    -3.5% fewer Homes have come to the market this year

 

 

About the Author:

Realty Executives of Flagstaff
Jeff Ross
REALTOR®
Realty Executives of Flagstaff
mobile: (928) 225-3511
email: jeff@allflagstaffhomes.com 
website: www.allflagstaffhomes.com 
15 E Cherry Ave
Flagstaff, AZ 86001
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Celebrating 40 years of Service to Northern AZ

(Published on - 5/13/2017 12:53:01 AM)

Realty Executives of Flagstaff is the oldest continuous real estate brokerage in Flagstaff. Located in the heart of historic downtown Flagstaff, we have been serving Northern Arizona’s real estate needs since 1977. From mountain homes and land to intricate commercial transactions, Realty Executives of Flagstaff serves Flagstaff, Williams, Parks, Munds Park, Winslow and the rural surrounding areas.

We put together this video to share some moments along the way.

Realty Executives of Flagstaff 40th Anniversary on Vimeo.


2383 Tishepi Trail In Kachina Village

(Published on - 4/18/2017 5:42:38 PM)

2383 Tishepi Trail

 

This Has Been a Wonderful 2nd-Home, Vacation Property. Sunny & Bright Floorplan, Open Living Area, 2 Large Bedrooms, 1 Full Bath. Spic-n-Span Clean and Move-In Ready! Furnishings Included. Sellers Would Prefer a Cash Sale, and Have Priced it in As-Is Condition.  Offered at $106,950.

 


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