Realty Executives of Flagstaff
Serving Flagstaff, Arizona since 1977
Realty Executives of Flagstaff
One of the great things about having friends and family is knowing that you help each other out.
Over the course of a year, you probably get asked for help, at least occasionally. Perhaps a neighbor has reached out to borrow some tools or a friend has needed some advice.
I’m sure you’re happy to oblige, whenever you can.
Why am I bringing this up?
We want to let you know that if you ever need help that is in some way real estate-related, you can give us a call. We'd be happy to help.
For example, you might need a contractor recommendation for a home improvement project. Or, you might have a question about the local real estate market and the current selling price of properties in the area.
Whatever help you need, We hope you’ll consider us as a friend and feel free to ask.
Contact us anytime.
A Look at the Frist Quarter of 2022 Flagstaff Housing Market
We wanted to give you an update of the General Flagstaff Housing market as we pass through the 1st quarter of the year.
|Before digging into the sale portion of our current market, I spoke with Chris Hallows over at Wallick & Volk to get his perspective on the lending side of things.
I hesitate to give figures as there are many variables in lending.
Your interest rate is contingent on many things, your Credit score, the day of the week and the option to pay points to buy down your rate.
|What we do know, interest rates are moving up and we may not see them come back down in the near future.
Buyer's need every edge they can get to compete in today’s market, we do highly recommend using a local lender.
Sellers are looking for assurances that the home is going to close and on time.
Having lenders that live in our community helps to assure this.
As we write this, we are up to 80 active homes on the market. Though still way under the normal 300-500 homes for this time of year, the trend is moving upward. Last month we hovered around the 41 home mark.
Year to Date, as of this week, for all types of homes, Single Family, Townhome, Condo and Manufactured,
we have seen a -12% drop in the number of homes sold, with a -25.3% drop in the number of homes coming to the market.
Because of the nationwide low inventory we have seen a strong growth in the Median Sales Price, with a 31.3% increase YTD.
Broken down we find,
We see and hear about active listings getting well above list price and in some cases, this can happen.
But as the current market matures, sellers are increasing their list price to match the market as it changes, we are not seeing as many dramatic differences between list and sales price as we saw earlier.
For instance, Year to Date, as of this week, let's look at the Median List Price at the time of the sale compared to the actual Sales Price
As you see two of the four types of home types are selling under the list price by as much as 7-8%.
Single Family and Condo prices are going above list price, that difference has narrowed and is getting very close.
If you are a home buyer, what are you looking at?
As mentioned today, we have 80 homes on the market, with the Median List price at $889,500.
It is important to note that this is what is on the market today!
Homes priced under this do come to the market frequently, but do not sit for long.
Of the 310 homes that sold so far this year,
105 of those sold for under $500,000 and those homes were only on the market for a median of 42 days.
72% of those homes required financing of some type, which may take 35 or so days of those 42.
Most agents will leave the home on the market for maybe 5-7 days to make sure all have had an opportunity to see the home and garner the best offer for the seller.
So today, the Median List prices look daunting, but over a third of the homes sold are well under the median, you just need that FULL TIME Real Estate Agent to be looking out for you.
A little about cash sales.
We hear the figure of 50% of the homes sold are for cash, this is just not true for the overall sold homes in Flagstaff. YTD 31.9% of homes sales are cash sales. Though that 50% is very close to what the homes in the Gated Communities of Forest Highlands, Pine Canyon, and Flagstaff Ranch, but not when you take into consideration all homes in Flagstaff.
We have covered a lot, and you may have a lot of questions, if so, please never hesitate to reach out to either of us, we would enjoy talking and helping you make the right decision for you and your family.
Jeff Ross * Renee Gaun
15 E. Cherry Ave