Realty Executives of Flagstaff

Serving Flagstaff, Arizona since 1977

Realty Executives of Flagstaff

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Flagstaff, A 9 Month Review of Our Housing Market

(Published on - 10/20/2021 4:24:09 PM)

How often has someone asked you about a particular professional or a service company? For example, they may have asked, “Do you know a good tree trimming service?” or “Can you recommend a great accountant?”

Chances are you’ve been asked plenty of times over the years.

The reason is obvious. Most people would prefer to work with a professional or company that a friend or neighbor has endorsed. That’s why they ask for recommendations!

With that in mind, when you get asked, and you do not have anyone in mind, never hesitate in reaching out to us, we have a very extensive list of service providers.
Better yet if you get asked  “Do you know a great real estate agent?” We hope you’ll offer our names. If you do, We promise to provide that person with the very best service — as we do all our clients.

If the opportunity comes up and you do recommend us, please let us know. We will want to thank you personally for the referral.

Before jumping into Real Estate;

Sue and I had a great trip overseas spending a combined little over 3 weeks in Albania's UNESCO region  with Rivers, Valleys and Gorges, a side trip into North Macedonia, then down to Greece to the Peloponnese Peninsula Region.

This was a self guided bike trip organized by a company called BikeTours.com. This was our 5th ride with them, having ridden in past years  to Portugal, Czech Republic, Italy-Slovenia-Croatia, and lastly this ride. Most rides have been just Sue and I, though a couple of the earlier rides we rode with another Flagstaff couple.
The Tour company planned out the route, taking care of accommodations and moving our main luggage from town to town. Our job was to enjoy ride, 'smell the roses' so to speak, take in what the country side offers with its sites and wonderful people and food.

From the Flights over and back, the people in both countries and the daily bike rides, all went smooth. Not to say we took the current Covid situation lightly, but with proper planning and being careful in crowds, we had few if any issues. 
Most of the days were out riding by ourselves , totaling right around 450 miles in the two countries, and then all the walking through the small towns we got to stay in, the time was superb. 

The scenario  in both countries was similar, we flew into  Albania and spent two days explore their capital city of Tirana, then biked for 9 days, taking layover days to explore some of the smaller areas in more depth. Then flew down to Athens Greece took a few days there, then down to the Peloponnese  region to bike 7 days plus layover days there. At the end of this portion of the trip we stayed in a little town called Nafplio for 4 day to explore the surrounding areas and what Greece is all about, that was a treat in itself. 

Our Trip offered so much to talk about we could only include a snippet of the areas we toured for this issue.

A close friend gave us this quote when we moved toward retirement that we thought was very appropriate as we head in that direction.

"We live in a wonderful world that is full of beauty, charm and adventure. There is no end to the adventures that we can have if only we seek them with our eyes open"
Jawaharlal Nehru

So with that said, and as you get this, I am up in Moab Utah,  mountain biking for the week with my Sons family including our two granddaughters:), and Sue is down in Houston at the International Quilt Fair.

Now back to Real Estate;

2021 has been an interesting year in Real Estate, and you have heard a lot of stories.

In this article, we will cover some of the facts of Real Estate in North Arizona, and will include the combined communities of Flagstaff, Bellemont, Parks, Williams, and Munds Park. 
If for any reason you would like just the area you live in, please just reach out to one of us and we can pull what you are looking to see.
To help gauge the numbers better we will break into Single Family, Condominium, Townhomes, Manufactured and then a total of All.

For starters last month we talked about the number of signs you see as you tour each neighborhood. 
You may ask, why are we not seeing that home?
Though we will not break it down as we did last month, we will give you two total numbers.
As you are driving around today, you may see as many as 577 signs on homes throughout the above-mentioned areas. 
After taking out the homes that are under contract in one fashion or another, which accounts for approximately 76% of the homes you see signed, which means there are only 138 homes left that are actually active ready for that right buyer.

Single Family homes, there are 101 homes available.
Condominium, there are 8 homes available.
Townhomes, there are 7 homes available.
Manufactured, there are 18 homes available.   

With all this said, the availability has not increased as we have moved through the year.
On average we have sold 197 homes of all types, monthly thru September. We have a total of 138 homes currently available on the market, meaning we have less than 1 month supply of homes on the market.  
We have mentioned before that the experts in Real Estate say a 6-month supply is a healthy market, anything less and it is considered a seller’s market, anything more and a buyer’s market.

Let’s move over to Number of Sales and Median Sales prices this year.

Overall, through the first 9 months of the year, our Median sales prices for all home types and the areas mentioned above, have climbed 23%, from a median price of $406,500 to a median price of $500,000.
We will break this down just a little, still in the 5 communities as mentioned above, but broken down by Home Type.

Single Family Homes  Sales are down -6.7% for the year, while Median prices have risen to $575,000 a 25.0% increase.
Condominium  Sales are down -5.8% for the year, while Median prices have risen to $279,000 a 26.8% increase.
Townhome Sales are down -12.3% for the year, while Median prices have risen to $419,725 a 17.2% increase.
Manufactured home Sales are up 7.3% for the year, while Median prices have risen to $310,000 a 21.6% increase.

Since Flagstaff and Single-family homes is the largest category, thought we would give you those figures.
In Flagstaff through September,  the Median Sales Price of a single-family home is $600,000, rising 22%, though 8.2% fewer homes have sold.

You are hearing a lot of numbers out there and probably most can be justified, depending on the areas they are looking at and if they are including all types of homes. The key is asking what those numbers include to know how accurate they are as an overall picture.

Our goal here was to give you a broad and accurate overview of the Flagstaff and the surrounding communities.
Either Renée or I can pull an individual area for you pretty quickly, so if you have a particular area you are interested in, never hesitate to reach out.

As a summary:

As we move through the rest of the year, the key factor will be the availability of homes on the market.
That number will more than likely drop, but then so will the number of buyers. Winter can be a good time to be looking to buy since you normally do not have as many Buyers to compete with.  On the same side of the coin, with the low inventory of homes, we are in an excellent time to sell your home.

We hope this helps, and as you have questions about your home and if it is a good time to sell, or on the buyer’s side of the equation, how can you navigate this market to get the best outcome for you and your family.
Please Never Hesitate to reach out.

About the Authors:

 

Jeff Ross * Renee Gaun
Your 1st Choice in Real Estate®
Your Team for Success

928-607-5556  Jeff
Jeff@AllFlagstaffHomes.com
928-606-6232 Renee
Homes@ReneeGaun.com
www.AllFlagstaffHomes.com

 

15 E. Cherry Ave
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