Realty Executives of Flagstaff

Serving Flagstaff, Arizona since 1977

Realty Executives of Flagstaff

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Flagstaff Home Sale Update, and the Flagstaff Family Food Center

(Published on - 10/28/2020 4:47:16 PM)

I hope you’re enjoying the fall season!

Have you ever noticed that, when it comes to real estate, there’s news, and then there's news you can actually use?

For example, most major newspapers, both print and online, publish updates on the real estate market — but only nationally and regionally. They don’t tell you what's going on in your specific here in Flagstaff, by necessity, they can only cover a broad area.

But news that's broad and general has limited value to you.

The real estate information that's most useful, especially if you're thinking of selling, is our local Flagstaff or Northern Arizona market. It’s specific to your neighborhood – maybe even to your street.

That's where I can help.

When you have questions about the Flagstaff and surround areas  real estate scene, give me a call. I can provide you with the latest information, data, and insights for your particular area. That’s news you can actually use to make better decisions about selling or buying.

Flagstaff Housing Market

This will be a little briefer than in past newsletters, mainly because the market has not change much over the past 3-4 months.
The number of homes available to purchase are down, number of homes sold are up, home prices are up and interest rates are low and stable.
So that is it in a nutshell.



A little deeper dig into the Flagstaff Market
If we look at all homes, Single Family, Townhome, Condo, and Manufactured homes.
Year to Date, thru the end of September
Sold 25.8% more homes, 
Median price is at $397,542, up 10.43%
Active homes on the market is down 46%.
Currently we are sitting on 2.42 months supply of homes on the market, 
which is called our Absorption Rate, the number of months it would take at our present sales rate to sell all the homes.
The experts in Real Estate feel 6 months is a happy number, any less and we are in a seller’s market, any more and we move into a buyer’s market.

For just Single-Family homes in the Flagstaff Area
Year to Date, thru October 19th
Sold 29.5% more homes or 1040 homes
Median price is at $498,000*, up 14.2%

You noticed an (*) next to that $498,000.
There is a very telling reason for that,
This figure includes our 3 gated communities.
Normally this would not overly effect the numbers, but this year it has.
In the 3 gated communities, Forest Highlands, Flagstaff Ranch and Pine Canyon.
Home sales have gone crazy,
Year to Date, thru October 19th
Sold 127.7% more homes, or 189 homes
Median price is at $1,025,000 or up 23.5%
These three areas account for 18% of the home sold in Flagstaff.

So, with the above said.
Taking into consideration the majority of the single-family homes sold in Flagstaff, those outside a gated community.
Year to Date, thru October 19th
Sold 21.8% more homes or 851 homes
Median price is at $440.000, up 7.4%


What Now?
If you are a Seller, and have any interest in selling your home, this may be the best opportune time. 
Buyers are still out looking with few finding what they are looking for. Unless the home you are looking to sell is a second home, the challenge will be to find that replacement home. 

If you are a Buyer, all is not lost, but it will take patience and a good agent staying on top of things and honestly keeping you grounded. The last thing you want to do is get caught up in the frenzy of multiple offers and any possible bidding wars that may happen

By now, you know I am here to talk, so please never hesitate to reach out. And as I have always said, it can be about Real Estate, or hiking, biking, or many other topics. Heck, ask about my up and coming passion, BikePacking….

 

 

 

The Flagstaff Family Food Center,

 

I also wanted to include information about The Family Food Center, Food Drive that is coming up on November 15th. 10 am to 2 pm.

 

Our office parking lot at 15 E. Cherry Ave will be one of the drop off points.

If you are out and about that day, they could  sure use the  help,

 

 

 

 

About the Author:

Jeff Ross
Realty Executives of Flagstaff
Phone: 928-773-9300
Direct: 928-225-3511
Mobile: 928-607-5556
Email: JEFF@ALLFLAGSTAFFHOMES.COM
Website: www.AllFlagstaffHomes.com

 

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