Realty Executives of Flagstaff
Serving Flagstaff, Arizona since 1977
Realty Executives of Flagstaff
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How often have you opened a newspaper, or logged into your favorite news website, and seen story after story about the real estate market?
There’s no doubt about it. The real estate scene has been getting a lot of coverage lately, and it can all seem confusing — even baffling.
However, there is good news.
Most news outlets report on national news. But, it’s the LOCAL Flagstaff real estate scene that impacts you the most. And, this Flagstaff market is much easier to understand and predict.
Say, for example, you’re thinking of moving. If you give us a call, We can give you a good idea of what your property will sell for on today’s market fairly quickly. In addition, if you’re targeting a neighborhood you’d like to get into, We can let you know what properties are selling for in that area and the current opportunities available.
So, if you ever have questions about the local market, please don’t hesitate to contact us.
5 Month Update to the Flagstaff Real Estate Market
We are almost 5 full months into the 2022 Real Estate year with many changes afoot.
The Biggest is Inventory, which has increased, not to a level that is needed yet, but it is on the way.
The second is mortgage interest rates.
When we wrote our enewsletter in January, we had 41 homes of all types, Single Family, Townhome, Condo, and Manufactured in the general Flagstaff area. As I start this newsletter today on Friday, May 20th, we are up to 169 homes on the market.
Granted, the median price of those 169 homes is $835,000, with only 30 of those homes priced under $500,000. The average days on market for these homes is sitting at 36 days.
Lets start with the end of the newsletter and moved on from there, so the Summary:
Be careful what you are listing your home at, it is more important that ever to have that experienced full time agent giving you the guidance you need.
We talk in our office of the importance today, of not overpricing your home. More than ever, if your home does not sell relatively fast and you decided to lower the price, you may be putting a stigma on the home, "Why did it not sell”. The first question most buyers may ask, what is wrong with the home? not necessarily noticing it was just plain overpriced.
We are still in a strong Seller’s Market, so a good time to list, though it may take longer depending on the price point you are sitting at, and what happens with the Mortgage Rates.
Find the full-time agent, the agent that Real Estate is their only career, second find the best possible Mortgage Lender.
Just recently talking to Chris Hallows with Wallick & Volk Lending, his comment, “you must stay focused on the final outcome of your mortgage”. If you are waiting for homes to drop in price, while watching the interest rates rise, you may be focused on the wrong thing.
Granted things change, but currently in today’s market.
A little more about this year’s Housing Market;
As mentioned above, we have climbed to 169 active homes on the market, with a median home price of those homes at $835,000.
Year-to-Date, we have sold 444 homes a decrease of -17%, with the Median Sale price climbing to $663,000 or a 32.6%.
Of those homes, the Median List price was $637,000, so a final price of 4% over list.
Also, the median Price per Sq Ft, has risen to $358.00.
Of these sold homes, 33% have been cash sales, with the Median Sales price of these case sales at $685,000.
We see what has happened this year,
Now let's look back 5 years and compare 2017 sales to 2022 sales:
We have sold 4.5% more homes this year to date, than in 2017, during the same time frame,
Home prices have climbed dramatically, with the Median Sales price in 2017 at $333,000, compared to todays at $663,000, an increase of 99.1%.
We wanted to keep this newsletter a little shorter, with the overall tone,
There is opportunity, but more than ever, the importance of having a great Lending and Real Estate professional guiding you.
Be careful, it is easy to think the market is so hot, you can list for anything. But with the rising interest rates, and rise in home prices, the buyers purchase power is eroding.
We are not saying do not list, it is the best time of year, and the demand is still extremely strong. With that strong Real Estate professional, they will guide you toward that very best sales price.
Jeff Ross * Renee Gaun
15 E. Cherry Ave