Flagstaff Real Estate Blog

Monthly Flagstaff Home Sales Report

Monthly Flagstaff Homes Sales Report – July 2017 Flagstaff Homes Sales

Flagstaff Homes SalesSingle family homes sales were hot in July with 109 Flagstaff area homes sold. Compare that to the 91 sales in July of 2016 and it sounds even more impressive.  The most active market continues to be in the homes in the $400,000 and under price with 57 sales, although the $400,000-500,000 price range was very active with 33 sales. While we did see a slight bump in inventory levels last month, currently there is less than 1.7 months inventory in all ranges below $500,000.  Any sellers who may be on the fence, now is a great time to sell!

The average sales price for single family homes in July for the Flagstaff area was $430,206, with an average price/sq. ft. of 206.27.  Our market had median sales price of $390,000 in July.

There were 12 Condos, 33 townhomes and 13 manufactured homes sold in the area during the month of July.

Take an in-depth look at the current market conditions for the month of July.

Single Family Flagstaff Home Sales – July 2017

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Monthly Flagstaff Home Sales Report - November '13

Flagstaff Home Sales Chart by Price Range

The Flagstaff homes market for November reflects the solid gains for 2013.

 

Home sales in the greater Flagstaff area (including Fort Valley, Kachina Village, Doney Park, Timberline and other 

“suburban” Flagstaff neighborhoods) were only slightly stronger last month than in November 2012 (one home more sold, to be exact, for a total of 59 sales). My conclusion is still that the Flagstaff home sales market is solidly recovered and on its way to a strong 2014. It’ll be quite a while before we seen 2007 prices, but we’re even less likely to see 2012 home prices.

The median Flagstaff home price from November to November skyrocketed 27% to $310,000 from $243,600

 last November. Remember, the median price is simply the price where half the homes sold were above that price and half were below. So, take a look at the chart showing particular price ranges to get an idea of the number of Flagstaff homes are available in a variety price ranges.

Supply of Flagstaff homes for sale is also significantly higher than it was going into last winter, which is good for 

Flagstaff buyers, and still not bad at all for would-be Flagstaff home sellers. Whenever we have a ratio sold homes to those actively for sales which is less than six months, real estate economists deem it a sellers’ market. As you can see, it’s a sellers’ market in Flagstaff for homes priced (appropriately) under $500,000.

An interesting group of just eleven Flagstaff townhomes sold last month. I say interesting because the median price was only $220,000 (down significantly from the month before), but the range of those eleven sales was $165,000 to $945,000. Not your typical 1600 sq. foot, 3 bedroom, 2 bath collection of Flagstaff townhomes!

 

National home sales trends provide some insight into Flagstaff home sales.

So, yesterday we heard that in October the housing market was “catching its breath” and today we see this: New U.S. home sales leap 25% in October. How do you put those confusing headlines about real estate together?

Fairly easily, it turns out. Today’s news is about the volume of new home sales. Yesterday’s news was about the price of resale homes.

Today’s news from the U.S. Census Bureau and the Department of Housing and Urban Development reports that October closed sales of new homes were up 25% from September (a month-to-month gain) and 15% from October 2012. Demand is outstripping supply according to the charts, but part of what drove sales was a decline in prices. The median price of new homes fell 4.5% from September to $245,800 in October. That’s the lowest level since November 2012 and 0.6% below the same month of 2012. Now for another puzzle: Were those lower prices a result of builders reducing prices as we move into winter? Or, because employment numbers improved so that people in the lower price brackets could afford the lower-priced homes that haven’t been moving so well? No answer to that one, but prices still aren’t low; the median sales price of new houses sold in October 2013 was $245,800; the average sales price was $321,700.

Yesterday’s news was from the market research firm CoreLogic. This news addressed the rate of home price appreciation, which CoreLogic pegged at just over 12% nationally for the month of October. That rate of appreciate, CoreLogic projects, is a “leveling off” of the rather sharp price increases we’ve seen in the last few months.  That’s consistent with my forecast for Flagstaff home prices.

Four Bedroom, 3 Bath Flagstaff Home!

Flagstaff home for saleNew listing in Flagstaff's popular Elk Run neighborhood -- wowser!

This will be the perfect Flagstaff home for so many people!

This home has four bedrooms, including three bedrooms on the first floor and a second master suite upstairs.

Mountain views from the interior of this Flagstaff home! Beautiful private deck situated to enjoy living in the Ponderosa Pines. Low-maintenance professional landscaping fits right into this wonderful east-side Flagstaff neighborhood (Elk Run). Super location near Northland Prep, Sinagua and Knoles schools as well as W.L. Gore east-side campus, Continental Country Club and Aspen Valley Golf Course.

This Flagstaff home has been well-maintained. The home's roof was replaced in 2010, concrete driveway was replaced in 2011. Professional landscaping by Warner's Nursery in 2011, and exterior repainting in 2012. All work was approved by the Elk Run HOA and design reviews are available for you to see. You'll find Anderson patio doors (and some windows) for comfort and efficiency. Remodeled baths. 

The great room of this Flagstaff home has a brick fireplace to build real wood fires, topping off your mountain home experience!  Breakfast bar and plenty of cabinet space and pantry space. The large laundry room serves as extra storage and a mudroom for access from the backyard. Beautiful deck is accessible from dining area and master bedroom (via those Anderson patio doors). 

Don’t wait to see this Flagstaff home! It's MLS number 154623 and you can see all the details and a virtual tour right here: 4280 Broken Rock Loop.

Call the Elite Team at RE/MAX Peak Properties for your private showing: 928-714-0001 (or contact your own real estate agent -- we cooperate!) See what our real estate clients have to say about working with us.

Watch Out for Ice Dams on Your Flagstaff Home

Ice dam in roof valley of Flagstaff homeI've sold more than one Flagstaff home that had leaks caused by ice dams. Now is the time to do something about them – don’t wait until you see the leak! I found this interesting, somewhat academic article from the University of Minnesota, creatively entitled Ice Dams. Here is the crux: “The snow on a roof surface that is above 32°F will melt. As water flows down the roof it reaches the portion of the roof that is below 32°F and freezes. Voila!—an ice dam.”

When the article discusses cause, you can tell they are from Minnesota and not Flagstaff: “Since most ice dams form at the edge of the roof, there is obviously a heat source warming the roof elsewhere. This heat is primarily coming from the house. In rare instances solar heat gain may cause these temperature differences.” In contrast, solar heat is the most common cause of ice dams on Flagstaff homes! We have very cold nights and warm, sunny days that cause the ice and snow on roofs to melt. If that melt has not been able to flow freely off the roof – usually because of a clogged gutter – ice forms as the temperatures cool in the evening and lift the edges of the roof shingles, pushing ice and, the next day water, into interior walls. Dangerous and damaging mold is likely to follow. You may not see the leak inside for a long time.

What to do? Clear your gutters were before it snows. But even then, ice can build up where roofs meet at different angles on your home (take a look at mine, pictured here). Heat tape installed along the roof line or in gutters can help. Simply clearing the snow away also works – but that can be dangerous on winter days with ice under foot. Flagstaff painting companies turned themselves into ice-dam removers at the peak of the winter season – if you get desperate, give your friendly painter a call. They aren’t doing much outside painting this season and they have tall ladders and daring young men. Caution whomever you hire to not scrape all the way down to the shingles -- you don't want them damaged!

Pending Home Sales Weak

The National Association of Realtors® released its Pending Home Sales Index for October this a.m.  Like the results for Flagstaff's home sales market in October, pending home sales were down nationally. This is the fifth straight monthly decline and it brings homes under contract to sell below the level in October 2012.

NAR's chief economist attributes the decline in part to the government shutdown, which slowed IRS verifications of income for home buyers' loan approvals. Higher interest rates and a generally sluggish economy also are to blame. In any event, housing is not contributing to economic improvement at this point.

Read more in the MarketWatch.com coverage.

Things to Do in Flagstaff This Weekend

Holiday LightsWinter celebrations kick off in Flagstaff on Saturday evening with Little America Hotel’s Holiday Lighting Ceremony & the magical North Pole Experience (NPX). The 19th Annual holiday lighting event is from 4:00 – 8:00 p.m. The light switch will be flipped on at 6:30 p.m. with over a million lights displayed on Little America’s 500-acre property.  Visitors can enjoy the display for the entire holiday season to the New Year.  The celebration on Saturday includes Christmas carolers, face painting, balloon sculpting, crafts, cookie decorating, a travel-themed raffle, and a dramatic entrance by Santa. The Little America Holiday Lighting Ceremony is free.

The North Pole Experience takes families on a trolley ride from Little America to Santa's workshop at the North Pole, where families work side-by-side with Santa and his elves, building toys and then visiting Santa's main factory floor.  Attend Elf University, and visit Mrs. Claus for cookies and snowman soup in the bakery. There’s also Santa's mailroom, and top-secret sleigh hanger. Tickets and lodging packages for The North Pole Experience available at various price levels with dates through December 27th.

What would a play about thought look like? How could a theatrical experience get an audience to wonder about what the mind does? How do we even begin to think about what we are doing?  Flagstaff Arts and Leadership Academy (FALA) presents On Thinking on Friday and Saturday evenings (7:00 p.m.) and Sunday afternoon (2:00 p.m.).  The production is a movement-dance-theatre multimedia collage. Flagstaff Arts and Leadership Academy (3401 North Fort Valley Road).  $5 in advance; $10 at the door, $2 fee for credit cards.

Premiering on Friday and Saturday evenings (7:30 p.m.), and Sunday (2:00 p.m.), with dates through December 8th, the Northern Arizona University Department of Theatre presents Spring Awakening – a New Musical. It’s a rock musical about the timelessness of adolescent angst and the universality of human passion.  Based on the book and lyrics by Steven Sater.  Music by Duncan Sheik.  NAU’s Clifford E. White Theater.  Tickets.

Now in its twelfth year, the It’s Elemental Fine Crafts Exhibition is open now through December 20th at the Coconino Center for the Arts.  This popular exhibition showcases works by the finest craftspeople in Northern Arizona. The annual juried show features over fifty original works of art.  The galleries at the Coconino Center are open Tuesdays through Saturdays

The intelligence, cleverness and beauty of ravens will take flight during The Day of the Raven at the Museum of Northern Arizona on Saturday, 10:00 a.m. – 4:00 p.m. Join artists, authors, and naturalists as they explore the wily wonder and mythology of these fascinating birds.  Enjoy poetry readings, fine art, hands-on activities and a presentation by the Audubon Society.  For kids, too!  Free with museum admission.

See NAU’s Men’s Basketball Lumberjacks take on San Diego Christian on Saturday at 3:00 p.m. in the NAU Walkup Skydome.  Tickets $6 - $8.  Season schedule and tickets.

Bowl with a frozen turkey on the Ice Bowling Lanes at the City of Flagstaff Parks and Recreation Keep-Your-Neighbors-Fed Turkey Bowl on Saturday at the Jay Lively Activity Center (ice arena – 1650 N. Turquoise Drive).  Join the annual food drive and bring non-perishable food items for free admission. Win prizes. 1:00 – 4:00 p.m.

On Sunday, the Northern Arizona University School of Music presents a Symphony and Chamber Orchestra Concert: Dvorak’s Symphony No. 8 in G Major.  Known as his "happy" symphony, this piece borrows heavily from Dvorak's favorite music, Bohemian folk melodies. It is rich, romantic, and cheerful, all at the same time, regarded by many as his greatest work.  NAU’s Ardrey Auditorium, 3:00 p.m. $8 general, $5 seniors, free with NAU ID and for those 17 and under.  Tickets.

A new exhibition continues at the Museum of Northern Arizona (MNA) -- Nampeyo :: Namingha - Tradition & Transition.  The heritage of a Hopi/Tewa family unfolds, telling the story of artistic expression in the family descended from the Hopi/Tewa potter Nampeyo. Through May 14, 2014.  Included with regular museum admission.

Living in Flagstaff always offers a variety of opportunities for fun. Learn more about living in Flagstaff!

RealtorsĀ® Call for 4 Year "Time Out" on Flood Insurance Premium Increases

Flooding from Mt. Eden - FlagstaffReform legislation in recent years was intended to impose market rates and discipline to the national flood insurance program and bring an end to taxpayer subsidies. But now people are shocked about the costs of insuring property in floodplains. The National Association of Realtors® is calling for a four-year timeout on the implementation of rate increases.

Indeed, some of the rate increases that I've seen around Flagstaff, including on my own property, have been severe. Flooding in mountain areas is a significant concern, made more dramatic by the threat of forest fires, which can devastate protective cover and open floodways that haven't run for decades. 

Legislation to delay implementation of rate increases pending further study is pending in both houses of Congress.

By the way, I recommend everyone who owns property in Flagstaff look up toward the mountain and imagine a flow coming toward your house. Then bite the bullet and buy flood insurance. 

New Year, New World in Real Estate Financing

Mortgage applicationGuest speakers today at RE/MAX Peak Properties' monthly broker meeting brought us up to speed on changes to be wrought by the Dodd-Frank Act and other innovations in mortgage financing.

Builders can't carryback mortgage loans starting in 2014. Carryback loans must be "fully amortized" (no balloons). This affects few people, but it's an important change to the way many small Flagstaff builders have operated in the past. 

Mortgage brokers are history. Every outlet needs to be a bank -- originating its own loans (as well as others in some cases).

The price of a loan will be much more transparent for all home buyers.

Renovation loans are going conventional. 203(k) loans have been around for years through FHA. Now private investors are going to get in the act. My take: Sellers who count on this are counting on the home buyers' imagination, which is never a good idea.

VA is getting a little more flexible in applying home seller concessions.

HUD will allow HUD home buyers to choose their escrow company -- we'll be bringing those escrows home to Flagstaff.

2014 will be a brave new world in real estate.

Eric Davis
Jessica Garard
Sara Holloway

The Elite Team at RE/MAX Peak Properties
123 W. Birch Ave. Suite 105
Flagstaff, AZ 86001
Phone: 928 714-0001
Email: info@bestflagstaffhomes.com

Testimonials

Jessica, We want you to know that we were very pleased with your services on the sale of the house.Ā  Everything went very smoothly and you kept us informed along the way. Bobbie and Dave Ursin
As if moving from Columbus, OH to Flagstaff isn't a big enough decision, we had less than a week to find a house that fit all our needs and wants! Thanks to Sara, and The Elite Team, this process was simply flawless! We communicated for weeks prior to our visit/house hunting trip. Every step of the way she was extremely helpful; from sending us new listings and properties that met our standards to answering our thousands of annoying questions! In early October, we viewed 9 houses in one day... from Bellemont to Doney Park down to Kachina and Munds Park, we were all over the place, and Sara never batted an eye. She is so down to earth and easy to get along with. Because we weren't super familiar with the different areas, her guidance and honesty was greatly appreciated! She even spent her weekend off ( she was supposed to be camping) communicating with us as she knew we only had limited time to see properties. Her team member, Eric, even fit us into his busy schedule to show us a house that went on the market while Sara was gone! The dedication and cooperation of this team of people is amazing! Once we finally decided on a house, we put an offer in, played the counter offer game, had our inspections, apprasials, repairs- including a new roof, paperwork and closing within 5 weeks! Whew! Sara's devotion didn't end after closing. She hooked us up with a handyman to replace our locks and a cleaning crew to make sure the house was move in ready! She guided us in the right direction to set up utilities and even met them at the house when needed. All of those deeds were greatly appreciated, but Sara went above and beyond on one more thing. The temperatures in Flagstaff reached extremely low over night to the point that pipes were freezing. Knowing we were 1700 miles away preparing for the big move, she went to the house to make sure the house was warm enough to prevent this from happening! And the proceeded to send us pictures of the fabulous views from our front yard! Sara made this process easier than we could have ever imagined and went above and beyond multiple times! We loved working with her and our recommendations are extremely high for Sara and The Elite Team! Gera and Kristen, December 2016
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