What a difference a year makes. The season has changed to autumn and as the leaves begin to turn, our real estate market is seeing some signs of cooling temperatures as well. Yet, even with multiple increases in interest rates and greater inventory, home prices are still higher, even if not by much, than this time last year. As of September 2022, the average single-family home price in Flagstaff is $734,092 and was $729,044 September 2021, which is only $5,048 more than last year. However, at … [Read more...] about Home Prices Still Higher Than A Year Ago
Shea Homes
Great Expectations for a Normalizing Real Estate Market
When you hope for the best yet prepare for all possible outcomes, you have good strategy. Great expectations set the stage for a great performance. What has transpired in real estate in the last several months is the normalizing of the market. Inventory has increased, interest rates have increased, days on market have increased and the amount of pressure on buyers has decreased. Options have increased. And the median home price in Flagstaff has decreased for the fourth month in a row. We can … [Read more...] about Great Expectations for a Normalizing Real Estate Market
Keep Calm and Keep Perspective
While the media has been sensationalizing all topics related to real estate starting to take a tumble on a national and state level, let’s take a look at the numbers and see what is happening from a local standpoint, versus the macro-overview. During the past year in Flagstaff, the median home price of a single-family home appreciated 11.7%, from $640,000 July 2021 to $715,000 July 2022, and appreciated 25.7% the year prior, from $509,000 July 2020 to $640,000 July 2021. While homes are now … [Read more...] about Keep Calm and Keep Perspective
The Path Toward Normalcy
Over the last several months, the market has shifted slightly as it relates to price decreases, enough so that in another month or two, we can call it a trend. During the last two years, the Flagstaff real estate market rarely saw a price drop and, in fact, had price increases and bidding wars on many properties listed. The multiple-offer scenario has not evaporated, but now more than ever, the condition of the home as well as a strong listing price based on comparables in the neighborhood are … [Read more...] about The Path Toward Normalcy
An Epic Year in Review for Real Estate and a Bright Future
As we welcome 2022 and excitedly look toward the future, there is knowledge that 2021 represented a year of extraordinary significance in real estate from every standpoint. Although no one has a crystal ball accurate enough to predict where real estate will go during the upcoming year, there are some inklings from our recent historic trends that can help shed some light on the distinct probability of where we are headed. Bring your sunglasses, the future of real estate in Flagstaff looks … [Read more...] about An Epic Year in Review for Real Estate and a Bright Future
Highest Priced Home Sale in Flagstaff History
This is a year of monumental firsts in real estate and fourth quarter thus far has been no exception. On Oct. 20, a 7,420-square-foot home with five bedrooms and four-and-a-half baths sold for $5.7 million in Pine Canyon. This is the highest priced home sold in the history of Flagstaff. Prior to this sale, the highest priced home sold for $4.4 million in July 2020. Incredible to consider a $1.3 million, or 29%, difference between the first and second place most expensive homes, especially … [Read more...] about Highest Priced Home Sale in Flagstaff History
