There has been a flurry of real estate activity in our market and the nice weather has further facilitated getting folks out to open houses and writing contracts. We are now back to multiple offers on certain homes, depending on price point and condition. However, what has been a bit perplexing as of late is the historically low absorption rate. For the month of April 2023, there were only 44 single-family homes sold in Flagstaff and for the months January through April 2023, there were only 138 … [Read more...] about Flagstaff Experiencing Pent-Up Demand for Housing
Zion Realty
Mountain Modern Commands More Money
Design trends come and go and just like fashion, they evolve and change over time. What can be so much fun about watching the evolution of style is to see what takes off and makes a mark versus what pops up and then quickly fades away. Anyone who visits Arizona and doesn’t know our area very well will soon learn that the style of architecture and interior design for the trifecta is very diverse – the trifecta consisting of Scottsdale, Sedona and Flagstaff. Let’s take a look at three of the … [Read more...] about Mountain Modern Commands More Money
Super Bowl Brings Super-Sized Real Estate Sales
It’s no secret that the Super Bowl will be held in Arizona this month at State Farm Stadium in Glendale. The last time the Grand Canyon State hosted the Super Bowl was 2015, prior to that, it was 2008, and the first time was 1996. Beyond the showstopping halftime entertainment and the memorable commercials, what makes headlines – to numbers geeks like me – is the profound financial impact the Super Bowl has on the local economy. Direct visitor spending will total between $128 million to $259 … [Read more...] about Super Bowl Brings Super-Sized Real Estate Sales
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
April Showers Bring Record-Setting Spring
The million-dollar question asked most frequently regarding real estate as of late is: “Will homes continue to sell at these prices and at this pace for much longer?” Although the answer is complex because of many factors, the short answer is “yes,” barring a world war or unforeseen natural disaster. There are several metrics that support this response and yet the most simple contributor is demand outpacing supply. Throughout Northern Arizona, we have more buyers than homes available. As of … [Read more...] about April Showers Bring Record-Setting Spring
Increasing Seller Success in a Sizzling Market
Often, when considering current market conditions, it is easy to generalize and think that every home listed goes for thousands or hundreds of thousands over list price. Although our real estate market is extremely strong and continues to be very competitive, the simple truth is that not every home sells for over list. Even with a shortage of available homes, there are price reductions on homes that are not camera ready. There are several things sellers can do to set themselves up for … [Read more...] about Increasing Seller Success in a Sizzling Market
Community: So Much More Than a Four- Letter Word, Home
Community is a beautiful word. Not necessarily because it looks so pretty on paper or sounds so sweet rolling off the tongue but simply because of what it signifies. Connection. Inclusion. Association. The definition of community is twofold. First: A group of people living in the same place or having a particular characteristic in common. Second: A feeling of fellowship with others, as a result of sharing common attitudes, interests and goals. Our neighborhood is one community. Our city is … [Read more...] about Community: So Much More Than a Four- Letter Word, Home
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
