Real Estate News: Quarter 3, 2019 Market Recap

Real Estate News: Quarter 3, 2019 Market Recap

Elite Team at RE/MAX Tidbits

Here at The Elite Team, not only are we passionate about helping our clients but helping our community as well! This quarter we’d like to feature our stellar agent, Kelly Kasprzyk, and all the great things she does in our community.

First of all, Kelly is currently the Vice President of The Skyjacks Organization, which is the fundraising arm of the Northern Arizona University Athletics Department. Kelly works hard to help fundraise to provide funds for NAU Athletic Scholarships, which help those that might not get the benefit of a college education if it weren’t for athletics! If you’d like to get involved and donate, head to nauteambehindtheteams.com/#givenow.

Kelly is also the Co-Chair for the Northern Arizona Chapter of ChildHelp! ChildHelp is a fantastic organization that helps the victims of child abuse through education, treatment, and prevention. ChildHelp was founded in 1959, and has helped so many children all across the country! If you’d like to help, you can make a donation for our local chapter.

As an avid golfer, Kelly is also a member of the Arizona Women’s Golf Association Board of Directors! The AWGA is a non-profit association that serves as the official governing body of amateur golf in Arizona.

As you can see, Kelly is hard at work making her community a better place!

 


 

Two New Developments

As always, we want our clients to be in the know of all things happening in Flagstaff real estate. There are currently 2 new developments in Flagstaff that are accepting lot reservations: The Estates in Flagstaff and Woodshire on Butler. We will spend more time on Woodshire on Butler because it will hit a price point that applies to more people, however, The Estates may be what you are looking for.

The Estates in Flagstaff is a luxury home site community in the Forest Highlands area. It has its own gated entrance through Forest Highlands. There are 16 lots that are all right around 10 acres each. The lots will have horse priorities and the homeowners will be able to purchase golf memberships in Forest Highlands. These lots will range in the $1,000,000 to $1,700,000 for the lot only. So this will be for the buyer looking for luxury. They are currently in the lot reservation stage waiting for their Public Report.

Woodshire on Butler is a different type of development that is more centrally located. Woodshire is a community of 50 Bungalows next to the Little America Hotel. These will be 2-3 bedroom units ranging in price from $295,000 to $310,000. There are 4 different floorplans to choose from that are all around 1100 square feet.

All of the floorplans are multi-level with all of the bedrooms being upstairs.

 

 

Here are some things to consider while thinking about Woodshire:

  • There will be no garages. Each unit will have one designated parking space and then they will have additional designated guest parking.
  • There will be two entrances to the development and each of those will be gated. The gates will be accessed with a key code and/or remote.
  • There will be a Home Owner’s Association with certain rules and regulations. There will also be an HOA fee of $175 per month. This payment will cover all common areas, water, trash, and sewer. There will be no sort of restrictions on any type of rentals.
  • There are a lot of HOA’s that won’t allow any short term rentals. This will not be one of those types of HOAs. Buyers will be able to obtain many different loan options with these new builds.
  • The builder does have a preferred lender, On Q Financial. On Q Financial will be able to conventional, FHA or VA loans on these properties. They are able to do an FHA loan on these with as low as 3.5% down. The builder will, likely, offer up some sort of incentive if you use their preferred lender.

Woodshire on Butler is expecting to have the final community plans approved by the city at the beginning of 2020. They hope to break ground in the spring of 2020 with completions starting the fall of 2020. With a new build, you can expect a build time of 3-6 months after city approval. The city approval process is always unknown. Weather is also unknown that we have to deal with in Flagstaff. In the long run, there are a lot of uncertainties, so you must be prepared to be flexible. The developer is currently accepting a lot of reservations for $2500.

If you are interested in either of these two new builds or any other, it is important to have your own buyer representation. Unlike a resale, you do not use and Arizona state resale contract with new construction. The beauty of the resale contract is that it protects both the buyer and the seller. The new construction contracts are very one-sided. They protect the contractor more than they protect a buyer. This is why it is good to have a buyer’s agent in your corner to help you navigate through everything and be your liaison through the process. We are happy to meet with you and take you to the sales office. There are a lot of questions that we will ask that you may not think to.

Let The Elite Team help you with this awesome process.

 


3rd Quarter Sales Report For 2019

The 3rd quarter home sales in the Flagstaff area turned out to be a feeding frenzy for buyers. As we anticipated in Q2, a drop in interest rates boosted buyer confidence and gave a small relief to the rising costs of homeownership in our lovely mountain town. 340 single family homes transferred ownership in the Flagstaff area, a sharp increase from the 267 for the same quarter one year ago. This proved to be the strongest market we have seen in Q3 for the last three years.

As the volume increased, so did the cost of the homes. Our median price for single-family homes soared to $448,750 this quarter. Two years ago, for the same quarter, the median price was $393,000. That is almost a 15% increase in the median price in just two years.

The National Association of REALTORS® (NAR) has not released the national numbers for Q3 but they did report July and August sales inched up overall nationwide. NAR’s chief economist Lawrence Yun said, “As expected, buyers are finding it hard to resist the current rates. The desire to take advantage of these promising conditions is leading more buyers to the market.” Like our market, Yun went on to say, “Sales are up, but inventory numbers remain low and are thereby pushing up home prices.” interestingly, much of the West part of the United States has experienced a decline in sales volume. The median price for all types of homes in the West was $415,000. (They did not report on break down by single-family homes alone).

Locally, we are seeing a couple of new developments ready to go and there are more on the way. Our outlook on the Flagstaff area market remains optimistic. Sales volume historically slows during the fall and winter months, and we anticipate interest rates to remain relatively stable. We are excited to see the new home market coming along and hope this will bring an increase in inventory levels. Affordability remains the single largest obstacle for most local home buyers.

Take a look at the numbers below and remember The Elite Team helps buyers and sellers understand our market. It’s ALL WE DO!

 

Flagstaff Median Home Price Q3 2019
Flagstaff Total Home Sales Q3 2019
Flagstaff Average Sales Price Home Q3 2019
Flagstaff Home Average Square Footage
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The data reported here are based on home sales in the Flagstaff metro area (the city of Flagstaff and immediately surrounding county areas) as reported in the multiple-listing- service maintained by the Northern Arizona Association of REALTORS®. The data may not reflect all sales (but it surely reflects most of them).

 


 

Featured Listings

2900 W. Patio Del Presidio | $444,000 | MLS#179308

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Great corner lot with nice landscaping and space with extra attention to details!  This home offers the master bedroom on the main floor as well as an office or den on the main floor. Upstairs, there is a second living space or loft along with 2 bedrooms and a full bath. Solid granite countertops throughout, wood floors and even a wifi-connected oven! The artist’s eye is evident in this beautiful home. The corner lot allows for extra space and open space on the west side. The home has a recirculating hot water feature for those cold mornings and also a water softener.

 

 

1824 N Rain Tree Rd. | $449,500 | MLS#178959

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This country club home enjoys a park-like setting at the end of Rain Tree Rd. Step into the covered entry and open living space. The front bay windows are shaded by a unique pinyon pine tree and low maintenance landscaping. The living room flows through to the rear yard with 3 different patios and bird watching settings. The kitchen was remodeled several years ago with new cabinets, countertops, and appliances. Check out the pull-out shelves and custom drawer features. All bedrooms upstairs have large closets and extra storage. The bathrooms are remodeled as well as a new furnace, tankless water heater, and several Anderson windows. The driveway is new aggregate concrete, a full roof replacement, and new Hardy Plank composite siding. There is little left to do than move in!

 

 

4710 E. La Quinta WAY | $410,000 | MLS#178787

4710 E La Quinta Way Luxury Home in Flagstaff Exterior
4710 E La Quinta Way Luxury Home in Flagstaff Interior
4710 E La Quinta Way Luxury Home in Flagstaff Exterior
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Don’t miss this wonderful single level home set on a level 1/4 acre cul-de-sac lot in Continental County Club Estates!  The open concept plan enjoys terrific daylight with split bedroom design. The vaulted ceilings in the entry welcome you through the living space with the kitchen dining in the rear with access to the large entertaining deck. Enjoy time in the kitchen with the garden window view and breakfast bar looking toward the living room. A walk-in pantry provides the chef of the house ample supplies and storage. The master has a sitting area, office space, and private deck access. The master bath is a full room in itself with a walk-in closet, full shower, jetted tub, double sinks with additional cabinetry. A separate workshop is attached to the 2 car garage.

 


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If you or anyone you know needs assistance in buying or selling a property or with property management the Elite Team is here to help. Email or call us with any questions [email protected] or at (928) 774-0001.