1st quarter Flagstaff
Real estate sales report
The first quarter of the year has passed, and we are excited to share the first quarterly real estate market recap of 2022. There have been 193 single-family homes sold in the first quarter around the Flagstaff area. That is slightly lower than the 209 sold in 2021 and 208 in 2020. As we have been saying for several months, this is due to a lack of available inventory and NOT a lack of buyers. When searching for active listings on our MLS on April 22nd, only 68 active (not under contract) single-family homes were on the market. Only 39 of those listings were under $1,000,000. We anticipate more sales as we head into the summer months, as this is typically when we see more listings hit the MLS.
MEDIAN FLAGSTAFF HOME PRICE
The median price for Q1 came in at $725,000 for single-family homes, up $185,000 from Q1 in 2021. This is a 34% increase. Going back two years it shows a 64% increase. The low inventory made competition very aggressive for buyers in the early months of 2022. We are still seeing many homes that hit the market go above and beyond the listed price. Townhomes, condos and manufactured homes saw increases, although not quite as extreme. Take a look at the chart below to see where they came in.
AVERAGE PRICE PER SQUARE FOOT FOR FLAGSTAFF HOMES
Although price per square foot is not used to determine the price of a home, it is a useful consideration when comparing our market year over year. With that being said, the price per sq. foot for single-family homes in Flagstaff averaged $372.10 in the first quarter of 2022. Last year for the same quarter, it was $289.20.
AVERAGE HOME SALE PRICE
The higher-end market continued to perform well during the 1st quarter. The average sales price for the quarter was $872,579 for single family homes. This represents an increase of well over $200,000 from just one year ago. The lack of inventory will continue to push the values of homes in our area. We are watching the reaction to the market with the rise in interest rates, volatility of the economy and inflation. Additional impacts may be seen from the uncertainty of the War in Ukraine and a very early start to the fire season. As always, buying and selling real estate is a very complex process, and we are here to help you succeed.
2022 UPDATE: FLAGSTAFF RENTAL MARKET Recap
Though we don’t participate in property management at Best Flagstaff Homes, it is still essential for our clients and us to know what is happening with the rental market here in Flagstaff.
The rental market correlates with the sales market, and it, too, has gone up dramatically over the past ten years.
Recently, Housing Solutions of Northern Arizona surveyed 50 market-rate apartment complexes and ten income-restricted complexes between November 2021 and January 2022 to obtain information on how attainable it is for people to rent in Flagstaff. They did not include any of the student housing complexes. Another point to be aware of, this is a compilation of rents from apartment complexes and not single-family homes, but it will still give you a good idea of the average rents.
For a studio apartment, the average rent is $1,089 monthly, up 5.5% from the previous year.
A one-bedroom averages $1,497; a two-bedroom, $1,758/month; and a three-bedroom $2,188 per month.
These are increases of 18.6%, 13.7% and 17.3% respectively.
Based on these numbers, a Flagstaff renter earning minimum wage ($15.50/hr) would have to work more than two full-time jobs to afford a two-bedroom apartment.
A household must earn about $70,000 annually to afford an average two-bedroom apartment. Most of these rents will not include utilities, which is an added expense for the renter.
GET TO KNOW BEST FLAGSTAFF HOMES REALTY
We think it’s fun to learn about each other with fun “About Us” questions so we wanted to continue to share them with you. This time around…..
What’s the most useless talent you have?
I am not sure if it is a talent, but I spent my summers in college Pig Wrestling in Wyoming to pay for school. Those little piggies were feisty.
I can play the spoons, but I have no rhythm. I guess that means I can make really loud sounds with spoons.
I can pick up just about anything off the floor with my toes – comes in handy when you drop that silverware!
I can make a horse galloping noise like a racetrack horse with my hands and legs.
I can make perfect spit bubbles and make them gracefully fly off my tongue.
I know absolutely useless Star Wars trivia. (Shocking)
I can usually guess the plot twist or ending in a movie early on when watching, this is not particularly useful except to annoy my friends when I whisper to them what’s going to happen next.
If you or anyone you know needs assistance in buying or selling a property or with property management we are here to help. Contact us today to work with a Best Flagstaff Homes team member!