Real Estate News: Quarter 2, 2021 Market Recap

by | Jul 29, 2021 | Buyer Tips, Flagstaff, listings, Real Estate Updates

INTRODUCING BEST FLAGSTAFF HOMES REALTY!!

We could not be more excited about the events that have occurred in the last couple of months. Having to face a year like no other helped all of us put our priorities in perspective, and, therefore, we have decided to become the captains of our own ship. To be able to fully do this, we decided to open our own, independent brokerage. We are so happy to introduce Best Flagstaff Homes Realty, and we will be saying goodbye to the Elite Team (by name only, ha).

As a team, we’re still committed to becoming even more client- and community-focused. This new venture will empower us to make the process of buying and selling a home in Flagstaff more about just that – home. So, what can you expect from our change? The most knowledgeable, compassionate, and professional agents in town. The best local real estate experience for you, our Flagstaff neighbors. The same friendly service and fun personalities you’ve come to know and love.

We have moved offices but we haven’t moved far. We still have a great downtown location on the corner of Birch and Beaver. Our new address is 120 N. Beaver Street, Suite 100. Having our office in this historic downtown building couldn’t be more appropriate for what we are trying to do. It is going to allow us to do a lot of fun community events and we hope to see all of you throughout the year. Whether you join us for the First Friday Art Walk or one of the Downtown Parades, we are looking forward to our clients taking advantage of this great space.

We are so happy to have you along for our journey. You, our clients, have been such a huge piece of this puzzle. Your confidence and trust in us have helped us take this leap so we thank you. You have helped us land safely in our new home and we are honored to help you with all of your home needs.

Best Flagstaff Homes Realty


BEST FLAGSTAFF HOMES REALTY TEAM TIDBITS

If you haven’t figured it out by now, the Elite Team has branched off and opened our own brokerage and we are now Best Flagstaff Homes Realty!! This has been a labor of love, and with the change, has come many new activities we will be participating in throughout 2021 and beyond!

Since opening our doors to our new downtown office on June 1st we have:

  • Hosted the Friday Art Walk on July 2 and displayed Linda Davis’s work. She was able to sell 5 pieces during the walk! We plan to participate in most of the Friday Art Walks and will be displaying various artists’ work so come see us during the Friday Art Walk. Also, if you are an artist and have an interest in showcasing your work, please reach out to us!
  • We sponsored another Vitalant Blood Drive with great success. Thanks to all who helped and supported the Blood Drive, we were able to fill all the time slots and had a waiting list. So thank you again and our next Blood Drive will be September 15th from 9-1. Reach out to Eric to sign up. We appreciate your support!
  • Because we are at the starting line of the local Fourth of July Parade, we opened our doors to have a prime seat to view the fun. We will plan to do the same for the Winter Holiday parade. Keep an eye out for details and join us for a warm place to watch the entertainment this winter.
  • Best Flagstaff Homes has adopted a section of Lake Mary Road, and we look forward to once again getting out there and beautifying our wonderful city.
  • On July 21st we volunteered at the Flagstaff Family Food Center. It is always so nice to be able to get into the community and volunteer. It was hard during COVID as we were not allowed to help serve but the doors are back open and we will be planning to help multiple times a year.

 


2ND QUARTER SALES REPORT for 2021

SALES VOLUME

Homes sales for Quarter 2 of 2021 were anything but boring. The boom in the housing market is perhaps the most unforeseen reaction to the Covid pandemic. In the Flagstaff area, there were 323 single-family homes sold in the second quarter of 2021. That’s 43 more homes sold than Q2 of 2020. Townhomes, condos, and manufactured homes were a bit more in line with last year’s sales.

Even with the high number of sales, many buyers continue to feel the effects of low inventory levels. Multiple offers for homes are still the norm in most price ranges. On July 22nd there were only 97 Active single-family homes for sale in the Flagstaff area. Of those, 30 homes were priced under $600,000, and 35 priced between the $600,000-1,000,000 range. Over the million-dollar price, there were 32 active homes on the market.

MEDIAN PRICE

The median sales price for single-family homes during the second quarter of 2021 continued to climb as it hit $600,000 for the first time in our market history. That’s a 23% increase from Q2 2020 and a 48% increase from 2019.

One of the most common questions we hear from both buyers and sellers is “When will we see a change in market conditions and what will happen to prices?” Unfortunately, we cannot predict the future, however, we can monitor the current market conditions and trends. We have a keen eye on the existing inventory levels, pending sales, current interest rates just to name a few factors that may indicate future changes in the market.

According to the National Association of REALTORS® existing homes sales report for June 2021 ”The median existing-home sales price rose at a year-over-year pace of 23.4%, the second-highest level recorded since January 1999. The median existing single-family home price was $370,600”. While the price is quite lower than our median, we seem to be following a similar pattern in the percentage of increase in price.

Have questions, thoughts, or ideas about our real estate market? Give us a call and let’s talk.

2ND QUARTER SALES REPORT for 2021

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).

 


FLAGSTAFF AND THE ISSUE OF HOUSING AFFORDABILITY

With property values in Flagstaff increasing at an unprecedented rate, the issue of housing affordability seems to be on the minds of the entire community. From discussions between friends at local coffee shops to the chambers of City Council, home values in Flagstaff often are the center of intense debate. Of course, we are always tracking statistical data to share with our clients; and you can find those in our newsletter as well.

While many of us involved in the housing industry suspected that it is a complex problem, we could only guess how the issue was viewed amongst Flagstaff residents. However, a survey conducted in July of 2020 was able to give us all a glimpse into just that. The Northern Arizona Association of Realtors®, through a grant from the National Association of Realtors®, enlisted the help of American Strategies to conduct a survey of registered voters in July of 2020 to gauge how housing affordability was viewed throughout the community. The findings were fascinating at the very least!

FLAGSTAFF AND THE ISSUE OF HOUSING AFFORDABILITY

For context, in July of 2020, while the U.S. was still in a state of flux early in the pandemic, more respondents considered housing affordability and rent more of a concern than COVID-19 itself. Additionally, an overwhelming majority of those surveyed (79%) considered housing affordability as a very or fairly big problem.

With the current discussions being had around the community, those findings may not be all that surprising. What is surprising, however, are the findings related to how respondents feel about possible solutions. Although a vast majority of those surveyed feel that housing affordability is a significant problem in Flagstaff, only 51% felt that there were not enough housing options available for Flagstaff residents.

Q2 FLAGSTAFF AND THE ISSUE OF HOUSING AFFORDABILITY
Furthermore, while most respondents felt that there were too few housing options for certain groups like seniors, young homebuyers, or those with moderate or low incomes, most still felt that too much housing was being built. The sentiment that too much housing was being built was actually a plurality across party lines, age, and gender as well.

While Most See Too Little Housing Available for Key Groups, Plurality Feels That Too MUCH Housing is being Built

While the results of the survey can be very useful for future planning and development of possible solutions, the overall takeaway from the survey findings is that the issue of housing affordability in Flagstaff is very complex, both in terms of causes, as well as in terms of how Flagstaff residents view the issue. As always, we are here to answer any questions you may have about the complex Flagstaff housing market, and how it relates to your specific needs!


 

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…..

IF I WASN’T A REALTOR, I’D BE?

KELLY KASPRZYK

I would work for the Forest Service and work on Trail Clean-Up. That would allow me to hike all over the place and stay active outside and enjoy our awesome trails!

Kelly Kasprzyk
ERIC DAVIS

I’d be baking bread at my bakery. My Grandad owned a bakery for several years in Phoenix and I, perhaps, would carry on the tradition.

Eric Davis
SARA HOLLOWAY

If I’m dreaming I would be a tour guide in the Caribbean but would more likely have been a Paramedic.

Sara New Headshot
JESSICA GARARD

Shooting Guard for the Phoenix Suns.

TAD MOORE

Running my own vintage comic and toy shop, or an Astronomer!!

Tad Moore

 


If you or anyone you know needs assistance in buying or selling a property or with property management we are here to help. Email or call us with any questions [email protected] or at (928) 714-0001.

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120 N Beaver St. | Suite 100
Flagstaff, AZ 86001
(928) 714-0001
[email protected]