Truth be told, the Sedona real estate market has had its own inherent legs. The rally was first evidenced back in August – well before the election and the other factors were being fully felt. But, the momentum has clearly gained strength. General Single Family Residence sales have pushed past 2015’s numbers already and prices are up as well. At $480,000 versus $437,000, the Median Recorded Selling Price is up 10 percent over last year at this point. Average Cost Per Square Foot of those sales is up 6 percent, from $217 to $230. The most significant evidence of new consumer confidence, however, is that Pending Sales are unusually high, especially for this time of year: 69 single family homes under contract versus 55 in 2015. That’s a 25% increase.
Vacant Land and Luxury Homes
The Luxury Home Market is experiencing a similar phenomenon. Sales numbers for 2016 have now pretty much caught up to 2015’s. At Mid-year only 9 homes over $1,000,000 had been sold. We’re at 25 sales now. There were 26 by the end of 2015.
Whatever the driving force, the Sedona real estate market appears to be in high gear
Roy E. Grimm
Sellers will be happy to hear that Average Cumulative Days on Market has also started moving in their favor. In 2015 it took an average of 466 days to sell and close on homes sold over one million dollars. This year that’s been pared to 423 days. More good news for sellers: the active inventory of luxury homes for sale is down from 66 last year to 47 at present. So, considerably less competition. That’s the fewest we’ve seen in well over a decade.
All-in-all, there is plenty of data support behind optimism for a continued strengthening of the Sedona real estate market. We may well be poised for the strongest year across the board coming up in 2017.
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