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Although the 392 Single-Family-Home sales in 2014 was a bit of a decline, 4.6% from 2013’s sterling 411, their Median Recorded Selling Price increased 8.2% from $395,000 to $427,500. That’s 22% up from the market’s price bottom in 2011. We’re still 27.5% below the record, $590,000, set in 2006, but gaining ground. The Average-Cost-Per-Square-Foot of those sold homes increased 4.4% from $206 in 2013 to $215 in 2014.
The underlying health of the market is reflected by distressed property sales becoming pretty much of a non-factor. Among Single-Family Residence sales, 3.5% were REO’s (foreclosures) and 1.25% were short-sales. In the current Active Inventory, there are two REO’s and one short-sale. Never, since distressed property statistics began being reported in late 2008, have we seen such low numbers. In any case, their impact on the general market is now negligible.
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Distressed property sales becoming pretty much a non-factor.
After a promising start in early 2014, the Vacant Land Market wound up plateauing more-or-less at 2013 levels. Sales this past year were only 4% ahead of 2013 and the MRSP slipped a tad, 1.5%, to $155,000. That’s still a 28% improvement over the land sector’s bottom of $121,500 in 2012, but a far-cry from 2006’s $519,000. So, a buying opportunity there.
The star of the housing show in 2013 was the Luxury Home Market with a 29% jump in sales over 2012, the strongest showing since 2007. Turns out that 2014 kept that streak going with the same number of sales for homes over million dollars – thirty-one. Roy E. Grimm
The Sedona Condo/Townhome Market, for a change, followed the pattern set by Single-Family-Residences. Sales were down 6% in 2014, but prices were up. The MRSP rose 13.5% to $240,000 and $/sq.ft. climbed 8% to $190.
Finally, in the “Location. Location, Location” category, The 2014 Average $/sq.ft. for Single-Family-Homes sold in the City of Sedona was $223. In the Village of Oak Creek it was $203, roughly10% less.
Dr. Roy Grimm is the Head of the Buyer Brokers Group & a member of the Pennington-Grimm Team at Russ Lyon Sotheby’s International Realty. Email comments to Roy at Roy@SedonaRealEstate.com or visit www.SedonaRealEstate.com for the full statistical details.
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