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.
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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