Single Family Residences are certainly on a roll. Sales are up about 26 percent over last year – and we’re on track to rack up the highest number of sales since 2005 – if we don’t go off the rails. The Median Recorded Selling Price of those homes has been remarkably steady over the last three months, currently about $500,000 – roughly 8 percent over last year. Their average price per square foot has also hovered, consistently, around $235 – up about 4 percent.
RALLY IN LUXURY HOME SALES
The rally in the Luxury Home Sector was even more dramatic. By the end of June, 2016, there had been only nine sales of homes over a million dollars. This year we’ve had nineteen so far – and, presently, there are six pending sale. If that trend continues to play out for the rest of the year, we’ll have the best year in luxury homes since 2007 – the peak of the luxury home market.
I firmly believe that 2017 is shaping up to be, “The Year of the Land Market Comeback.” Roy E. Grimm
Surprisingly, but thanks to a profound lack of inventory, sales in the Condo & Townhome Sector are 28% below 2016 levels. Beyond that things get even more interesting. Although there have been 34 closed sales this spring, there are 12 sales pending, and a mere 29 active listings. Demand is out-striping supply and prices are, obligingly, rising to the occasion. In 2016, the Median Recorded Sales Price of the Solds was $241,000. This year it’s $310,000 – up 29 percent. The average price per square foot is up 14 percent, from $203 to $232. Some of that is due to more sales of luxury townhomes, but clearly, it’s a hot market.
Hot, indeed, for the entire Sedona real estate market as we head into summer.
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