As we begin to wrap up 2015, it’s time to start taking stock of Sedona Real Estate Market. All-in-all, it’s been a pretty good year. A modest improvement over 2014. Not spectacular, but solid and stable, for the most part.
Single-Family-Home sales finally broke the 400 mark for 2015, at 408. There were 392 in 2014. So, about a 4% or so gain. The Median Recorded Sales Price was up roughly 2%, at $437,000. Not exciting, but respectable. Then, again, that’s about a 33% improvement over 2011’s Mid-year Bottom at $330,000. And, it’s nearly three-quarters of the way back from 2006’s peak of $600,000.
408
Single family homes sold in 2015
$437,000
MRSL Sedona homes 2015
Luxury Market started strong
Building on its 2014 momentum, the Sedona Luxury Home Market, in the first half of the year, was the star of the show with 18 sales. Looked as though we were on our way to a new record. The second half, however, proved to be a bit of a flop, with only six sales. Prices did advance about 10%, however, over 2014’s relatively low $322 per square foot to roughly $350. With inventory up a bit, the sector continues to be full of excellent values for well-heeled buyers.
Usually known for its inconsistency, the Condos & Townhome Sector, showed itself to be remarkably consistent this year. Sales should break the 100 mark. There were only 90 sold in 2014. And, the MRSP is likely to be in the $275,000 to $280,000 range for 2015 – up from $240,000 last year. Townhomes are particularly attractive alternatives for second home buyer who seeks more of a turn-key residence that is more-or-less worry-free.
For the long-term, it’s prudent to think of land inventory as an ever-diminishing, non-renewable supply – thanks to our being surrounded by National Forest. Its increasing scarcity in the next few years will push prices up sharply for both homes and land.
Overall, the underlying health of the market is reflected by distressed property sales becoming essentially a non-factor. Among Single-Family Residence sales, 3.5% were foreclosures (REO’s) and short-sales. In the current Active Inventory, 2% are distressed. Even in the super-soft Land Sector there is presently only one active REO – out of 322 listings. Never, since distressed property statistics began being reported in late 2008, have we seen such low numbers.
That establishes a strong base for further sustainable growth in the Sedona Real Estate Market.