June 2014 Sedona Market Update

In a nutshell, we have had a very stable and increasing healthy Sedona real estate market for the past year, but there has been a recent modest price surge. Single Family Home sales numbers were at last year’s levels going into May.  They’ve since dropped a bit – down 7%.  Some of that I attribute to the fire. Their Median Recorded Sales Price was $400,000 at the end of May, compared with $405,000 last year.  In the past three weeks, however, that MRSP has popped up to $419,000 for the year thus far; a 3.5% increase. On an Average Price/Square Foot basis, though, we’re up 5.5% , from $201 to $212.

I do expect that to climb, though not as precipitously, as the economy continues to improve.  A good indicator of the market’s health is that, so far this year, 95% of the home sales are in the non-distressed category – that is, not foreclosures or short-sales. Last year that figure was 80%.

The long suffering Vacant Land market is showing some vitality as well.  Sales numbers are up over last year’s strong showing and the Median Recorded Sales Price is currently $162,500, up 20% from 2013’s $135,000 with 16% more sales.