The Single Family Residence sector showed slow sales numbers, but modest price advances. This year’s home sales, through July, lag 2015 by about 6%. Unfortunately, 2015 was the slowest year for sales since 2009. So, that makes 2016 look even more sluggish. The good news for sellers, though, is that prices continue to rebound, as they have since the Market Bottom in 2011. That summer, the Median Recorded Sales Price hit $330,000. This summer, it’s about $461,500. Back then, the Average Price Per Square Foot of the Solds was $171. Now, it’s about $225. Compared with 2015, the MRSP is up now about 6% and the Average $/Sq. Ft. is up 3%.
So, despite slow sales, the Sedona Single Family Residence Market is showing consistent long-term strength. And, speaking of market health, foreclosures and short-sales continue to be fewer and farther between. Back in 2011, 40 percent of homes in Sedona sales were distressed. Now, 2.7 percent. And, they’re also gone from the Sedona Luxury Home Market entirely and even from the long-suffering Vacant Land Market.
luxury market strong opportunity for buyers
As we’ve said so often, vacant land in the Sedona area is a non-renewable resource.
Roy E. Grimm
Enter Your Text
Sign up for the newsletter and stay ahead of the game with Roy's regular analysis of market changes in the Sedona area.Sign up for the newsletter