Sedona Land Market
SEDONA VACANT RESIDENTIAL LOTS
As Sedona housing prices soared to unprecedented heights in 2020-2021, the bright spot for buyers has been the Vacant Land Sector. Back in 2006, the Median Recorded Selling Price for residential lots in Sedona was $519,000. That started coming back to earth in the first half of 2007 and had plummeted to $115,000 by 2011. Since September, that figure has stood at $250,000 – 28% higher than in 2020 at this time.
Sales boomed in the first half of 2021, with triple the number of sales in 2020. Summer saw a slow-down in the flow of closed transactions and that has become more of a trickle in the 4th Quarter of 2021 with only 18 sales in October and November.
That presents a strong buying opportunity for astute investors. Expect the price point to resume its upward trend as inventory continues to dwindle. Eventually, as the non-renewable supply of vacant land dwindles, we'll see prices sky-rocket from these bargain levels. Keep in mind that vacant land is a non-renewable resource. Sedona is completely surrounded by U.S. National Forest and almost all the land that can be developed pretty much has been.
Meanwhile, we are still seeing Sedona luxury lots selling at huge discounts compared with the prices they fetched in 2006. At some high-end gated communities, you can still find luxury lots starting around $300,000. Back in 2006 those would have been priced at $700,000 or $800,000. More commonly, though, you can expect to pay $400,000 to $600,000 for a really good luxury lot and well over a million or two for something truly extraordinary.