The Sedona real estate market seems to be on the move.
After lagging as much as 7 percent earlier in the year, the Single Family Residence sector has finally pulled modestly ahead of 2015 sales numbers, thanks to a stronger than usual showing in August, September, and October. Prices, too, continue to rebound, as they have since the Market Bottom at Mid-year 2011 when the Median Recorded Sales Price skidded to $330,000 – down from the peak of $600,000 in 2006. Currently it’s about $475,000. In 2011, the Average Price Per Square Foot of the Solds was $171. Now, it’s about $227. Compared with 2015, the MRSP is up now about 9% and the Average $/Sq. Ft. is up 5%.
With virtual disappearance of distressed properties, the Single Family Residence Market is showing consistent long-term strength. But, keep in mind that sales aren’t exactly brisk. The average cumulative Days on Market for Single Family Homes overall is 207 days, but that’s better than last year’s 224.
Sedona home sales year to date
Average price per square feet year to date
Luxury market prices trending up
Even the Luxury Sector (homes over one million dollars) is showing a bit of a resurgence lately. Sales are still off 2015’s by about 25 percent, but that’s a marked improvement over the 50 percent drop we had seen for most of 2016. And, yes, even prices appear to be trending up. The Average $/Sq. of luxury homes sold in most of 2016 was about $306. Now, we’re at roughly $379. In October 2015 that figure was $370.
If you’re trying to sell a Sedona luxury home, the price point rise is encouraging, but do keep in mind that part of that is simply that we are now seeing some really high end homes – in the range above $2 million – start to sell and pull the average up. That’s moving the curve as well as the general improvement in valuations. The not-so good news for sellers is that the average cumulative Days On Market for the luxury homes that have actually sold is now 416 days. That figure was 410 days last year and 345 the year before. So, be prepared for the long haul.
If you’re trying to sell a Sedona luxury home, the price point rise is encouraging, but do keep in mind that part of that is simply that we are now seeing some really high end homes – in the range above $2 million – start to sell and pull the average up.
2015 was not kind to the Vacant Land Sector. Sales dropped 23 percent from the previous year and the MRSP dropped from $150,000 to $140,000. The sector continues to get kicked around in 2016. Sales numbers are about what they were last year at this point, but the MRSP is down another $10,000 to $130,000. There is no doubt that the long-term prospects for vacant land valuations are very strong and we will eventually see astronomical run-ups. But for now, the situation remains grim. That, however, is a good thing if you are a buyer.
So, we’re seeing something a balanced market – not quite a Seller’s Market nor a Buyer’s Market. And, that’s a healthy situation for both camps.