The market patterns reported for the 1st Quarter of this year have pretty much continued over the past month. So, you might want to include the piece below as you review this update.
Except for the Luxury Home and Townhome Sectors, the 2015 housing and land markets are off to a listless start so far.
Single Family Home sales numbers continue to lag even last year’s slow beginning, down about 12%.
The Median Recorded Selling Price is currently $400,000, marginally ahead of 2014 at this point by a little over 1%. And, compared with the end of 2014, it’s down 9%. At $214, the Average Cost Per Square Foot is up 2% over April 2014, but essentially the same as in December 2014. So, all-in-all, prices remain flat.
$214
Average price per square foot
$400,000
Median sales price
All-in-all, prices remain flat
So far, prices are flat, as well, in the Sedona luxury home market – actually somewhat off 2014, at at an Average Cost Per Square Foot of $315. I expect that to climb as the sales numbers continue to rise. The big news is that the Sedona Luxury Home Sector is bolting out to a lead over the fast paced sales figures in 2014. At this point in 2014, there were six sales of homes over $1,000,000 and nine pending sales. This year there are seven sales, so far, and eleven pending. So we’re on a record-breaking pace – best since 2007. I believe that his much robustness in the high end of the Sedona home market portends an eventual overall upsurge in the general housing market.
At the other end of that market, the Condo/Townhome sector continues to show surprising strength. Sales are still ahead of 2014’s and prices have broken through the $200/square foot barrier for the first time in six years.
I believe that his much robustness in the high end of the Sedona home market portends an eventual overall upsurge in the general housing market.
The Vacant Land Sector remains a disappointment to sellers with sales and prices lagging behind 2014 by over 20%. That market segment will take of itself eventually as vacant land continues to disappear. It’s a non-renewable resource, given that we’re an island of private property surrounded by National Forest. But, the land rebound seems to be taking considerably longer to show itself than expected. When it does, it’ll blow the doors off. But, when is the big unknown.