Sedona Real Estate Market 2019 Recap
Roy Grimm, ReMax Sedona
Compared with 2018, 2019 was a bit of an off year. Sales of Single-Family Residences were down 2.5% (511 to 498) and the Median Recorded Selling Price was up a mere 0.7% – from $560,000 to $565,000. But, that overlooks the fact that 2018 was record-breaking – the best year the Sedona Real Estate Market has had since 2005. If we compare 2019 with the average of the five years prior to 2018, sales were up 19% and the MRSP was up 25%. Beyond that, foreclosure sales were down 50% to a mere 6. And, Cumulative Days On Market for the Solds dropped from 145 to 119. All-in-all, a very strong performance for Single-Family Residences.
For a really superlative market performance, we just need to turn to the Luxury Home Sector – those over $1 million. There we saw a new record for sales numbers in 2018: 53 Single-Family Homes and 2 Townhomes. 2019 demolished that by 11% to set an All Time Record: 56 single-family homes and 5 townhomes. Despite that, the Average Price Per Square Foot was down slightly from $352 to $350. The remarkable thing about those numbers is that the average for the previous 5 years is $348. So, there has been, unlike the general residential market, an astounding stability. The lack of recent price appreciation makes the Luxury Home Sector one of the best values in Sedona Real Estate.
The other relatively hot market has been the Condo/Townhome Sector. 2019 sales were down 1.5% (136 to 134), but 2018 was the strongest market since 2003. The Median Recorded Selling Price was up a bit (3%) to $310,000 – largely due to the Law of Supply and Demand. The number of listings in the sector averaged only about 20 over the year and a half dozen of those were Seven Canyons Golf Club townhomes that were priced well over a million.
The Vacant Land Sector, however, remained in the doldrums – as it has since the crash. Sales were down 18% from 2018, but the MRSP was up 13% to $167,500 from $148,500. That’s an encouraging sign, but it’s a long way off the peak hit in 2006 of $519,000.
2020 is off to an encouraging start. It’s way too early to put much stock in the limited January numbers, but Single-Family Residence sales are up 30% over the same period in 2019 and the MRSP is up 7%. Land sales are up 40%. Again, statistically, we have insufficient sales numbers at this point to start making much in the way of generalizations, but it actually has been one of the busiest January’s we’ve seen, both in closings and buyer activity. So, an encouraging start to the new year.
Report by Roy E. Grimm, ReMax Sedona