We are hearing it everywhere today, the market is hot, and this is very true for the residential segment of the Sedona real estate market. Unfortunately this cannot be said yet for vacant land sales. Year to date 2012, closed vacant land sales are at pace of 77 sales for 2012, below the 95 sales for 2011. As you can see from the graph below, the number of vacant lands sales for the Sedona area have remained steady at about 95 sales per year for the last three years, up from the 60 sales in 2008, but a far far cry from the torrid number of 439 sales in 2004, ah for the good old days, not, that created this mess we are in.
On the positive side for the 16 vacant land sales that have closed year to date 2012 they have a median sales price of $180,000, which is up 44% from the median sales price of $125,000 for 2011. Foreclosed land inventory is having its impact on the market, as of this writing there are 28 vacant land listings that are either foreclosed or short sales, with a median sales price of $128,280.
Unlike residential inventory that has been on a downward trend since September of 2008, vacant land inventory in the Sedona area has swung up and down several times since the fall of 2008 and has been on an upswing since January of 2011 when it hit its low of 335 listings compared to the 396 listings on the market as of this writing, up 18% in the last 14 months.
The Bottom Line: None of those things that make Sedona the incredible place that it is have changed. It is an irresitable place of beauty and power, it has a great climate, just step outside in into the 75 degree weather today and find out, we are surrounded by national forest and we have all of the great things small town living offers. With our limited resource of privately held ground, when you find a piece of land with great views, at today’s depressed prices, that speaks to you, you don’t want to have any regrets musing about those days when you could have bought that piece of Sedona real estate at a great price in 2012.