Sedona West Subdivision 2013 Review
Sales in the Sedona West Subdivision were the lowest in numbers in over 10 years with only 8 Single family transactions in 2012 . This is primarily due to the continuing reduction in the amount of inventory as outlined in my Sedona and Verde Valley Real 2012 wrap up. Two of the homes that were sold were foreclosed homes and a third was a home bought at a foreclosure auction, fixed up and sold.
The median sales price for the the Sedona West Subdivision dropped to it’s lowest number since 2000 with a median sales price of $263,500. This was significantly lower than the median sales price for the Sedona area of $349,950. The main reason for the low median sales price was that two of the homes were foreclosed homes and all but one of the homes were built before 1983 and that home was built in 1991.
The eight homes that sold in 2012 ranged in price from $152,000 for the foreclosed home at 125 Mountain Shadows, to $470,000 for the home at 280 Zane Grey which was on two lots and had been owned and built by Jim and Edith Gerry, the original developers of the Sedona West Subdivision. The median cumulative time on market was 155 days with the shortest time on market of 54 days for the home at 255 Last Wagon and the longest time on market of 967 days for the home at 165 Last Wagon.
Currently there are five homes on the market in the Sedona West Subdivision and two of those are under contract. The two homes that are under contract are both for sale at over $479,900. There has been one closed sale so far in 2013 and that was a brand new home located at 305 Mogollon that sold for $555,000. There are currently 3 lots listed for sale in Sedona West and one of those, the lot at 475 Mountain Shadows is under contract. There was only one lot sale in Sedona West in 2012 and that was a double lot that sold for $64,900 at 85 Zane Grey. That lot was significantly impacted by power lines and a large arroyo.
Bottom Line: I expect to see a strong upward pressure for prices in the Sedona area for 2013. Inventory is lower than it was at the peak of the market in 2006. Interest rates will stay low helping to allow buyers to keep their payments down. Inventory will stay low, until we see higher prices, which will help push prices higher. There will be strong demand for homes up into the $500,000 price range. All of these factorswill be good for the Sedona West Subdivision in 2013. Click here to see the current Active Listings in the Sedona West Subdivision