Sedona West and Sedona Real Estate Second Quarter 2015
Sales in Sedona West over the last 12 month period have continued to remain steady. The median sales price for the last 12 months came in at $375,000 with little change over the last 2.5 years since the dramatic increase in 2013 over 2012. A very bright side is that none of the sales were distressed sales, as we have seen in the last several years. This fact is similar to the rest of Sedona and the Verde Valley as foreclosures and short sales are not having an impact on the market.
The number of transactions also remained steady with 15 sales in the last 12 months. When you look at the chart over the last 14 years, sales for many of the years have been in the 15 to 18 sales range, so this appears to be a pretty normal range for Sedona West.
As of this writing there are 9 homes in Sedona West on the market ranging in price from $269,000 to $699,000 with 4 of those homes under contract and in escrow.
For the Sedona market second quarter of 2015 showed a strong rebound over the first quarter for sales of single family homes. In the first quarter 2015 there was only 72 single family homes closed, we ended up at 199 for the first 6 months, 127 closed sales in the second quarter. That puts closings right on track for the 400 single family sales per year that we have had for the last 6 years.
The segment of the market that showed real strength in the second quarter of 2015 was the $500,000 to $750,000 price range. In the first quarter there were only 7 closed single family sales in the price range and there were 101 active listings. By the end of the second quarter there were 44 closed sales and 104 active listings. That segment of the market made up 22% of the sales in the first half of 2015
The last 12 months has continued to see upward pressure on the price of a single family home. In spite of the fact that that numbers of transactions and inventory have remained relatively stable over the last three years the median sales price of a single family home has gone from $330,000 to $442,000, a 33% increase. In the last 12 month period prices have risen 10.6% year over year.
Click here for the complete 48 page Sedona and Verde Valley Second Quarter 2015 Real Estate Statistics