Sedona West October 2013
After having taken a nose dive in 2012, primarily due to foreclosure sales, the Sedona West subdivision median sales price for year to date 2013 has taken a dramatic 58% increase in median sales price. Given the relatively small number of sales year to date, 10, I am cautious in saying that the median sales price is really that high. The median sales price for West Sedona, for the first 9 months of 2013 is just a little over $400,000 at $402,500 and I would say that this is really closer to the over all median sales price. The $402,500 number is up over 20% for the same time period in 2012 so it is safe to say that prices in West Sedona and the Sedona West Subdivision are on the rise.
The number of transaction for single family homes in the Sedona West subdivision is on the rise in 2013 also. With year to date sales at 10 , and 4 of the 11 homes that are currently on the market under contract it looks like there will be at least a 50% increase in the number of sales in Sedona West in 2013. The primary reason for the increase is the number of homes on the market in Sedona West is up significantly over 2012, when inventory is tight overall.
Vacant land sales in Sedona West are still very slow with three sales in 2012 ranging in price from $63,500 to $90,000. There are currently three lots for sale in Sedona West ranging in price from $119,000 to $172,000.
Bottom Line: Prices are on the rise in Sedona and Sedona West. There is steady demand from buyers coming from the upper Midwest and California and interest rate are still under 5%. I expect there to continue to be upward pressure in pricing but have to wonder if it can keep up the pace that we have seen in the last 12 months.