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Sedona – Are Home & Land Prices Rising?

Sheri Sperry July 10, 2015

JULY

HOMES & LAND FOR SEDONA AND THE VERDE VALLEY

Sedona Homes For Sale

Homes & Land for Sedona AZ

Latest Sedona Real estate Listings!

Also, we are excited to bring to the Sedona Homes & Land market 2 new listings! To find out more about these listings you can go to this link to check out the virtual tours.

New Price

The Clarkdale Lot, MLS #501428 is now at $99,900. This lot already has well and septic included. The views of Sedona and the surrounding area are phenomenal!

Market Profile – Sedona Homes For Sale

Since January 2015, the asking price per square foot for Sedona homes and land has dropped significantly from $274 to $234 in July. This has propelled the Market Action Index upward toward 30 which is what it takes to be in a seller’s market. The MAI is up from June’s 28.5 to 29.4 for both zipcodes this week and showing a strong trend to continue upward. It is still a buyer’s market, but homes sales have been exceeding new inventory for several weeks. Prices are not moving higher as excess inventory is consumed. However, as supply and demand trends continue, the market will move into the Seller’s zone (30 and up) which will likely cause an upward pressure on pricing.

Another indicator of pricing is average days on market (DOM). In January the DOM was 236 and now it is at 190 (slighty up from June) and holding steady. So, in the near future we are not likely to see the price of homes rise significantly.

The fastest moving quartile is the bottom 4th. The medium price is $325,500 and shows only 121 days on market vs. 273 for the top quartile.

 

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