Sedona Luxury & Starter Real Estate Markets

THE ABOVE FIGURES ARE FOR THE ENTIRE UNITED STATES

Three Things to Keep in Mind:

• A pattern that has been growing for a while now is a contrast among supply & market demand with the High end Markets vs. the Starter and trade up Real Estate Markets and what that’s subsequently doing to home prices!
• Supply continues to rise in the high end residential markets and that is causing prices to cool.
• Demand carries on growing along with low inventory for the first time homebuyer & trade up residential markets, which causes selling prices to rise!

Sedona Luxury Home Market and Sedona Starter Homes

What we are seeing is market time rapidly dropping.  It reminds me of 2005 when homes for sale flew off the market.

Here’s the latest Sedona home sales market data

In March of 2017, the average home sold for $589,661. It sold in 230 days.

Statistics for Sedona homes sold in March of 2018.  Average Sedona home sold for $762,624. It sold in 156 days.

The Sedona luxury home market hasn’t shifted a great deal yet. We still have around 60 homes on the market which has been typical for at least the last 8 years but the sales of luxury homes has increased.  Perhaps we are seeing more homes that may have been under 1 million but have now appreciated up into the Sedona luxury home market.

Sedona doesn’t have many ‘starter homes’ and the lower end of the market is now in the high 300’s to 450K. These are still very nice homes and may have the famous Sedona red rock views.  Many will be in the Village of Oak Creek (where we live) which is outside the city limits of Sedona but it does have a Sedona AZ address with a zip code of 86351.  Prices there tend to be a bit lower being out of the city.

Here’s the latest Sedona Luxury Homes to hit the market

Sedona Home Sales - List Price to Sale Price Ratio