02/04/2019
Sedona Real Estate Market Analysis for 2018
2018 was a record breaking year for the Sedona Real Estate market. Sales numbers across the board were up - and that in spite of the low inventory in homes under $600,000. Sales in the first three quarters were very strong, while we saw a softening of the market in the last quarter that seems to be carrying into 2019. But no reason for panic: we are expecting a strong market in 2019, just not as heated as in the last couple of years.
Single family home sales under $800,000 are strong.
The number of luxury home sales has picked up - prices have not.
Land continues its way toward recovery, except for luxury lots.
Condos and Townhomes were the best sellers, in spite of the fact, that most developments do not allow vacation rentals.
Single family homes:
At the end of 2018 the number of sales was up 10% - 511 homes sold compared to 465 in 2017. This is the highest number of sales since 2005. And all of this in spite of the lowest inventory in the last 13 years – 171 active listings at the end of 2017 is a 13 year low. The market could have performed even better given more and attractive active listings. Well priced homes sold quickly.
The average price per square foot was up 9% from 2017 - $264 compared to $242. The MRSP (median recorded sales price) was $560,000, up 7% from $525,000 a year ago. The average DOM (days on market before a property sells) of 145 days is lower than the years before.
Out of 511 sales, 317 occurred in the City of Sedona and 194 in the Village of Oak Creek. The average price per square foot was $275 in Sedona and $241 in the Village.
Luxury market:
Sales in 2018 have picked up again - more in numbers than in price. By the end of December, 53 homes priced $1,000,000+ sold - an increase of 39% over 38 sales in 2017 and the highest number since 2007.
44 of the sales were between $1,000,000 - 1,999,999, 5 sales were between $2,000,000 – 2,999,999 and 4 sales were $3,000,000 and higher.
The average price per square foot of $352 was slightly up from $334. It has been fluctuating between $321 - 375 since 2008.
The median recorded sales price was $1,315,000 - nearly the same as $1,325,000 the year before. The DOM have dropped from 368 to 295 days.
The number of active listings was back to 63 in December.
Condos/Townhomes:
Condos and Townhomes remained the hottest segment of the market. The number of sold units has continually risen since 2004.
Sales in 2018 were up 10% compared to 2017 - 136 units compared to 124.
At the same time the inventory of 19 active listings was at a 13 year low at the end of last year.
With this low inventory, well priced and desirable units sell quickly.
The average price per square foot sold of $240 is up 8% over 223 in 2017.
And the median recorded sales price of $299,750 is up 7%.
Vacant residential land:
Land has continued its way up, but is still a buyer's market.
173 properties sold, compared to 141 at the end of the year before; that is a rise of nearly 23% and the highest number of sales since 2005.
Most sales occurred between $100,000 - 200,000 and only approximately 12% of lots sold over $300,000. The sale of high end lots is lagging behind.
The median recorded sales price went slightly up - $148,500 compared to $137,500.
The number of active listings has slightly gone up.
By the end of December we had 281 active listings, up from 264 a year before.
The DOM of 441 are slightly up from 433 in December 2017.
