May 24, 2017
Real estate market data for Sedona, AZ provided by Susan Deierling of Realty Executives Northern Arizona and is derived from data from the Sedona Multiple Listing Service (MLS).
Sedona Home Prices
According to the Sedona MLS, we’ve had 10 straight months of average sales price increases on Sedona homes and we aren’t even close to the highs of 2007. Right now, we have no indication that the Sedona housing market is going to slow down anytime soon. If purchasing a home in Sedona is a consideration, you can still find deals on real estate in Sedona. Using a Sedona based real estate team that understands the Sedona real estate market is a must. Don’t hire a part time agent or an agent that dabbles in real estate. Don’t wait any longer. With historically low interest rate, many of our listings are starting to sell within a few days (even hours) of hitting the market.
The graph below shows what has happened with Sedona single family home prices since 2006. The current average sales price is $586,753 compared to January 2007 of almost 750K.
Around this time last year the market started to grow. Sedona homes have had a 12% sales price increase on homes. Looking at the graph, I’d expect continued growth.
Two external factors have influenced the accelerating sales. The overall economy has improved and homes are now selling in most areas of the country. Southern California continues to be a large influence. Another factor is the passing of AZ – SB1350. This law prohibits local and county governments from restricting the short term rental of homes. Many of our clients can now buy a home and rent it out with Airbnb, VRBO or similar website and enjoy an income that would have been previously stopped by the city of Sedona. This is particularly useful if you are not ready to move to Sedona yet but would like to lock in at todays prices. SB1350 does not stop home owner associations (HOA) from restricting vacation home rentals. With a few exceptions, you can assume that most HOA’s will not allow short term rentals of homes or condo’s. If you would like a vacation home, it would be best to search for homes not in an HOA. The Village of Oak Creek Association in Sedona recently voted to ban rentals under 30 days.
Sedona Real Estate Report Summary
The median list price right now for single family homes in Sedona is $1,057,125. The price per square foot for listings in this area is $305.81.
The median sale price in August for single family homes is $606,581. Average sale price is $586,753
The price per square foot for sales in this area is $244.29.
Currently Sedona has 211 homes for sale, 65 under contract. 228 sold within the last 6 months.
Find Homes for Sale in Sedona AZ
Visit our website to search for homes in Sedona or to be notified when Sedona homes come on the market. To find out what you home is worth in the current market email me or call 928-451-6098.
