Verde Valley/Sedona Real Estate

 

HIGHLIGHTS AND TRENDS

The Cottonwood-Verde Valley real estate market has continued the upward trend in practically all areas and property types over the last six months.

The number of Cottonwood area site-built home sales has increased nearly 16 percent year over year and the median sales price has increased by 8 percent.

The sale of new homes has remained steady, if unspectacular over the last few months.

We have also been encouraged to see land buyers returning to the market.

In the past few months, there has been much more activity in the upper-end residential market which had been so slow a year or two ago.

There are a few more spec homes being built one at a time by the smaller contractors and the homes don’t typically last long on the market.

The lack of affordable lots may slow this down a little in the future.

The next few months will prove to be interesting as there has been a sharp uptick in number of listings over the last three months.

If it continues our market could very well turn in to a buyer’s market.

While the absorption rate has been declining over the last few months, the ingredients are in place for this trend to reverse.

If so, this would probably stabilize values. As always, each segment of the market, both by value and location, move differently.

Currently, the shortage is in the $150,000-and-under home.

The rental market remains incredibly strong, as our office has less than a dozen vacancies out of some 460 doors.

Don’t look for rents to be coming down any time soon.

For more information, call 928-634-9536 in Cottonwood.

Dan Mabery
Broker
Coldwell Banker-Mabery
Real Estate, Cottonwood
CWBANKER.COM
Sedona Verde Valley Association of REALTORS ®




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