Verde Valley Residential Update: January – April 2020

Residential properties in the Verde Valley reached a median price of $345,169 in Jan-Apr 2020, +10.4% above year-ago (YA) despite a slowdown in March/April due to COVID-19. Clarkdale came at the top with a growth of 20.5% vs. YA, followed by Camp Verde (18.8%) and Sedona (15.5%). In terms of units sold, all cities were below YA with the exception of Camp Verde which had a growth of 20.9% vs. YA. There was a significant decline in new listings across the board due to COVID-19, with a -40% decline vs. YA in the Verde Valley. This is helping keep the price of properties high (Verde Valley median sold price in April was +8% vs. YA). On the vacant lot front, the number of vacant lots sold in Jan-Apr in the Verde Valley was 116, -16.5% vs. YA and the median sold price was $80,000, up 16.8% vs. YA. For Sedona the change percentages were similar but the median sale price of lots was much higher at $196,500 on 41 sold lots. In the last couple of weeks, we are seeing a reactivation of showings and new contracts as compared to the previous weeks where new buyer activity was minimal.

Thinking of selling a home?
If you have been thinking about selling your home, this is the time to do it. We are in a “Sellers Market”, with low home inventory, pressing prices higher. Start by getting a free Comparable Market Analysis for your home here: http://agsedonarealestate.com/sellers/. Just request one and it will be sent to your inbox. Then, go to useful tips on preparing your home for sale. Also, make sure to visit the Pricing and Hoverers page to learn the dynamics of pricing in real estate.
Thinking of buying a home?
Go to http://agsedonarealestate.com/buyers/ and http://agsedonarealestate.com/area-info/ for useful information on neighborhoods, weather, schools, county assessor and learn how Arizona manages water for our future benefit – an important consideration in your decision on where to relocate.
If you would like a consultation to discuss your real estate interests please text or call me at 928.821.8552.
Alejandro Gutierrez
about Russ Lyon Sotheby's
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