Residential properties in the Verde Valley sold for 10.2% above year ago, with Rimrock-Lake-Montezuma (+17.3%) and Cottonwood (+14.8%) leading the way. Camp Verde (+8.5%) and Clarkdale (+8.5%) followed, with Sedona (+7.6%) and Cornville (+7.6%) in the bottom positions. Price growth in the Verde Valley has been driven by lower inventory, having -16.2% fewer new listings in 2017 vs. YA. The lower inventory situation got more significant in the last quarter of 2017, with new listings down in the Verde Valley -58.8% vs. YA. Sedona, Clarkdale and Rimrock-Lake-Montezuma were hit the hardest, with 4th quarter new listings down -70% vs. YA. Comparing with the market highs of 2006, we closed the year barely -5.3%, while a the end of 2016 we were -14% below.
(1) Median Price means that 50% of the sold homes were above this number and 50% below it.
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 very low home inventory, pressing prices even 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 or download this useful real estate mobile App: http://m.sir.com/SIR4RE