Elisa Andreis J.D.
Your source for Sedona Real Estate
Elisa Andreis    Phone 928-274-1521
Sedona Land
spacer Line spacer SEDONA LAND
Updated on June 21st 2013
LAND PRICE
 
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Land prices have dropped from a median high of $590,000 in 06 to $127,500 today. Put in another way, land today can be purchased at a 78% discount from the 2006 peak and at a 37.5% discount from 2003 levels.
 
Average prices rose 24% from a month ago. It will take a few more months of data through the summer to get confirmation of the uptrend.
 
LAND INVENTORY
 
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The overhang of land inventory remains high with 319 listed properties by the end of May 2013. This compares with 335 listed vacant land lots a year ago and represents a decrease in inventory of 5%.
 
Land inventory is off by 32% since an all time high of 470 in 2009.
 
SALES VOLUME
 
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Land sales volume has picked up significantly since the beginning of the year with 16 sales in April and 18 sales in May, the best showing since 2006.
 
ABSORPTION RATE
 
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At the current rate of land sales, it would take 17.7 months to liquidate the inventory, compared with 24 months a year ago. This is the lowest reading since 2006 and is considered a positive signal triggered by increased sale volume.
 

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Arizona Real Estate
Russ Lyon Sotheby's International Realty
20 Roadrunner Drive Suite A • Sedona, AZ 86336
Elisa Andreis • Phone 928-274-1521