Elisa Andreis J.D.
Your source for Sedona Real Estate
Elisa Andreis    Phone 928-274-1521
Sedona Median Sale Price
spacer Line spacer SEDONA RESIDENTIAL MEDIAN PRICE INDEX
 Updated on July 3rd 2013
MEDIAN SALE PRICE
 

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In June the median sale price of homes in Sedona was $325,500. The average home price was $450,350. The spread between median and average for June is 28%, sending a signal of caution when trying to draw too much from a single month data.
 
From a trend perspective, we are seeing a confirmation of the gradual uptrend in prices.
 
Median sale price usually provides a better gauge of home prices than average sale price. Median represents the price point where half of the homes are selling below and half above the price point, whereas average is derived by dividing the total added value of homes sold by the sold volume. Averages can easily be skewed by one or two high end sales or by distressed sales at the low end of the sales price spectrum. 
 
Sedona residential median sale price peaked in 2006 at $540,000 and bottomed at $315,000 in May 2011, representing a 42% price drop. As of the end of May 2013, median sold price has recovered by 11% at $350,000.
 
TRADING RANGE

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The trading range has been gradually contracting and the Sedona market today looks like it has reached an equilibrium not seen since the pre real estate bubble years. In June 2013 residential properties sold on average for 97.9% of list price versus 95.85% a year ago.
 
In other words, the spread between sale price and list price in May was 2.10%, an indication of a healthy demand where sellers are able to nearly get the price they want for their home and buyers find themselves with little bargaining power.
 
In real estate terms, trading range is defined as the spread ratio between sale price and list price. In general, trading range is a good indicator of a buyer’s market when the trading range is tight (2003 till 2006) and a seller’s market when the range widens.
 

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