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.