Curious about the real estate market from 2017? I’ve got you covered.
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Have you been wondering what happened to real estate in 2017? Don’t worry, I’ve got you covered.
2017 was a great year in real estate in the Sedona Verde Valley. Overall, 1,515 homes were sold up until mid-December when I got to pull these stats, which is fantastic. Broken down, this amounts to about 1,145 single-family residences, 144 townhomes, and about 327 manufactured or mobile homes.
The active listing inventory has been really interesting. Throughout 2017, we stayed steady with about 600 to 700 active listings. For those of you who were looking to get into the buyer’s market, this felt a little bit tight. Maybe you didn’t have as much inventory to look at because we were only seeing about 100 homes per month come on the market compared to the 100 or so we were seeing go off the market.
2017 was a great year in real estate in the Sedona Verde Valley
The average active list price starting in December of 2016 was about $528,000. By the end of November 2017, the average list price had risen to $610,000, which was a great increase.
Now some of you are saying, “Holly, wait a minute! $610,000? What’s going on in the market?” Well, I’m looking from Sedona to Rimrock, Lake Montezuma, Camp Verde, Cottonwood, Jerome, Cornville, Clarkdale, and of course, Verde Village. I’m going valley-wide, but when you break it down, of course Sedona is going to be a little bit higher in price. If you go to Cottonwood in the upper Verde Valley, the average was right around $240,000. Hopefully that makes you feel better.
One of the things I want you to watch as we move deeper into 2018 is the list-to-sales prices. That’s the ratio of what homes were listed for versus what they sold for. On average, we were at an extremely healthy 96%.
The thing to know about list-to-sale price is that it’s important to ask about the original list-to-sales price. For that statistic, well, there was some negotiating going on, and people came down to about 95%. A great rule of thumb is if your house has been on the market for more than two weeks, you’re probably going to have to come off your list price. If you’ve been listed more than a month, the market has told you that your price is too high.
I’m excited for the great things to come in 2018. If you have any questions or if you want to know more fun facts to amaze your friends at parties, I’m always just a phone call away. I look forward to hearing from you soon.