By Jon Hecht | Red Rock News (Photo by Christopher Boswell)
Four times a year, Randy Crewse, of Arizona Prime Real Estate, puts together an analysis of the state of the real estate market in Sedona and the surrounding areas, taking into account home prices, the number of homes on the market, and how quickly homes are bought once they are on the market.
His reports full of stats and charts are not known for dramatic language, but this April, he started off his report with a warning.
“We, by that I mean the entire country, just not Sedona and the Verde Valley, are in a real estate market that is unmatched by anything I have seen or experienced in my 46-plus years in the real estate business,” Crewse wrote. “The severe lack of inventory is causing an extraordinary amount of upward pressure on sales prices.
“The median sales price for single family homes in the Sedona area for the first quarter of 2021 came in at $827,550, up 44% from the first quarter of 2020.”
