By Carol Kahn | Red Rock News
The demand for Sedona real estate is high and the inventory is low. Long gone are the homes averaging $500,000.
The new median priced home in Sedona is averaging $850,000, and million-dollar homes are in high demand.
Has Sedona reached its pinnacle in the housing market?
With the rising cost of homes, low inventory, more and more short-term rentals and limited rental housing available, will Sedona’s bubble burst? Will there be an adjustment in home sale prices? Are we going to experience another market crash similar to 2007-2008?
No Collapse Predicted Yet
According to several local real estate agents, there is no evidence to indicate the market will collapse any time soon. On the contrary, many feel that Sedona is now a luxury market with buyers searching for homes over the million-dollar range.
“Ten to 15 years ago, people would come to town looking for a home between $500,000 and $700,000 asking what could they get, and you would show them the houses available,” said Rick Wesselhoff, of Coldwell Banker Realty. “Then it changed when the internet became popular with Zillow and Realtor. com. People would say, ‘I see houses X, Y and Z [online], and I want to see them when I come to town.’”