Home prices up slightly over 2013
Numbers released this month from Yavapai County Assessor Pamela J. Pearshall show home prices have maintained increases in Oct. 2014, showing about a 1-percent bump to $230,000 this year.
The median sales price through October of this year is $229,000, up 6.5 percent from the 2013 median.
The Verde Valley's real estate health can be determined by a number of factors and Dan Mabery, Coldwell Banker Mabery home agent, said they've come together to create a buyer's market.
He pointed to the absorption rate, which measures how long it would take to sell the inventory currently available. This has about doubled since the beginning of the year, Mabery said.
"Because it's eight instead of four months, that gives the buyers a better chance to see a larger inventory," he said.
The sale of new homes can sometimes skew the averages, so Mabery said it's important to compare a house this year to the price of the same home a year ago. Mabery said an appraiser recently told him a house in Cottonwood today is worth between 6 and 10 percent more than last year.
That high growth rate is unlikely to continue next year, Mabery said, but communities are still likely to see improvement in the 3 to 5 percent range.
"The market is more ripe now than it has been in a long time," he said. "In terms of value, construction costs and qualified buyers and inventory, the market is more balanced now than it has been over the last five or six years."
The four large demographic areas of Camp Verde, Cottonwood, Cornville, and Sedona fluctuate constantly, Mabery said.
"Within each area there are submarkets and all of them are different," he said. "What happens in Clarkdale isn't what happens in Cottonwood."
Oct. 2013: $227,500
Oct. 2014: $230,000
Average Square Feet
Oct. 2013: 1,775
Oct. 2014: 1,703
-- Source: Pamela J. Pearsall, Yavapai County Assessor