Home sales data through August of 2016 released by Yavapai County Assessor Pamela J. Pearsall indicates that single family residential median home prices saw a spike in a year-over-year comparison. The median sale price of a single family home for August 2016 was $268,500 compared to $236,900 from August 2015, resulting in a 13.3-percent increase for that month.
The higher August median home sale price spike was driven, in large part, by a high volume of sales for higher dollar homes in the Prescott and Sedona markets. The median sale price on 123 homes in the Prescott area was $353,000 while 38 homes in the Sedona area had a median sales price of 463,500. Seasonal end of summer buying may have played a role in the spike.
Assessor Pearsall noted, the median sales price of homes in Yavapai County for all of calendar year 2016 now stands at $258,000. This figure is an increase of 4.5 percent over the $247,000 median sales price from calendar year 2015.
The current 2016 median sales price includes sales from January up to and including any available recorded sales from August 2016. The current median sale price of 255,000 is now -8.2 percent below the 2006 bubble median price of 280,900 in Yavapai County.
To give some perspective to the Yavapai County market Pearsall noted that The National Association of Realtors are reporting that the national median existing single-family home price, at 236,438, is up nationally by 5.6 percent year over year from 223,900 in 2015.
The average square footage of SFR homes sold in August of 2016 is 1,924 compared with 1,876 for August of 2015.
The highest price paid for a home in August of 2016 was $3.25 million for a 4,539 square-foot home while the lowest price paid $56,000 for a 672 square-foot home. All sales information is based on recorded Affidavits of Property Values.