A glance at Verde Valley’s 3rd quarter real estate for 2017
The median sales price for single family homes in the Camp Verde area for the last 12 months rose 10.5 percent over the previous 12 month period to $210,000.
The number of transactions grew to 109 sales in the last 12 months, up 12.3 percent from the previous 12 month period.
Lake Montezuma and Rimrock:
The median sales price for single family homes in the Rimrock and Lake Montezuma area for the last 12 months rose 9.1 percent over the previous 12 month period to $179,000.
The number or transactions spiked to 75 transactions, a 29 percent gain over the previous 12 month period.
It is interesting to note that as of this writing, there are only 36 homes for sale in the Lake Montezuma/Rimrock area, making this area the strongest seller’s market in the Verde Valley.
Cottonwood and Cornville:
The median sales price for single family homes in the Cottonwood and Cornville areas for the last 12 months rose 11.8 percent over the previous 12 month period to $245,000.
The number of transactions for the last 12 months is up 8.4 percent to 541 sales.
The median sales price of $245,000 is the highest median sales price in the area for the last 10 years, only topped by the boom years of 2005 and 2006.
The Bottom Line:
Expect inventory to be in short supply through 2018 and maybe longer. Demand should continue to remain strong as buyers regain their confidence in real estate and there is overall strength in the economy.
Interest rates should stay in the 4 to 4.5 percent range for the rest of this year but will probably rise in 2018 especially if the feds put in place another rate hike or two.
Overall, it is a seller’s market and will continue to be so into the foreseeable future.