Sedona's home prices surge due to California exodus, COVID, remote work & short-term rentals
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. According to real estate agents, the incline in prices stems from exodus of residents from California, use of 1031 exchanges to avoid tax penalties, a spike in short-term rental housing investments, more work-from-options due to the COVID-19 pandemic and a decrease in new home building with lumber costs up 377% over 2020. Graph courtesy of Randy Crewse Four times a year, Randy Crewse, of Arizona Prime Real Estate, puts together an analysis...
Source: redrocknews.com