Note: In the above chart I separated Verde Village from Cottonwood.  Also Cottonwood includes  Clarkdale, Mingus and Bridgeport areas.

This is amazing: The median price sold in 2004 for a "vacant lot" within the city limits of Sedona was $208,750 in the first half of the year.  In the first half of 2005 the median lot sold was $375,000 within the city limits of Sedona. That's an 80% increase over the previous year! 

Note: It is interesting to note here that inventory within the city limits of Sedona went from 170 homes for sale in mid September 2004 to about 122 to (July 2005). That is a 28% reduction in 10 months. (Post script, since mid August inventory has begun to drift up).