It's the tail end of fall - and we've still got 20 shades of yellow and red leaves on the trees - which will probably be falling during our next storm. The Fall "busy" market for real estate here in Sedona finally ramped up, but it was a slow start to the fall season and it was short lived.
Yes, I spelled Oktober with a K. Just a habit after all of the Oktoberfest preparation around here for the Rotary Club of Sedona Red Rocks fundraiser earlier this month... Red Rocks Oktoberfest. It was a bit earlier than normal this year, but look for it to be back in the middle/end of the month in 2016 and beyond. It was a great celebration of AZ Brewers - with 9 breweries and two local bars providing their wares for Sedona's main beer festival. Hope to see you all there next year.
Activity is still hot in the Sedona real estate market with 46 residential units (homes, condos, etc) selling last month. There are 434 on the market, but a whopping 82 are already tied up with other buyers. That's one of the fastest moving times in a few years. The average price per square foot in Sedona is now up to $212 - up from the trough of the market in 2011 at $173. That's a 20% rise in average price per square foot in that time spread! Check the most recent stats at http://sedonaforsale.com/
Busy springtime keeps rolling right along... we officially have 422 residential units (including homes, condos, mobile homes) on the market - and if we take the 74 currently in escrow with buyers - we have 348 truly available places in Sedona. If we narrow the search to available condos and townhomes, then you're looking at 40 available condos and townhomes - and 294 available single family homes in Sedona. Historically, that's a pretty low number and it looks worse when you're looking at homes in your price range:
Under $300k - 17 available homes
$400k-$500k - 54 available homes
$550k-$650k - 41 available homes
So, depending on your price range there are at most 4 dozen homes in your "potential" wishlist, and you can probably narrow the search to a half dozen or more by looking at the photographs online and speaking with your agent.
Activity levels still seem high, but there are signs of the spring market slowing down a bit. Per my status update 2 weeks back, there are 7 less properties on the market and 7 less in escrow. So, the market's evening out - but look for activity levels to drop a bit when the summer months arrive.
OK... inventory is up a little bit - as we're currently at 430 residential units on the market, but there are a whopping 80 already tied up with buyers - making a total of 350 truly available places in Sedona. If we take out condos/townhomes/manufactured homes - we're left with only 296 available single family homes in the Sedona area. There are only 17 homes left in town priced under $300k.
Quick update on the number of homes in town on the market (408) and the total number of homes already tied up with buyers (67). This is about in line with the prior update - but many homes have sold in the meantime, so activity levels remain high. The number of available single family homes is down to 288 - and can be broken into separate price categories:
1) Under 300k: 14 available
2) 300k-500k: 90 available
3) 500k-750k: 86 available
4) 750k-999k: 40 available
5) $1m+: 62 availalbe
So... technically there are lots of choices depending on your price range, but when you narrow your search to your probable price range, there usually are less than 10 homes to see in your price range. If you don't see what you like right away, make sure that your agent knows what you're after and your time frame for buying. He or she can set up a portal for you to see the houses you like or you could get a weekly email with the newest homes in your price range. Either way, early notice of listings is crucial as the best homes tend to sell in days or weeks!