As per usual, the Sedona Real Estate market ramped up on schedule and last week was one of the busiest in recent memory for home sales.  This past weekend, there were 7 new listings that came on market and 7 that went pending with buyers.  Overall we've got 400 total residential properties listed and 75 of them are already tied up with buyers.  That leaves only 325 units available - 277 homes 34 condos and a dozen or more manufactured homes.  Inventory is getting limited in the sub $300k price range - with only 35 properties currently available - and only 9 of these are single family homes.  So, if you're shopping for a home in this range you'd be wise to hurry.  I'd received an email a few weeks ago from a client looking for a SFR up to $325k - and there were 15 available at the time - and by the time he arrived there were only 10 left. 

Between 300k-500k there's a load of activity and 61 available residential units on the market (single family homes, condos, townhomes and manufactured homes).  With 82 sales in the last 6 months, it's technically a sellers market as we currently have less than a 6 month inventory of homes.  That doesn't mean that prices are spiking, but we are seeing some homes pushing the upper limits of comparable sales (if they're in great shape, have views, and already modernized).  Pricing is still important - so if you're considering putting a home on the market this spring, check with your agent about the range in which you should price your house. 

Vacant land is still dragging along, with 347 lots currently available and 42 sales in the last 6 months - things are still favoring the buyers.  Expect to get a good deal on a lot if you're a true buyer, but be warned... by the time you add up costs: design fees, impact fees, utility fees, engineering costs, and construction - you'll certainly be paying a premium for that new Dream home.  It's still a better bargain to find an existing home that you'll like - and resort to buying a lot and building if you don't find a home that fits your needs.

 

 

Winter is upon us - although the 55 degree weather and clear blue skies hide the fact that the entire east coast of the US just got buried under a few feet of snow.  Our winter real estate market should be fairly slow - if we use past years as a guide.  However there are 343 residential units currently on the market in Sedona and 53 are tied up with buyers at this time.  That means we only have 290 residential units available - broken down into 239 homes, 38 condos and patio homes, and more than a dozen Manufactured homes.  Our lower end inventory is flagging - so look for prices to continue to rise in the sub $500k market.  There are only 68 single family homes available in all of town - but if we cut out the VOC, Oak Creek Canyon and Loop Road areas and only look at the city limits - then we have only 26 available homes.  Tight inventory for sure. 

Both experienced agents and informed sellers realize that the market ramps up in activity levels in the beginning of March, so I'm sure there are a few dozen sellers in town waiting for the more active Spring market before they make their homes available on the open market.  This is good, as there's a pent up demand for good homes priced at the current market value.  I know that I've been saying this for a few years, but I'd also expect to see a little more activity in the vacant land market - as prices here have not made a comeback at all - so there's good investment opportunities in bare land if you're willing to build or holidng for long term. 

Any questions or comments on the local real estate market - comment below or contact me directly!  Happy 2016!

 

 

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. 

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.

The slow winter season has begun, but it's been a heck of a ride for 2016.  It started off busy, heated up even more in Spring and then seemed to slip a bit during the summer.  Our busy fall season was late to start and came and went quickly. 

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/

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