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!