Spring buying season is in full swing - with 70+ residential units (homes, condos, etc) tied up with buyers.  Inventory has ticked up slightly - we're currently at 409 homes on market.  IF we only count Single Family homes, then the currently available homes drop to 286.  Buyer activity seems strong with some mulitple offer situations on well priced homes.  There aren't multiple offers on many homes, but if you see a deal - you'd be wise to act sooner than later.  Highest activity levels seem to be in the sub $300k price range (only 14 available homes under $300k) and in the 300-500k price range (20% of listed homes are tied up with buyers).  I've been showing properties in the 500-600k range more often than any other range and the pickin's are slim.  The best ones are already tied up with buyers.  We need more inventory in this price range...

Vacant land is still fairly steady - with 338 available lots in town - and 16 tied up with buyers.  I still think that we're a few months (or a year) off from seeing higher activity levels for vacant land, but I do remember the days when you couldn't find a vacant parcel in West Sedona for under $300k.  That was about 10 years ago...  I have seen some decent view lots on sewer for about half of that amount, but affordable view lots sell fairly well.  Contact your agent or ask me for guidance if you're ready to start your search!

 

Over the past decade our local Sedona real estate market has some consistencies (even through the downturn of 2008-2012).  Home sales are generally slow in the winter and summer months and busy in the spring and autumn.  This spring is shaping up to meet and potentially beat our expectations as we're off to a roaring start of the Spring buying season - fueled by high demand, low prices and fantastic weather.  70 degree days in February and March encourage visitors from colder climates that Sedona is THE place to be.  Whether they're looking to move their families to raise kids in a small town, retire in the red rocks, or buy a vacation home to support their mountain biking habit, Sedona has it all. 

There are currently 389 homes on the market, but only 315 are truly available.  Simple math tells us that 74 homes are already in escrow - or in the process of being bought by a ready willing and able buyer.  That makes 20% of the available homes out of the running for lookers and buyers.  If we take out manufactured homes, mobiles, condos, etc... then you'll see that there are only 264 homes available.   If you're looking to purchase a home under $500k, then there are only 86 available homes...  The best homes that are correctly priced are selling in a matter or days or weeks.  That's generally a precursor for an upward push in prices - look for that soon. 

Vacant land seems to be moving as well - although not as fast as home sales.  There are currently 328 vacant lots on the market with 315 truly available.  So, there are 13 lots in escrow... representing less than 5% of lots that are tied up with a buyer.  I believe that the market for vacant land will also rise over the coming year, and that we'll first see a spike of activity followed by gentle price increases.  Let's see if I'm right in March 2016!

Whoa... spring has sprung and the Sedona real estate market is moving quickly.  Upper end homes and vacant land activity is high - with five $1M+ homes already closed in 2014 and eight (8) more currently in escrow waiting for closing.  Luxury Vacant land is also on the upswing with 14 lot sales in Sedona over $250k so far in 2014 and an additional 10 in escrow.  That marks a huge increase in the upper end land market here in town and shows that luxury buyers are back in force.  We haven't seen vacant land prices rise, so apparently buyers are cashing in on the last of the well priced luxury lots. 


Most buyers area dialed in on the current market conditions and are aware that the "smokin' deals" on residential properties have gone away, and prices are slowly on the rise.  Foreclosures haven't dried up altogether, but as of this second, there are only 7 available residential properties that are bank owned.  Look for this number to continue to decrease as we move forward and upward with pricing.  As prices rise we'll also see an upswing of residential properties coming on the market as some buyers have been waiting for market conditions to get better before putting their homes on the market. 

Current inventory of homes in Sedona shows 394 single family homes on the market - with 39 currently in escrow - making a total  of 355 available homes in Sedona.  Condos and townhomes numbers are similar - with 45 on the market and 13 of these already tied up with buyers - making only 32 available condos and townhomes in Sedona and the Village of Oak Creek. 

Vacant land is 341 lots on the market with 23 tied up with buyers - making a total of only 318 available building sites in all of Sedona and the VOC.  Amazing that half of the lots in escrow are selling for over $250k - that's a healthy sign! 

Look for increased sales volume in April and May as many of the upper end listings are in escrow - which will bring up the average price per square foot - which will in turn raise the price of the lower end of the market... Stay tuned or email me for more details!

Years ago sales dipped in the winter months and there wasn't much activity in vacant land or home sales in the months of December and January.  Times have changed and winter of 2014 and winter 2015 are proving to be very busy times for Sedona area real estate agents.  January sales stats for Sedona show that it was the busiest in 4+ years (in sold homes) and there's no end in sight.  Vacant land and Residential sales were up 16% for the month of January and prices are on the rise too. 

Residential Real Estate market:  As of today, there have already been 56 home sales in Sedona and there are a whopping 59 additional already in escrow with buyers.  The bottom end of the market is moving quickly as the majority of the home sales have been under $400k.  That's not to say that the other segments aren't moving - for instance - the upper end of the market ($1M+ homes) is also red hot - with 4 closed sales already this year and an additional 2 in escrow.  Compare that to the last year with just one Million+ home sale in January...  Prices are starting to creep upwards, as evidenced across the board in the following table.  Price per square foot is up to $228 (although to be honest, with only one month sales in the books, this might downshift when there is more data at the end of February.  Have a look and call your agent if you have questions about the best time to put your house on the market!

The summer slowdown is complete and the busier fall season is upon us in Sedona.  As usual - I post the full statistics on another site for your review in full - but my analysis of the details live here on the RRN site.  There are 408 residential units on the market in Sedona and the surrounding Sedona area (Sedona zip codes only).  66 of these listings are condos/townhomes/manufactured/mobile homes - so let's call it 342 single family homes.  Of these 342, 47 are currently tied up with buyers - "in escrow" in our local terminology... making a total of 295 truly available homes in the Sedona area.  It seems like a lot to choose from, but if you narrow the search to your approximate price range, there might only be a dozen or more that work for you.  It's important to see details and pictures to help you weed out the ones that don't appeal to you - so use the online tools available to search before your arrival here in Sedona. 


It appears as though the inventory of homes has leveled but the overall price per square foot is still on the rise.  We're currently seeing the average price per square foot of $208.  However, it's important to remember that this is the AVERAGE - and many people want things that are nicer than average.  So if you see a newer home on National Forest with incredible views, you can easily pay $300 per square foot or more.  Those are just some of the factors that raise the price - so consult with your agent to discuss if your goals are to get the best deal or to get a home that fits all of your needs. 

The upper end of the market seems very healthy, with 23 sales already this year over $1M - and there are 6 more in escrow, so we'll certainly hit 30 sales by mid-October.  There were only 31 sales over $1M in 2013 (which was the best year for quite some time) so we're on target to be up 20% or more (in sales not pricing) in the luxury sales market. 

As always the busiest segment of the market is the sub $500k single family home market.  There have been 166 home sales under $500k since 1/1/14.  There were 194 last year during the same period - so that shows a 20% slowdown in that segment.  I'm sure there are a variety of factors that explain the slowdown, including rising prices, Slide Fire slowdown (recent fire in Oak Creek Canyon that affected tourism in town for a month), and others. 

Sellers often wait for September buying season to start to put their homes on the market, so expect a minor increase in the number of homes on the market over the next month.

 

 

 

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