Even though the day is perfect 80 degrees, the skies are clear and fall is in the air - I'm sitting here in front of my computer.  Shame on me.  Office time has been at a premium lately due to the busy market conditions and unreal weather for running, hiking, mountain biking and exploring the red rocks of Sedona.  Overall our market condtions are good - with 10% more sales YTD over last year. 

Inventory of available homes continues to fall - we're currently at a 7 year low for available homes in Sedona.  There are only 433 residential units on the market in our area (324 of these are Single Family Homes - the rest are condos/patio homes/manufactured homes) and 87 of these are already tied up with other buyers - leaving only 346 residential units (and only 269 homes truly available!)

We're seeing more and more multiple offers on homes - primarily on homes under $400k.  This segment of the market has the most number of sales and the least amount of inventory.  Currently there are only 77 homes in town that are priced under $400k and are still available... So I believe we're seeing a textbook example of Economics 101 - decrease in supply and increase in demand.  What we're not seeing yet is any market increase in pricing.  Im sure that's due to come as inventory continutes to tighten.  In this price range we're averaging about $165 per square foot - but we still see multiple offers on homes priced at $230 per square foot!  This shows that price per square foot is just one way to see if you're getting a good value - but by no means should this be the sole determining factor in buying a home.  Buyers that say - "I won't pay more than $180 per square foot for any home" (or whatever the current town average) are only going to see average quality homes without views.  Factors like neighborhood, age of the home, condition, proximity to National Forest, etc - can all have a dramatic effect on the $/sq ft. 

We're still getting questions about foreclosed homes, but for the most part, these have dried up.  We've currently have 12 available homes that are bank-owned and 6 short sales.  At one time, the distressed property market made up 17% of inventory - it's now dipped to 5% of the marketplace.  These same distressed homes accounted for 40% of sales 2-3 years ago, but now only account for 23% YTD. 

Regardless of the statistics, there are still great homes on the market at affordable prices.... so if you're looking, be sure to get in touch with your Realtor soon!  If the right home isn't on the market for a reasonable price - tell them to keep you in mind when new homes hit the market.

Cooler nights have taken hold in the Verde Valley and we're into the best season of the year.  Autumn days are typically sunny with clear blue skies and huge puffy white clouds - and the nights are cool and crisp - just cool enough to wear a jacket again!  This string of uninterrupted great weather usually brings buyers back to the Sedona real estate world and this year is no exception.  The main difference this year is that our inventory of available homes and land has shrunk by 20% over the past year and that vacant land is starting to sell again.

The residential market is picking up steam - there are 409 residential units (homes, condos, townhomes included) on the market, and 69 of these are already in escrow.  The single family home market is 309 homes available and 48 already in escrow.  The bottom end of the home market (sub $300k) is pretty well picked over - with only 30 homes available in this price range.  The last 6 months show 86 home sales, so with a 2 month supply of homes, this is a sellers market in this price range!  Well priced homes in this range are moving quicker by the week.  

There are 146 mid range homes on the market ($300k-$600k) and 24 are already tied up with other buyers.  The average price per square foot for homes sold in this range is hovering in the $185 per squre foot range - up marginally over last year. 

The big story may be our re-emerging vacant land market.  For years, this segment of the market has been dragging - but a recent upswing of activity bodes well for the Sedona region.  We're a few days away from topping the number of land sales for all of last year... with more than a quarter of the year to go.  A few local builders are buying the best deals (under $125k in the city limits) to build spec homes, and thats fueling a bit of a run on vacant land.  There is little activity in the vacant land market over $250k - but look for parcels to sell over the next year in the $125k-$175k range as the lower end of the market slowly goes away. 

Short Sales and Foreclosures are also going away - as we currently have 23 short sales and 16 foreclosed properties on the market.  7 of the foreclosures are already tied up  - leaving a total of 9 available foreclosed homes on the market today.  This also points us in the right direction and shows signs of future strength in our Sedona Real Estate market! 

 

Well folks, the 4th of July has passed and signaled the beginning of our monsoon season here in Sedona.  This means we'll be seeing higher temperatures during the day and some cloudy afternoons with rain possible daily for the next 8 weeks (great sunsets that this time of the year too!).  This cooler rain tends to cool off our real estate market during the same timeframe - so look for our HOT market to cool for the next 2 months.  We currently have 283 available single family homes and 48 homes already tied up with other buyers.  The condo market isn't nearly as hot, but we have 69 available units and another 19 are already tied up with buyers in place.  This is the lowest level of available homes on the market for over 7 years - and the activity level this year has been above the past several years. 

Low activity levels mean less competition for homes during the next two months, so this may be an opportunity for buyers to jump on well priced homes while others aren't looking.  The quickest moving segment of our market continues to be the sub $400k price range in Sedona, so if you're looking in this range, expect other bidders if the property is priced well.  For information on whether the property is well-priced or not - check the statistics on www.sedonaforsale.com or speak with your local Realtor. 

Sedona real estate buyers are seeing a different Sedona this spring - altogether different from past years.  For the first time in 6 years we're seeing a seller's market in homes under $400k.  This is a result of increased buyer activity leading to a decline in available homes - and this gives the sellers the confidence to hold firmer on price than they'd been able to in past years.  There are currently 44 homes within the Sedona city limits currently tied up with buyers - and an additional 33 in escrow in the VOC.  The current number of homes in escrow has dipped a bit since it's highs a few weeks back - I believe we almost hit 100 homes.  Many of these have already closed and new offers have not kept up with the number of closings.  As of the end of March, we were 17% busier YTD in 2012 than the prior year (in # of units sold).  For more geeky stats - go to to the full site with complete report on Sedona Home Sales

The dog days of summer have arrived... warm days, getting cloudy in the afternoon, then a bit of rain and unparalleled sunsets almost every night.  Days are already getting shorter and the evenings are getting cooler (upper 60's) - so the best time of year is near.  Our warm days have signaled that we're past the midway point in our summer slowdown and we're about to get busy again in September for the Sedona real estate market.  Much has happened since my last update - many luxury homes have sold, and we've continued to narrow the inventory of homes in the most popular price range (sub $400k). 

Short Sales and Foreclosures have thinned out considerably - currently making up 11% of the overall inventory of single Family homes in Sedona.  This marks a 33% drop in distressed sales - as the percentage was 17% for over two years.  Distress sales make up 23% of the SOLD residential properties in 2012 - as opposed to 40% in the prior years.  This shows a serious shrinkage in the number and availability of distressed homes in town.  Certain price ranges are starting to go away as well... for the last 18 months there were dozens of homes in town under $250k - but now there are only 14 currently available.  I believe that the time is coming quickly when this market will disappear again - mark my words. 

On the upper end of the market (over $1M) we sold 15 homes in 2011 - and we've already had 16 sales of residential properties this year to date.  It appears that people are already feeling more confident about the state of the economy and future promise for growth and this is translating into a healthy market for luxury homes in Sedona.  Price per square foot has come down a bit, but this segment of the market is doing well compared to the past few years!

Well... as mentioned in past posts - the number of foreclosures continues to slide and the number of available homes is dropping!  If you've been looking for a foreclosure property - you'd be best to hurry - as there are only 20 left in the entire Sedona area (areas 40-46).  There are 32 available short sale homes on the market, but 20 of these are already tied up with other buyers.  It appears that the window of opportunity for bargain hunters is coming to an end... it's by no means over, but the best properties sell quickly.  In the busiest price point in Sedona, the sub $400k Single Family Home market there are 107 available homes, with 31 already tied up with a buyer.  That makes 76 available homes in a market that sees about 23 sales per month (over the last 6 months) - so that means that we only have a 3 month supply of single family homes in the under $400k price range.  A balanced market is a 6 month supply and anything less is a SELLERS MARKET!  I don't foresee prices rising, but there's definitely been some tightening up of availability and firming up of the prices in this range.  Keep an eye out for how this segment of the market reacts over the coming 6 months.

The other news for the Sedona Real Estate market is the resurgence of luxury buyers.  There have been 11 sales over $1M including 3 sales over $2M - and another 2 $1M homes in escrow.  There were only 17 $1M sales all of last year, so we're on pace to break that mark as well.  

The market's still hot - and buyers of Sedona homes don't have a major advantage anymore under $400k. Inventory has dropped enough that it's transitioned to a sellers market under this price and we've already seen some sellers holding firm to their list prices over the last few weeks.

Whoa... 92 homes in escrow with 17 closings already this month.  The number of homes on the market is down 16% over the last 12 months, but Vacant Land listings are up 9% over the same timeframe.  It's still a good time to be a buyer of any Sedona property as we haven't seen any major price increases across the board - so prices are low and interest rates have dipped beneath 4% again per our local lenders. (for a owner occupied SFR at least)

I'll be updating the official site for all Sedona Real Estate sales figures later today - check it out!

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