Spring is in full swing here in Sedona after our unexpected snow day earlier this week. When the good weather comes around, Sedona home buyers open their wallets and start making offers on homes. There are 111 homes in escrow right now - which makes this the busiest time for Sedona Realtors in years. There are approximately 350 residences (SFR, condos, patio homes, and manufactured homes included) that are truly available (active in our MLS system) in the Sedona area. There are 26 foreclosed homes on the market and 14 of these are already tied up by other buyers. Short sales are also in decline with 42 on the market and 24 of these are have been committed to other buyers. We're seeing less foreclosures and short sales on the whole - and lots of activity in the sub $300k price point for Single Family Homes. We currently have 72 homes in Sedona priced under $300k - and of these - 34 are already tied up with buyers - making a whopping 47% of the homes in this price range are already tied up. Almost half of all homes in Sedona under $300k are already gone! If you're looking in this range you'd do best to get prequalified by a local lender (of have a stack of greenbacks nearby) and start shopping NOW!
Whoa - the busy season has struck the Sedona real estate market right on time. We always tell clients that the busiest season in Sedona real estate starts on Valentines day. Depending on the weather, it may end up not getting busy until the 1st of March. This year was unusual, because we've had bad weather for the last week (until today) and right now we have 75 properties tied up in escrow across Sedona. We haven't seen that sort of activity level in years. Many people have mentioned a feeling that the market is making a quick transition, but I guess only time will tell.
Back to the facts - we currently have 444 residential properties on the market and 75 are tied up with buyers. According to the statistics on www.sedonaforsale.com it's the lowest number of properties available anytime in the last 2 years (each December 10-20% of the listings expire and are renewed in January) Short sales and foreclosures still affect the market, but their numbers are dwindling as well. Distressed properties are down by approximately 10% from their steady 40% market share of SOLD Sedona properties. It's a start in the right direction - so we'll keep an eye on those number and make sure to keep you aware of the current market trends here on this site.
Vacant land is still floundering however, but I'd expect to see an upswing in sales as the residential properties tick upwards and price per square foot numbers start to rise. It's still a much better deal to purchase an existing house than to purchase land and build, but if you're a person that only buys new cars and likes new houses - then you can still command a great deal on vacant land in town.
The next 3-4 months should be busy if this week is any indicator of the start of the season - so if you're looking to get a good deal, have your cash ready or have your loan officer prepare a Loan Prequal so that you're prepared and can act on short notice. The best deals are selling in days - not weeks or months!
Wrapping up 2011 - this Sedona real estate market update should give you a fair picture of the last month's activity but stay tuned and I'll do a year-end version in early January to summarize "the year that was".
We currently have 489 residential units on the market (includes single family homes, condos, manufactured homes, etc) and 69 of these are already tied up with other buyers. This makes 420 homes on the market at this instant... of these homes the breakdown is as follows:
322 Single Family Homes - 69 Condos/Patio Homes/Townhomes - 29 Manufactured homes
I don't have the breakdown for the number of homes available in December of last year, but I can tell you that the total number of homes on the market was 530 - so we're looking at an 8% decline in the number of available homes compared to this time last year.
Everyone always seems to be interested in the number of Distressed sales (short sales and Foreclosures) - so let's evaluate our current marketplace and sales level. Of the 489 residential units on the market - 69 of them are Distressed sales - so this makes up about 14% of our current market. This number has slid downwards over the past year - if you're a dedicated reader, you've heard me quote 17-19% over the past few years. This decline seems to have been fairly steady - with investors getting back into the market to pick up the best deals. The sales percentage has also fallen - in November the percentage of sales that were distressed was only 30% - down from 40% over the last 2+ years. This could signal a shift in the marketplace - teamed up with less inventory - so watch the sub-$400k market over the next few months to see if this balanced market shifts to a sellers market.
Investor activity has been picking up, but rental units are getting gobbled up by Sedona residents. I'm not sure whether the increase in renters is due to - but there isn't much inventory of rental homes in the city of Sedona in particular. In recent conversations with the property managers around town - they need more homes to rent - so if you're thinking about rental property - now might be the time!
In December's closing days I'd like to take the opportunity to thank the few dozen readers that tune in regularly and even email to ask about my next post. Feel free to contact me when you need personal assistance and I wish you all a Merry Xmas and a happy new year!
The heat of summer has passed us by and led us to the 2nd busiest time of year in the Sedona Real Estate market. We'll be busy typically through the end of November and this year is shaping up to be no exception to that rule. There is good news in the real estate arena for Sedona - mainly the number of available homes has decreased consistently and is down to the lowest level for several years. Right now there are only 515 residential units on the market - a number that shows a 30% decline in the number of available homes over the last 3 years. The number of available homes is actually less - because 55 of them are already in escrow (pending sale/tied up with another buyer). We have a balanced supply of homes in the sub-$400k market here in Sedona - which means that at current sales levels we have less than a 6 month supply of homes. Although our upper end of the market is healthy (with 16 sales already this year, we've surpassed the entire total of $1M+ sales for 2010) we do still have a 3 year supply of homes if the price is over $1M.
All in all, we're experiencing some signs of life in our current marketplace - and overall we're still a buyers market, but if you're looking to purchase a home for under $400k - the offerings are getting slimmer by the day.
It's a little late, but the list of Top Agents in Sedona was recently posted, and I'm on it yet again. It's a way of seeing who are the busiest real estate agents in town, so if you're looking to buy and sell, these agents have a proven track record and can assist you in your search or sale. It's a scrambled list, meaning that they're not in any order, so have a look and find an agent that you think you'd want to meet or that resonates with you and give them (or me) a call!
Wow - the year is going quickly - before you know it the cold weather will set in (50's) and we'll be waiting for the first signs of spring. But let's not get ahead of ourselves here - we're in the middle of Autumn and town couldn't be more beautiful. The daytime temps have been in the 65-75 or so and nightime temps in the 40's. It's ideal weather to go for a hike or mountain bike ride - or just drive up to Orchards store in Oak Creek Canyon and pick up a half gallon of Organic Sweet Apple Cider from local orchards. I did this a week or so back after hitting West Fork Trail about 9 miles north of Uptown Sedona. The fall colors are AMAZING and there seem to be so many more reds and oranges this year than past years. Regardless, the fall scenery there is amazing and if you haven't been there yet, just wait and the colors along Oak Creek will be popping within the next week. It's a great time for a visit to Sedona.
The real estate world is busy here in Sedona - we currently have 504 residential properties on the market with 55 of these already tied up with other buyers. There are only 204 residential properties within the city limits, the rest are in Oak Creek Canyon, The Village or off the Loop Road area.
There are only 19 foreclosed properties available in the entire Sedona area - and 4 are already tied up with a buyer - so that makes only 15 available Foreclosed Properties in Sedona. We're not innundated with foreclosed properties like other areas of the state - so don't expect plenty of availability in this segment of the market. There are however 40 short sale residences listed - and 13 of these are already spoken for. Most of these properties will sell as short sales - because banks have been getting easier to work with and are more accustomed to the procedures to make these deals work.
409 homes have sold in Sedona to date - 107 were foreclosed homes and 48 were short sales. In all - distressed properties make up less than 38% of our market - and this number is slightly lower than last year.
The summer lull in Sedona real estate usually drags on through the end of August for most Sedona agents, but this year has been marked by high levels of buyer activity through the warm summer months. Our overall inventory of homes is at it's lowest point in the last 4+ years and we currently have 481 residences on the market. Of these homes, 54 are already in escrow - leaving a lotal of 427 truly available homes. The thinning of inventory is a great sign for the overall marketplace and the sellers who've been taking a beating over the last few years. Things are starting to look up!
Distressed homes still outperform the market by accounting for 120 of the 321 sales for 2001 YTD. That's only 37% of all sales - which is down from prior reports of 40%. There are currently 72 Distressed homes (short sales or foreclosures) out of the 481 total - which makes our inventory of distressed homes only 15% of the market. This number is also down over prior reports - maybe this is the leading edge of a trend... stay tuned to find out!
Some highlights of the current marketplace:
- Luxury Sales are up! There have been 15 residential Sales this year over $1M - LAST YEAR we sold 9 during the same time frame
- Sub $400k home market takes a turn for the better - statistics show that we have a balanced market. A 6 months supply of homes at current sale rates indicates that we have a balanced market and that it's neither a buyers or sellers market in this price range!
- 76 sales this year have been completed in under two months. This shows that many homes are selling quickly - and we're often seeing multiple offers. Buyers are advised to be pre-approved for a loan or haivng "proof of funds" when you're shopping for Sedona homes.
- Mortgage rates are INCREDIBLY low - I've had buyers get quotes of interest rates in the low 4% range! Wow - with rates like these it makes the homes even more affordable!