Real estate reached a fevered pitch this springtime, but is quickly coming to a close. We've seen mulitple offers on homes, some being bid up past their listing prices - but the the most part I'd say that these homes were in the sub $600k price range - the meat of the market. There are currently over 100 homes already in escrow with buyers - so that translates into about 25% of our current inventory of Sedona homes is already spoken for. The market cools somewhat in the mid-range homes (from $600k-$1M), and the upper end homes (over $1M) has seen a recent uptick of activity - with 9 homes over $1M in escrow.
On another note - people often talk about international buyers - I think I debunked that myth last month's blog - but there is some evidence of international sellers this year. I've sold one home already for a Canadian seller this year - and we're getting ready to list another one. This article might explain why Canadians are selling homes. Fletcher Wilcox says: "If a Canadian bought a house in the U.S. in 2011 and paid $150,000 USD, they would have paid close to $155,000 CAD. In 2015, if that same property, because of appreciation, sold for $225,000 USD, a Canadian seller would receive $300,000 CAD, almost double what they paid in Canadian dollars in 2011. Quite a gain. So far in 2016, the Canadian dollar is even weaker against the U.S. dollar than last year."
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