Sedona Real Estate market conditions continue to show signs of recovery - continuing the trend from 2012. At year end 2012, we had 11 months that had higher sales amounts than 2011 - and we saw the first average price per square foot increase in 6 years. We ended the year with an average price per square foot of $185... up from $173 in 2011.
Across the board, prices went up in 2012 - in every price category except the $1.5M-$2M luxury market. The overall number of sales also increased by 14% over 2011 - Sedona saw a total number of home sales hit 543 (477 in 2011). These two major indicators of the health of the market are bolstered by an overall decrease in availability of homes. The total number of residences and vacant land on the market on 1/1/13 was 732. That's the lowest number of available properties in 6 years. If we're seeing a slight price increase, total number of homes on the rise, and lower inventory - the signs are all pointing in one direction. Take a guess?
There is a current inventory of 365 residential units available in Sedona, and 58 are already in escrow - so that's about 16% of our inventory is already spoken for. There are currently 338 vacant land listings - with 10 currently in escrow.
Vacant land sales did manage an increase in 2012 - with the total number of sales set at 119. That shows a nearly 25% increase in the number of vacant land sales in 2012 - compared to 2011.
If you have questions about the market, or about individual homes - feel free to comment on this blog or send me a direct email!