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."
I don’t know why some people get it backwards year after year, and plant new affirmations to begin new habits, and for new experiences that are desired to grow, at Full Moons, when it is the New Moon’s heavenly job assignment.
As per usual I've got some news for you on the Sedona real estate market - and my guess is that it comes as no suprise to anyone that follows our annual buying trends. Our market ramps up every spring and loads of homes get tied up with buyers and change hands shortly afterwards. As of this second there are:
446 residential units on the market in Sedona
99 in escrow with buyers ( 57 of them are priced under $500k / 36 are between $500k-$1M / 6 priced over $1M. )
347 are currently available
We can further break down the 347 available into:
12 manufactured homes
I can't tell you the last time I saw 100 homes in escrow in our local market, so that's a great sign for the health of the market and for both homebuyers and sellers. We seem to be in a sellers market for homes under $400k as inventory is low and sales numbers are high. It's technically a sellers market if there is less than a 6 month inventory of homes - and right now we're at approximately a 4 month inventory.
Another interesting item that I learned this week was WHERE our buyers come from. The results were from all purchases of Sedona property in 2015. During that time there were 455 total transactions - and a whopping 57% of them came from.... guess what state?? I know most of you want to say California - but it's not true - they only make up 11% of our Sedona buyers. Almost 60% of our buyers come from AZ. It's funny to hear people tell us we should advertise in the New York Times (2 buyers came from NY last year...) or China or a multitiude of other places - when the fact is - our buyers aren't coming from there. In fact in all of 2015, there were only 2 international buyers and they were both from Canada. I think that the myth of the international buyer is over...