Yes, I spelled Oktober with a K. Just a habit after all of the Oktoberfest preparation around here for the Rotary Club of Sedona Red Rocks fundraiser earlier this month… Red Rocks Oktoberfest. It was a bit earlier than normal this year, but look for it to be back in the middle/end of the month in 2016 and beyond. It was a great celebration of AZ Brewers – with 9 breweries and two local bars providing their wares for Sedona’s main beer festival. Hope to see you all there next year.
I’m really here to talk about the recent activity in the residential real estate market. We’re currently sitting on 419 residential units currently on the market, with a whopping 81 in escrow – leaving only 338 homes in all of town currently available. Buyer activity is typically strong in the Autumn months… and this year is no exception. The build up was a bit later than expected, but we’re in the main fall buying season – and our inventory is fairly low. Certain price ranges are always hot (under $500k), yet our mid and upper end segments are certainly slower than this Spring and slower than what most sellers want. Multiple offers are common again in homes priced right under $500k – I’m currently involved in 3 or 4 escrows where there are back up offers ready. This shows that we’ve got ready, willing and able buyers for good properties, so it’s a bit of pent up demand. It’s regular for me to show clients current inventory in their price range – and they don’t like what they see. So, instead of acting hastily and buying one they don’t like – I regularly counsel buyers to wait for the right property and jump on it immediately if its priced right. If you’re considering putting your home on the market under $500k – it’s not a bad time…
One more bit of commercial real estate information – to add to my list from a few weeks back – the commercial lot on the corner of 89A and Upper Red Rock Loop Road just sold this week. This has been the most commercial activity (both sales and construction) in the 15 years I’ve lived here. If they’re bullish on Sedona, then shouldn’t the residential market follow?
