The slow winter season has begun, but it’s been a heck of a ride for 2016.  It started off busy, heated up even more in Spring and then seemed to slip a bit during the summer.  Our busy fall season was late to start and came and went quickly.  Our upper end properties sold extremely well for the first half of the year and the market seemed to drop a fair bit in mid-summer.  Inventory is down – we’re sitting on a total of 378 residential units broken down like this:

311 single family homes – 54 in escrow – 257 truly available homes

50 condos/townhomes – 10 in escrow – 40 truly available condos/townhomes

17 manufactured/mobile homes – 2 in escrow – 15 truly available mobile homes

Vacant land is still lagging behind, as inventory is still heavy – and prices stay firm. 

344 vacant parcels – 13 in escrow – 331 truly available lots. 

So, in short, there’s more land available than homes – partially because it’s still more affordable to buy and existing house than to buy a lot and build a home.  As residential prices rise, watch for this to flip flop in the coming years as lots become interesting again.  There’s apparently some upside in vacant land, so if you’re looking for the right lot in Sedona, now could be the time.  Prices of vacant land dropped 50-60% and have not come back up yet… so if you’re interested the timing is great.