As per usual, the Sedona Real Estate market ramped up on schedule and last week was one of the busiest in recent memory for home sales. This past weekend, there were 7 new listings that came on market and 7 that went pending with buyers. Overall we’ve got 400 total residential properties listed and 75 of them are already tied up with buyers. That leaves only 325 units available – 277 homes 34 condos and a dozen or more manufactured homes.
Inventory is getting limited in the sub $300k price range – with only 35 properties currently available – and only 9 of these are single family homes. So, if you’re shopping for a home in this range you’d be wise to hurry. I’d received an email a few weeks ago from a client looking for a SFR up to $325k – and there were 15 available at the time – and by the time he arrived there were only 10 left.
Between 300k-500k there’s a load of activity and 61 available residential units on the market (single family homes, condos, townhomes and manufactured homes). With 82 sales in the last 6 months, it’s technically a sellers market as we currently have less than a 6 month inventory of homes. That doesn’t mean that prices are spiking, but we are seeing some homes pushing the upper limits of comparable sales (if they’re in great shape, have views, and already modernized). Pricing is still important – so if you’re considering putting a home on the market this spring, check with your agent about the range in which you should price your house.
Vacant land is still dragging along, with 347 lots currently available and 42 sales in the last 6 months – things are still favoring the buyers. Expect to get a good deal on a lot if you’re a true buyer, but be warned… by the time you add up costs: design fees, impact fees, utility fees, engineering costs, and construction – you’ll certainly be paying a premium for that new Dream home. It’s still a better bargain to find an existing home that you’ll like – and resort to buying a lot and building if you don’t find a home that fits your needs.
