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.”