Cooler, wetter monsoon season seems to have cooled our local real estate market for the time being – don’t get me wrong – it’s still a hot market – especially if you’re looking to buy or sell something within the city limits under $500k.  The best deals go within hours of listing and even fairly priced homes are selling quicker than expected.  For example – and older 1700 sq ft home hit the market yesterday at $350k – and although it needed work, it sold immediately.  It was a decent deal, but scarcity is driving buyers to snap up homes in the lower price ranges.  I’ll refer back to one of my recent blogs to say that the availability to rent homes via AirBnB or VRBO is driving part of the market – which is why sales are slower in the VOC (for the most part – they’re outlawed in that part of town!)

Current inventory of residential units in the entire Sedona area:

Under $500k –    117 (38 already tied up with buyers) – True availability – 79 (only 43 are single family homes – the rest are condos, townhomes, and manufactured homes)

$500k – $750k – 72 (22 already tied up with buyers) – True availability = 50 (all single family homes)

$750k-$1M –       55  (9 tied up with buyers) – True availability = 46 (all single family homes)

$1M+ –              63 (6 tied up with buyers) – True availaiblit  = 57 (all single family homes)

Total inventory of Sedona residential units currently on the market = 304 units (74 in escrow) = true availability = 230 (193 homes)