A foreclosed house came on the market today and it won’t last long. .4 of an acre in West Sedona with a 2000 sq ft remodeled home with granite countertops, 2 car garage AND a detached 1 BR Guesthouse with travertine floors, new construction – for only $323k. If you’re interested – you’d be best served by acting quickly and having cash in your pockets! Call me for details!
Deal of the month
January 24th, 2012Sedona Real Estate Market Update – December 2011
January 18th, 2012Wrapping up 2011 – this Sedona real estate market update should give you a fair picture of the last month’s activity but stay tuned and I’ll do a year-end version in early January to summarize “the year that was”.
We currently have 489 residential units on the market (includes single family homes, condos, manufactured homes, etc) and 69 of these are already tied up with other buyers. This makes 420 homes on the market at this instant… of these homes the breakdown is as follows:
322 Single Family Homes – 69 Condos/Patio Homes/Townhomes – 29 Manufactured homes
I don’t have the breakdown for the number of homes available in December of last year, but I can tell you that the total number of homes on the market was 530 – so we’re looking at an 8% decline in the number of available homes compared to this time last year.
Everyone always seems to be interested in the number of Distressed sales (short sales and Foreclosures) – so let’s evaluate our current marketplace and sales level. Of the 489 residential units on the market – 69 of them are Distressed sales – so this makes up about 14% of our current market. This number has slid downwards over the past year – if you’re a dedicated reader, you’ve heard me quote 17-19% over the past few years. This decline seems to have been fairly steady – with investors getting back into the market to pick up the best deals. The sales percentage has also fallen – in November the percentage of sales that were distressed was only 30% – down from 40% over the last 2+ years. This could signal a shift in the marketplace – teamed up with less inventory – so watch the sub-$400k market over the next few months to see if this balanced market shifts to a sellers market.
Investor activity has been picking up, but rental units are getting gobbled up by Sedona residents. I’m not sure whether the increase in renters is due to – but there isn’t much inventory of rental homes in the city of Sedona in particular. In recent conversations with the property managers around town – they need more homes to rent – so if you’re thinking about rental property – now might be the time!
In December’s closing days I’d like to take the opportunity to thank the few dozen readers that tune in regularly and even email to ask about my next post. Feel free to contact me when you need personal assistance and I wish you all a Merry Xmas and a happy new year!
Sedona Real Estate Update – November 2011
November 4th, 2011Wow – the year is going quickly – before you know it the cold weather will set in (50’s) and we’ll be waiting for the first signs of spring. But let’s not get ahead of ourselves here – we’re in the middle of Autumn and town couldn’t be more beautiful. The daytime temps have been in the 65-75 or so and nightime temps in the 40’s. It’s ideal weather to go for a hike or mountain bike ride – or just drive up to Orchards store in Oak Creek Canyon and pick up a half gallon of Organic Sweet Apple Cider from local orchards. I did this a week or so back after hitting West Fork Trail about 9 miles north of Uptown Sedona. The fall colors are AMAZING and there seem to be so many more reds and oranges this year than past years. Regardless, the fall scenery there is amazing and if you haven’t been there yet, just wait and the colors along Oak Creek will be popping within the next week. It’s a great time for a visit to Sedona.
The real estate world is busy here in Sedona – we currently have 504 residential properties on the market with 55 of these already tied up with other buyers. There are only 204 residential properties within the city limits, the rest are in Oak Creek Canyon, The Village or off the Loop Road area.
Distressed Properties
There are only 19 foreclosed properties available in the entire Sedona area – and 4 are already tied up with a buyer – so that makes only 15 available Foreclosed Properties in Sedona. We’re not innundated with foreclosed properties like other areas of the state – so don’t expect plenty of availability in this segment of the market. There are however 40 short sale residences listed – and 13 of these are already spoken for. Most of these properties will sell as short sales – because banks have been getting easier to work with and are more accustomed to the procedures to make these deals work.
409 homes have sold in Sedona to date – 107 were foreclosed homes and 48 were short sales. In all – distressed properties make up less than 38% of our market – and this number is slightly lower than last year.
October Sedona Real Estate outlook
October 11th, 2011Yeah, it’s been a while since I’ve done an update here – but I also write the Red Rock News Real Estate Blog and write even more on my Facebook page – so you can always find me somewhere!
As for the market – we seem to be a little slower than expected this fall. Typically we’re busiest in spring and fall – you see more homes selling during those times than winter and summer. This year, we were really busy in Spring and surprisingly busy in the summer. Now that we’ve entered our “busy time” for some reason or another (or more likely a combination of reasons) we’re a little slow.
There are 515 residential properties on the market in ALL of Sedona – and of these – 49 are already tied up with other buyers. September statistics are in – and all available on my Real Estate Market Update site. They show that sales were on target with September 2010 – but that the upper end has slid a little – we only had one sale over 800k this past month (vs 4 last year). This is more reason than ever to make sure homes are priced well – so that they have a chance of selling. It’s great news for buyers – who are still in the driver’s seat for homes priced over $500k here in Sedona. We do have a balanced market under $400k – which means a 6 month supply of homes.
We’re all assuming that home sales will pick up now that the weather is incredible – 75-80 degrees and clear blue skies during the day and chilly at night. It’s perfect weather for hiking and biking – so load up the car and make a trip to Sedona!
August 2011 Sedona Real Estate Roundup
August 23rd, 2011The summer lull in Sedona real estate usually drags on through the end of August for most Sedona agents, but this year has been marked by high levels of buyer activity through the warm summer months. Our overall inventory of homes is at it’s lowest point in the last 4+ years and we currently have 481 residences on the market. Of these homes, 54 are already in escrow – leaving a lotal of 427 truly available homes. The thinning of inventory is a great sign for the overall marketplace and the sellers who’ve been taking a beating over the last few years. Things are starting to look up!
Distressed homes still outperform the market by accounting for 120 of the 321 sales for 2001 YTD. That’s only 37% of all sales – which is down from prior reports of 40%. There are currently 72 Distressed homes (short sales or foreclosures) out of the 481 total – which makes our inventory of distressed homes only 15% of the market. This number is also down over prior reports – maybe this is the leading edge of a trend… stay tuned to find out!
Some highlights of the current marketplace:
- Luxury Sales are up! There have been 15 residential Sales this year over $1M – LAST YEAR we sold 9 during the same time frame
- Sub $400k home market takes a turn for the better – statistics show that we have a balanced market. A 6 months supply of homes at current sale rates indicates that we have a balanced market and that it’s neither a buyers or sellers market in this price range!
- 76 sales this year have been completed in under two months. This shows that many homes are selling quickly – and we’re often seeing multiple offers. Buyers are advised to be pre-approved for a loan or haivng “proof of funds” when you’re shopping for Sedona homes.
- Mortgage rates are INCREDIBLY low – I’ve had buyers get quotes of interest rates in the low 4% range! Wow – with rates like these it makes the homes even more affordable!
Sedona Real Estate Market Update – June 2011
June 28th, 2011The clear cool days of Spring have finally given way to the heat of summer just last week – which typically signals the end of the busy season for Sedona Real Estate. All signs are pointing towards a busy summer though – my phone’s been ringing and emails have been coming in with buyers visiting Sedona in the coming weeks and months.
There are 497 homes on the market in Sedona (areas 40-46 for those of you that are familiar with the area numbers) and 65 homes are already in escrow (tied up with another buyer). There are great deals to be had in every segment of the market – and the average price per square foot is $183. This number shows consistency because the 2010 year end figures show $182. This proves that prices have stabilized – and we’ve seen a 20% decrease in inventory of available homes over the past 2 years. These signs indicate the first sign of a recovery – and could potentially foreshadow better times ahead for Sedona residents with homes for sale. The seller hasn’t been in the drivers seat for a few years – but they’re trying to get control of the wheel again – let’s see what happens over the coming months – it’s certain to be exciting!
Click here to see the Sedona Real Estate Snapshot a geek’s eye version of Sedona Market Trends – Sedona Real Estate Snapshot -June 2011
MARKET TRENDS
Foreclosures and short sales have slackened a bit – and are currently making up 13% of our available homes on the market in Sedona. They do make up about 41% of the sales in the last 6 months. This number has been firm for the last 24 months – but the decline in distressed inventory should lead to a decline in the number of sales. Watch for this to happen by the end of 2011!
May 2011 Sedona Real Estate Update
May 13th, 201180 degrees and clear blue skies… check. Must be spring in Sedona. The weather’s been great and buyers are in town taking advantage of the deals to be had. We’re actually a little behind last year in total sales numbers and volume (approx 10% off) but the activity level seems to be holding strong.
527 residential listings currently on the market – which represents a 21% decrease in the number of available homes in Sedona over the past two years. This significant drop in the number of available homes will prove to be the first step in a long recovery for Sedona property sales. Of the current 527 places on the market, 70 of these are already tied up with a buyer in place – so there are really only 457 homes on the market actively for sale.
Distressed properties – Sedona foreclosures and short sales – still make up about 15% (down from the past average of 18%) of our currently available inventory of homes and account for 42% of sales in the last 6 months. 100 sales of the last 235 were either foreclosures or short sales.
Recent sales statistics show the average home in Sedona was listed at $440k and sold for $406k… and took 279 days to sell.
I hope this helps those of you looking to buy or sell a home in Sedona – if you need assistance please call or email me
rick@sedona.net
982-340-5012
Spring Weekend in Sedona Real Estate
April 25th, 201180 degrees and clear blue skies in Sedona this past weekend – and loads of people in town looking at property. There are 537 Sedona residential properties on the market and 73 of those are already in escrow. That’s a pretty healthy reduction in inventory over the past 2 years or more – and a great step towards a recovery in the Sedona Real Estate Market.
Our upper end of the market has seen some movement too! 8 Sales over $1M since the beginning of the year and another 2 or 3 in escrow. This important segment of the market shows that there is some pent up demand for Sedona housing and luxury end buyers are cashing in (literally) on homes that are priced to sell in today’s market.
Foreclosures and Short Sales still make up just over 15% of our available homes in Sedona. There are 83 distressed properties on the market and 32 of them are already in escrow. 50 of 127 Sedona Residential home sales this year have been foreclosed homes or short sales – and that makes up 40% of our sales. This number has been constant for 18 months or more – so there’s no upswing in Sedona distressed properties.
Uptown Sedona home bucks the trend
April 4th, 2011Last week I heard about a house on a quiet street in Uptown Sedona was coming on the market. It backs to open space but looks like it borders National Forest. It was totally remodeled in the last few years and looked great. The agent put the home on the market for $488k… an aggressive but not-unreasonable price for a home of this quality. Several buyers looked and one made an offer over the weekend. It shows you that well priced homes sell quickly in Sedona. There’s hope for sellers – listen to your agent and let them price your home at market value if you’d like to sell!
March 2011 Sedona Real Estate Update
March 7th, 2011Amazingly enough it seems that spring has come to the Verde Valley early this year. We did get pounded by snow 9 or 10 days ago – but it was gone by lunchtime (as per usual). Our January and February market is traditionally slow – but was absolutely nutty this year. Buyers are coming out of the woodwork to pick up homes because of the low prices and healthy stock market. There are currently 523 homes on the market in Sedona – and 87 of them are already tied up with buyers. That makes 436 homes truly available as of right now – this is the lowest level of inventory for 5+ years. Great sign for a step in the right direction towards a recovery.
Always on everybody’s mind is the distressed property market – including both Sedona foreclosures and short sales. These are both popular in past years – and 2011 is no exception. 57 homes have sold to date this year, and 23 of these were Foreclosures or Short Sales. That makes 40% of our market. That’s exactly in line with what I’ve quoted as our general market trend in Sedona – about 20% of the market is distressed – but that these 20% make up 40% of sales.
The current Average Price per Square foot is $190. Remember this is an AVERAGE… so if you’re looking for a home with above average views, above average location, above average finishes – you will probably pay more than $190 psf.
The start of March signals the beginning of our busiest Spring buying season and we all have high hopes for buyers getting the best deals. New homes come on the market daily – to be made aware of the best deals that fit your needs – call or email me today!