Fall weather is upon us - I say that loosely, as autumn here means that it's after Monsoon Season, the humidity is back down to near zero and it's 85 degrees during the day and in the low 50's at night.  Perfect if you asked me... whether you like to hike, mountain bike, or just relax and enjoy the views - this is arguably the best time of year in Red Rock country. 

It's been an interesting year in Sedona Real Estate - the year always starts off slowly and kicks into gear around March.  Our month of May was the busiest month in over 6 years and it's leveled off a bit since then, but the last three months volume was approximately 40% higher than in 2012.  Inventory is probably finished tailing off and seems to have leveled off.  If we break down the homes there are 411 residential units on the market - and 339 are truly available.  And among these 339 active residential units, only 277 are single family homes.  Units sold are 6.9% above 2012 figures and we're 13.2% up in dollar volume.  This means that more homes are selling this year, and that they're selling for more money.  That's partly due to the dropoff in foreclosures and short sales and the surge in mid range and luxury homes sales in 2013.  We've had 25 homes over $1M sell this year - compared to 22 in ALL of 2012.  

The relative lack of homes for sale under $300k has also fed into the price surge in our lowest priced homes.  There are only 24 homes in all of town priced under $300k - and we had 5 sell in the last month.  This means we have under a 6 month inventory, which signifies a sellers market in the most affordable homes in town.  Great news for sellers and it might make potential buyers act quicker knowing that prices still seem to be on the upswing!


We're on the tail end of Monsoon season here in Sedona - which means that our typically slow summer season is almost finished.  Real estate sales sagged a little compared to Spring 2013 months, but it was busier than normal - with 54 sales in the month of July (50 in 2012).  The overall number of Sedona sales are about 4% up over last year - but volume is up by nearly 10% - which probably has several causes: 1) minor price increases in the lower end of the market 2) higher level of activity in our Sedona luxury homes market.

Current availability of homes is at a 7 year low - with only 375 homes on the market (72 are currently in escrow with another buyer -so the true available homes are 303).  If we rule out condos/townhomes/MFG homes, then there are only 250 available homes in the entire Sedona area.  No wonder prices are starting to come up incrementally.  I wouldn't expect to see appreciation levels like you'll see in Phoenix, Vegas, San Francisco - but look for single digit improvement starting in the lowest price ranges and working their way up (as long as inventory stays low and interest rates don't spike). 

We've seen rate increases across the board for lending - so if you're looking to borrow money to purchase a house, the rates I've seen quoted this week were in the mid 4% range.  Trends and rumors seem to point to higher rates in the future - and I've mentioned this before, but not everybody believes me... a 1% increase in the interest rate means that you can afford 10% less of a house.  So, if you're looking at a $400k house and the rate jumps a point when you're searching - then you'll be looking at a $360k house to get the same payment promised earlier. 

Our strong fall market kicks into high gear in a few weeks - so expect to see more listings come available and even more buyers snapping them up at a quick rate!


Summer is finally upon us and the hot days haven't slowed down the white hot real estate market here in Sedona.  Inventory is down, sales are up, and prices are rising again.  It's been a long time coming, but as with all things, real estate is a cyclical market this upswing has been years in the making.  Encouraging signs of the growth of our market include: multiple offers on well priced homes, many homes selling VERY quickly, and a shrinking inventory of homes.  It seems like the pent up demand is being met by the newest homes that hit the xanax no prescription market - as of today, there are 421 homes on the market - with 111 already tied up with other buyers - making a true inventory of 310 available residential units (254 single family homes + 56 condos/manufactured). 

237 residential units have closed to date in 2013 - a bit down from 245 sales last year during the same timeframe.  In a nutshell the year is shaping up like this:

  2012 2013
Total Sales Volume 96,633,000 100,378,000
Average Sold price of a home 394,000 423,000
List price/Sale price % 95% 97%
Average Days on Market 218 195
Price per square foot 172 191

This quick table shows that all the leading indicators are showing an upswing of our Sedona Real Estate Market... for Residential units at least.  Vacant land is a different story, because we're not seeing the price increases across the board for Vacant Land.  There were a few large parcels sold in 2013 - both of which were technically in Sedona, though they're out of town quite a distance and have miles of dirt road to access the parcels.  There are were 55 lots sold in 2012 to date, and this year we are a little above last year with 60 sales of Sedona Vacant land to date.  The great news is that we also have 17 lots in escrow in Sedona. 

All things said, we're experiencing growth again in the market, which is great as a current property owner, but also promising to potential buyers ready to purchase - as it always feels intelligent to buy on the upswing!  If you're years off from purchasing, you'll look back to this time and say to your friends "I wish I bought property in Sedona in 2012 or 2013"

We regularly tell both buyers and sellers that high season starts sometime after Valentine's day, so if you don't see what you like during the winter, wait until the spring.  Sellers hold onto their listings and put them on the market now - to take advantage of the annual spring rush to purchase properties.  This year is no exception.  There are currently 363 residential units on the market in the Sedona area (includes Single Family homes, condos, patio homes, and manufactured homes)   - of which, 87 are already in escrow.  This weekend the weather is absolutely perfect, and I'd expect many more homes to go pending today.  The most sought after segment of the market is the sub-$500k homes - and there are 60 of these already tied up with buyers.  We're all hoping for more properties to hit the market soon - otherwise at this pace we'll be sold out of Sedona homes by the end of June!  If you're thinking of putting your home on the market, the timing couldn't be better, and if you're looking - be prepared to act quickly.  Speak to a mortgage lender before your arrival to secure a prequalification letter to prove to sellers that you've spoken with a lender and are pre-approved for a loan.  This can go a long way during negotiations and can push you over the edge if there are multiple offers on a home!  Good luck and happy searching!

High season is in full swing and buyers are coming from all over to purchase properties as the slow but steady rise in values has started.  Our demographics regularly show people from all 50 states buying property - but I'm seeing an increase in the number of Alaskan license plates and Canadian license plates in our parking lot and on the streets of Sedona. 

Lots of mixed reporting on this year so far in real estate - but on the whole agents will agree that the market is definitely improving.  The number of  Sedona residential sales were down 1% for the first 4 months of the year compared to 2012.  The average price of homes went up as well as we saw an increase from 394k to 409k for the same 4 month timeframe.  Days on market stayed virtually the same - up to 184 from 178.  Our luxury market has really taken off this year with 9 sales completed already over $1M and 12 more in escrow - so 21 total sales (including pending sales).  To give you a sense of how the luxury market matches up to last year,  we sold a total of 21 houses in Sedona over $1M --- in ALL OF 2012.  Assuming that these all close in the next 60 days,  then we'll have sold the same number of $1M homes in Sedona by June 30.  That shows some serious traction in the upper end of our marketplace.

Total number of residential units on the market in Sedona is 421.  Buyers already have 116 of these places in escrow, which makes a total availability of only 305.  If we only look at Single Family Homes, then the picture is a little clearer - we have 336 total homes on the market and 92 in escrow - leaving only 244 homes available in Sedona. 

Vacant land is another story altogether.  We currently have 351 lots on the market with 22 in escrow with other buyers.  38 lots sold during the first 4 months of 2012 and 37 in 2013.  There is a steady recovery underway in vacant land sales, and that makes sellers happy.  The number of sales has not led to an increase in values, but they're thinning the available units - which is the first step to recovery.  Sellers have been waiting for years for the vacant land market to pick back up and it's finally coming around.  Part of this is fueled by developers need for affordable lots to build spec homes - something that didn't really happen from 2006 through mid 2012. 


We're on the cusp of the busy season here in Sedona - and within a few weeks the lid will blow open and you'll see activity ramp up for the spring buying season.  Typically, local sellers hold off on listing their homes during the slow winter months and go live with listings at the end of February or beginning of March.  Look for more well priced homes to hit the market and for many properties to sell quickly - as there's some pent up demand for properties under $500k.

There are currently 376 residential units on the market in Sedona and a whopping 85 already in escrow with other buyers.  That's a very high level of activity for a time of year that's supposed to be the slowest of the year!  67% of the homes in escrow are priced under $500k - and inventory in this much sought-after category is at a 8 year low.  It's a sellers market in this price range, so although we haven't seen any price gains, look for this in the immediate future.  Current pricing on homes under $500k is hovering around $200 per square foot - so use this as a loose guide when searching for Sedona homes.  It's also important to remember that you'll easily pay more than the going average if you're looking for a home in above average condition or with above average views. 

The other trending story in the Sedona real estate market is the decline in overall numbers of distressed homes.  Both foreclosed and short sales are down by almost 50% over the last year - and with the number of short sales shrinking even quicker, my guess is that the foreclosures will be drying up soon as well. 

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