As Sedona Arts Center looks to its 60th Anniversary year in 2018, the nonprofit cultural organization is planning a series of exhibitions and events that celebrate our creative community and diverse artistic heritage. To warm up the Diamond Anniversary, the Arts Center will present Sedona’s Legacy Artists: A Retrospective Exhibition in two parts beginning in June.
From the Blogs
Experience the beauty, culture and heritage of the Navajo people with Sedona Arts Center and Western National Parks Association (WNPA). Hundreds of handcrafted Navajo rugs and fine silver and turquoise jewelry will come to Sedona straight from Hubbell Trading Post National Historic Site, the oldest continuously operated trading post in the Southwest.
Assuming that this year fits the mold of past years, we'll soon be wrapping up our BUSY spring season. It's been marked by increases in prices within the city limits (more on that later), shrinking inventory, and competitive buyers. There are currently 346 residential units on the market, but a whopping 96 are already pending sales - leaving 250 available - 135 within the Sedona city limits, 92 in the VOC, and just 23 in the Loop Road area and Oak Creek Canyon. If we narrow the search to Single Family homes - the situation gets a little more interesting.
Single Family Homes:
Sedona - 120 available
<$300k - 0
$300k-$500k - 17
$500k-$700k - 28
$700k-$1M - 35
$1M+ - 42
VOC - 72
<$300k - 1
$300k-$500k - 21
$500k-$700k - 23
$700k-$1M - 17
$1M+ - 10
I'd evaluate this and start out by saying that the glaring thing here is that there's only 1 site built house in the Sedona area under $300k. Hurry - it might be gone by tomorrow. We normally see many buyers looking in the lower ranges (<$500k), it's the healthiest part of the market and where the majority of the sales take place. We're seeing many multiple offer situations and homes selling for full price or up to $10k over. I've written tips before about getting your offer selected as "the one" - but in the end, it's about price, cash down (full cash trumps other offers), quickness of the inspection period and quicker close. Many buyers have the cash available to write strong cash offers, so buyers needing a loan are behind the 8ball. It's up to you and your buyers agent to discuss strategy if you're going to be in compeitition with other buyers - so come prepared!
Persistence also helps (right Roberta?). If an offer's already been accepted, it doesn't hurt to submit a strong back up offer and be ready to perform should the first buyer fall out due to inspection issues.
All in all - we're in a sellers market within the city limits, and it's a fairly balanced market in the VOC. The strength of the market within the city limits has been partially attributed to the city allowing AirBnB rentals - and the relative weakness in the VOC market is partially a result of the VOC upholding the 30 day rental minimum. I see the validity of both sides, so I'm not here to talk about that (right now) - just to report trends...
What’s been knocking at your door? Has something pushed you through the door to the other side? We just came through two retrogrades that effected us personally for months. The hidden truths were pushed to the surface to bring forth, and on Wednesday, May 3, the light of life returns.
Over 100 Artists Contributing to the Annual Event for Local Art Lovers
What do you get when you invite hundreds of extraordinary artists to create new works within a 12-inch square space, and exhibit everything in support of Sedona’s hometown cultural organization? The Arts Center has the answer in its Annual 12x12 Project and Fundraiser, scheduled for Friday, May 12 at 5:30pm in the historic Art Barn. Mark your calendar and get ready to collect some wonderful new works of art!
Barely had time to write this update - the market's teeming with activity in the residential market - but interest continues to lag in vacant land. We're already seeing results of the AZ governor limiting any municipality from cutting homeowners rights to rent their place - as there's been a marked increase in sales within the city limits (where short term AirBnB style rentals are mostly allowed). The Village of Oak Creek (where they've upheld the 30 day rental minimum) on the other hand is seeing less activity, less sales and flat pricing in comparison. For those of you shopping on MLS powered websites if you're looking for vacation rental properties try to focus in on areas 40,41,42,43,44, and 46. Area 45 is designated as VOCA - and they've decided for the time being at least - to keep the 30 day rental minimum.
The interest level is peaking this spring and inventory levels are low - so when decent places come on the market - they're selling quickly. There are currently only 21 available single family homes available within the city limits under $500k. This is by far the fastest moving segment of the market - with 55 sales already this year. That sales rate for this price range comes out to 14 sales per month - and with 21 on the market right now - we have only 6 weeks of inventory in this price range. That's the lowest level of available <$500k homes we've seen in 10 years and signifies a sellers market. If you're looking to buy in this range - be sure to read my prior post about how to best prepare yourself for a sellers market.
Moving up a notch - our mid range homes ($500k-$1M) within the city limits - there's considerably more inventory. We're looking at a current group of 60 available homes and 50 sales this year. That's a rate of 13 per month - giving us a current 4.6 month inventory of available homes. This is still significantly lower than normal - and this is bordering on a balanced market - but it's tipping in the favor of sellers right now.
Vacant land sales in all of Sedona saw a jump in sales in February (12 sales), but came back down to earth with only 4 sales in March. I was hoping for an upswing of activity to lead the way for the rest of the year - but we'll see how the nubmers turn out for April and May. There are 318 available lots in the Sedona area - and 22 tied up with buyers. That's a pretty decent amount of escrows - so keep an eye out for an upswing in activity in the coming months!