February 2012 Sedona Real Estate Market update

Whoa – the busy season has struck the Sedona real estate market right on time.  We always tell clients that the busiest season in Sedona real estate starts on Valentines day.  Depending on the weather, it may end up not getting busy until the 1st of March.  This year was unusual, because we’ve had bad weather for the last week (until today) and right now we have 75 properties tied up in escrow across Sedona.  We haven’t seen that sort of activity level in years.  Many people have mentioned a feeling that the market is making a quick transition, but I guess only time will tell.

Back to the facts – we currently have 444 residential properties on the market and 75 are tied up with buyers.  According to the statistics on www.sedonaforsale.com it’s the lowest number of properties available anytime in the last 2 years (each December 10-20% of the listings expire and are renewed in January)  Short sales and foreclosures still affect the market, but their numbers are dwindling as well.  Distressed properties are down by approximately 10% from their steady 40% market share of SOLD Sedona properties.  It’s a start in the right direction – so we’ll keep an eye on those number and make sure to keep you aware of the current market trends here on this site.

Vacant land is still floundering however, but I’d expect to see an upswing in sales as the residential properties tick upwards and price per square foot numbers start to rise.  It’s still a much better deal to purchase an existing house than to purchase land and build, but if you’re a person that only buys new cars and likes new houses – then you can still command a great deal on vacant land in town.

The next 3-4 months should be busy if this week is any indicator of the start of the season – so if you’re looking to get a good deal, have your cash ready or have your loan officer prepare a Loan Prequal so that you’re prepared and can act on short notice.   The best deals are selling in days – not weeks or months!  Call me for ideas and deals at 928-301-2622!

February 2012 Real Estate Market Update

The weeks are flying by and we’re just a few weeks away from the start of the BUSY season for Sedona Real Estate.  We didn’t slow down as much as we have in past years – I’m guessing due in part to the great deals all around Sedona and our fantastic “winter” weather.  It should be in the mid 60’s today, but this is not a normal winter.  It could just as easily be in the 40’s or 30’s – but I’m not complaining – it gives me more incentive to go out for a run or a mountain bike ride after work.

As I just mentioned, the market is pretty hot – with some properties selling in days, and some of these getting multiple offers.  There are 340 single family homes on the market in the Sedona area, and 54 of these are already under contract with buyers.  That’s a very high number compared to past years!  The lot market is relatively slow- with 373 lots on the market and only 5 in escrow at this time.

It seems that short sales and foreclosures are waning – the numbers of available homes and closed sales that are distressed sales represent a lower percentage of all sales for the first time in a few years.  37 homes sold already this year and only 11 of them are distressed sales.  That means that they’re now making up only 29% of sales – down from the 40% average we’d seen in the last 3 years or more.

Look for more homes to hit the market in the next 3 weeks – typically sellers will wait for the busy season to hit before launching their homes on the open market.  If you’ve been waiting for the right place to come available, keep your eyes peeled, it’s going to be a busy Spring!  If you’re looking for something in particular – be sure to email me and let me know what you’re after.