Uptown has highest value in all of Sedona?

As many of you know – as an Uptown Sedona resident, I’m likely to extoll the virtues of living in the area to all buyer clients.  Due to many factors, the Uptown Sedona valuations seem to be higher than the rest of town… and for the first time, I’ve run the numbers to prove that fact.  I know that Uptown Sedona has it’s challenges (traffic on weekends in Spring and Fall), but for the most part, I’ve found it to be home to some of the best neighbors and best red rock views in the area.  The town of Sedona years ago was what we currently call Uptown today, then the town spread to West Sedona, then to The Chapel area, and finally out to the VOC.  So, as the original part of town, Uptown has some of the best views and is walking distance to the shops, restaurants, bars and coffeeshops frequented by people visiting the Red Rock Country of Sedona.  It’s certainly the smallest one of the 4  areas of town that Sedona’s broken down into…. and thus, there are less homes that come available, and certainly less available in the affordable (<$400k) category.

Uptown Sedona West Sedona Chapel Area VOC Homes
Active for Sale 5 119 37 101
Pending Sales 3 40 9 39
2013 Sales 8 104 22 106
Average Sold Price 544,000 432,000 427,000 388,000
Average price/ Sq ft 214 199 180 180
Average DOM for sold homes 42 146 200 165

The results of this quick search shows that there are fewer properties on market in Uptown, they sell for higher prices, and MUCH quicker.  The average home sells in just 42 days in Uptown… that shows that the reduced inventory increases buyer demand.  I guess my Econ 101 professor was right…

 

Canadian Buyers in Sedona

With the strength of the Canadian Dollar in 2013, it makes sense that more and more Canadian buyers are flocking into the Sedona Real Estate market.  Years ago Canadian buyers were rare, but buyers from Toronto, Montreal, Vancouver, Winterpeg (ahem, Winnepeg) and all over British Columbia are picking up winter homes in Sedona to escape the cold grey days for the 9 months of winter.  The saying in Sedona is… “You’ll never have to shovel Sunshine in Sedona!”  Canadian buyers are picking up properties all over town in every price range, from affordable condos and townhomes to the top end luxury Sedona real estate with National Forest access, incredible red rock views and luxury amenities.  They’re doing it all on the cheap too… compared to historical exchange rates.  Only 10 years ago, a single Canadian dollar got you about $0.73 USD and today the Loony is MUCH stronger.  One Canuck buck now gets you $1.03 USD.  That’s a huge increase in buying power from our neighbors to the North.  And… a more important factor is that Sedona real estate prices are at 2003 levels, their dollars get them much more house than ever before.

Sedona buyers from Canada not only see value in the pricing, but they’re drawn here for the same reasons that people from all over the US buy homes in Sedona.  The proximity to a major airport helps – we’re less than two hours from Phoenix Sky Harbor Airport (PHX) and halfway between Phoenix and the Grand Canyon.  Sedona is a small town surrounded by the Coconino National Forest and is dotted and framed by dramatic red rock mountains, buttes and outcroppings.  Home to only 10,000 residents, this visitor friendly city boasts dozens of great restaurants, more art galleries than you could shake a stick at, and a trail system with hundreds of miles of trails through the red rocks that are in the dreams of all hikers, mountain bikers, and trail runners.  Whether people arrive in Sedona for the outdoors, the thriving arts community, or a spiritual retreat – they’re certain to encounter all three on their Sedona Sojourn!

 

June 2013 Sedona Real Estate Market Update

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 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”