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:
|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”