Well… as mentioned in past posts – the number of foreclosures continues to slide and the number of available homes is dropping! If you’ve been looking for a foreclosure property – you’d be best to hurry – as there are only 20 left in the entire Sedona area (areas 40-46). There are 32 available short sale homes on the market, but 20 of these are already tied up with other buyers. It appears that the window of opportunity for bargain hunters is coming to an end… it’s by no means over, but the best properties sell quickly. In the busiest price point in Sedona, the sub $400k Single Family Home market there are 107 available homes, with 31 already tied up with a buyer. That makes 76 available homes in a market that sees about 23 sales per month (over the last 6 months) – so that means that we only have a 3 month supply of single family homes in the under $400k price range. A balanced market is a 6 month supply and anything less is a SELLERS MARKET! I don’t foresee prices rising, but there’s definitely been some tightening up of availability and firming up of the prices in this range. Keep an eye out for how this segment of the market reacts over the coming 6 months.
The other news for the Sedona Real Estate market is the resurgence of luxury buyers. There have been 11 sales over $1M including 3 sales over $2M – and another 2 $1M homes in escrow. There were only 17 $1M sales all of last year, so we’re on pace to break that mark as well.