February 2012 Real Estate Market Update
Sedona Foreclosures, Sedona Market Trends, Sedona property buyers, Sedona property sellers, Sedona Real Estate / Feb 10, 2012
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.