May 2010 Sedona Real Estate Market update
Sedona Foreclosures, Sedona Market Trends, Sedona Real Estate / May 27, 2010
Spring has sprung here in Sedona and many of the best priced properties have gone into escrow… not all of them as there are great deals coming online every week. The hottest price range is the sub $400k market where we have a balanced inventory for the first time in years. It’s considered balanced when we have a 6 month supply of homes on the market. That means that it’s not a buyers market, nor a sellers market – so buyers aren’t in the drivers seat as much as they were a year ago!!
Currently we have 575 homes on the market in the Sedona area (all Sedona zip codes included). Of these, there are 79 homes in escrow – bringing the total number of truly available homes to under 500. If you take out condos and manufactured homes, we only have 375 homes for sale in the Sedona area.
Short sales and foreclosures are still present, but the # of short sales has decreased and the # of foreclosures has increased. There are 22 short sales currently available and 27 true foreclosures. As you can see – available distressed homes only tally approximately 10% of the total inventory of homes in the Sedona area. There are still lots of great pricing on Sedona area homes – so if you’re in the market – conact your Realtor or drop me a line – I’d be happy to answer questions or assist!