Sedona Real Estate Market Update – June 2011
Sedona Foreclosures, Sedona Market Trends, Sedona property buyers, Sedona property sellers, Sedona Real Estate / Jun 28, 2011
The clear cool days of Spring have finally given way to the heat of summer just last week – which typically signals the end of the busy season for Sedona Real Estate. All signs are pointing towards a busy summer though – my phone’s been ringing and emails have been coming in with buyers visiting Sedona in the coming weeks and months.
There are 497 homes on the market in Sedona (areas 40-46 for those of you that are familiar with the area numbers) and 65 homes are already in escrow (tied up with another buyer). There are great deals to be had in every segment of the market – and the average price per square foot is $183. This number shows consistency because the 2010 year end figures show $182. This proves that prices have stabilized – and we’ve seen a 20% decrease in inventory of available homes over the past 2 years. These signs indicate the first sign of a recovery – and could potentially foreshadow better times ahead for Sedona residents with homes for sale. The seller hasn’t been in the drivers seat for a few years – but they’re trying to get control of the wheel again – let’s see what happens over the coming months – it’s certain to be exciting!
Click here to see the Sedona Real Estate Snapshot a geek’s eye version of Sedona Market Trends – Sedona Real Estate Snapshot -June 2011
MARKET TRENDS
Foreclosures and short sales have slackened a bit – and are currently making up 13% of our available homes on the market in Sedona. They do make up about 41% of the sales in the last 6 months. This number has been firm for the last 24 months – but the decline in distressed inventory should lead to a decline in the number of sales. Watch for this to happen by the end of 2011!