Even though the day is perfect 80 degrees, the skies are clear and fall is in the air \u2013 I\u2019m sitting here in front of my computer.\u00a0 Shame on me.\u00a0 Office time has been at a premium lately due to the busy market conditions and unreal weather for running, hiking, mountain biking and exploring the red rocks of Sedona.\u00a0 Overall our market condtions are good \u2013 with 10% more sales YTD over last year.<\/p>\n
Inventory of available homes continues to fall \u2013 we\u2019re currently at a 7 year low for available homes in Sedona.\u00a0 There are only 433 residential units on the market in our area (324 of these are Single Family Homes \u2013 the rest are condos\/patio homes\/manufactured homes) and 87 of these are already tied up with other buyers \u2013 leaving only 346 residential units (and only 269 homes truly available!)<\/p>\n
We\u2019re seeing more and more multiple offers on homes \u2013 primarily on homes under $400k.\u00a0 This segment of the market has the most number of sales and the least amount of inventory.\u00a0 Currently there are only 77 homes in town that are priced under $400k and are still available\u2026 So I believe we\u2019re seeing a textbook example of Economics 101 \u2013 decrease in supply and increase in demand.\u00a0 What we\u2019re not seeing yet is any market increase in pricing.\u00a0 Im sure that\u2019s due to come as inventory continutes to tighten.\u00a0 In this price range we\u2019re averaging about $165 per square foot \u2013 but we still see multiple offers on homes priced at $230 per square foot!\u00a0 This shows that price per square foot is just one way to see if you\u2019re getting a good value \u2013 but by no means should this be the sole determining factor in buying a home.\u00a0 Buyers that say \u2013 \u201cI won\u2019t pay more than $180 per square foot for any home\u201d (or whatever the current town average) are only going to see average quality homes without views.\u00a0 Factors like neighborhood, age of the home, condition, proximity to National Forest, etc \u2013 can all have a dramatic effect on the $\/sq ft.<\/p>\n
We\u2019re still getting questions about foreclosed homes, but for the most part, these have dried up.\u00a0 We\u2019ve currently have 12 available homes that are bank-owned and 6 short sales.\u00a0 At one time, the distressed property market made up 17% of inventory \u2013 it\u2019s now dipped to 5% of the marketplace.\u00a0 These same distressed homes accounted for 40% of sales 2-3 years ago, but now only account for 23% YTD.<\/p>\n
Regardless of the statistics, there are still great homes on the market at affordable prices\u2026. so if you\u2019re looking, be sure to get in touch with me soon!\u00a0 If you\u2019re ready to buy and the right home isn\u2019t on the market for a reasonable price \u2013 I can keep you in mind when new homes hit the market.<\/p>\n","protected":false},"excerpt":{"rendered":"
Even though the day is perfect 80 degrees, the skies are clear and fall is in the air \u2013 I\u2019m sitting here in front of my computer.\u00a0 Shame on me.\u00a0 Office time has been at a premium lately due to the busy market conditions and unreal weather for running, hiking, mountain biking and exploring the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3941,3935,3939,3940,3936],"tags":[3937],"_links":{"self":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/posts\/465"}],"collection":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/comments?post=465"}],"version-history":[{"count":0,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/posts\/465\/revisions"}],"wp:attachment":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/media?parent=465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/categories?post=465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/tags?post=465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}