Sedona Real Estate Market Update – June 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!

Sedona Real Estate Market update April 25, 2011

Sedona homes sell quickly

My running partner lives in a nice quiet neighborhood in Uptown Sedona.  When a neighboring house was coming on the market for $488k – I was tempted to buy it myself.  It is a totally remodeled home on a .25 acre lot that backs to open space and appears to be as private as a home bordering National Forest.  This great home went on the market on Friday and sold over the weekend.  It just goes to show you – when sellers price a home according to the market, there are buyers waiting for nice Sedona homes.  If you’re looking for Sedona homes…. here’s your Sedona Home search tool

Housing Shortage on the Horizon for Sedona?

Housing Shortage on the Horizon?
Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy, he says.

In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction — that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.

“If we had anything like normal levels of buying, those houses would sell in 2½ months,” says Castleman. “We’d see an incredible shortage. And that’s where we’re heading.”

The historic drop in new construction mixed with the decline in housing prices is laying the foundation for a dramatic recovery in residential real estate, Castleman told CNN. Castleman expects home owners soon will start returning, which will drive up prices in many markets later this year.

While demand remains low for new construction, he expects that to change. He foresees the recovery following a similar path as previous ones: A severe housing shortage will drive a big increase in demand.

“We’ll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved,” he predicts. “Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house.” But they’ll want the house so bad that they’ll “bid the prices up.”

Source: “Real Estate: It’s Time to Buy Again,” CNN (March 28, 2011)

Sedona Luxury Home for sale

Flawless modern contemporary home in sensational view location – centrally located in a quiet exclusive area near National Forest. Large open floor plan with 180 degree Red Rock views through walls of glass allow sunup to sundown views of Sedona’s most known formations. Gated entry for this estate fosters a sense of privacy without being in a neighborhood with restrictions. Sloping roofline and careful angles show artistry in architecture. Open gourmet kitchen features alder cabinetry, granite countertops, stainless Viking appliances. Current configuration includes a spacious home cinema and countless quality touches throughout. Oversized entertaining patio with firepit, outdoor kitchen, hot tub, all overlooking manicured acreage and forever views of Coffeepot Rock to the Mogollon Rim. Separate casita offers separation for guest/nanny quarters.  Call Rick for more details or to make an appointment 928-301-2622

Sedona Real Estate Spring 2011 market update

Sedona Top Selling agents

The Sedona Real Estate market is in full swing and achieving sales numbers reminiscent of 2005-2006.  The sale prices are much lower – I’d say 35%-40% off of residential prices, but the buyers are back.  The Case-Schiller index shows that Phoenix is one of the worst performing real estate markets in the country, but Sedona is looking strong this year due to lower prices and a re-emergence of the luxury market.  There have already been 7 million dollar home sales this year – with another 2 in escrow.  That’s 8 in the first quarter of 2011 – we only saw 1 Million dollar sale in the 1Q of 2010.

Regardless, I thought I’d pass along a great site that shows the top selling agents in Sedona – it shows all of the top 20 best agents in Sedona.  That way, if you’re looking to buy or sell, you can check to see if your agent is on the list or pick from the most experienced agents in town!  It’s a great asset to be able to see who’s the top agents in Sedona.

Sedona Vacant land prices hit Bottom!!!

The time may not get too much better for buyers looking for deals on Sedona land. While home prices are down 35% or so – the vacant land market has been especially hard hit – with some prices down 60-70% from their highs a few years back. Not many lenders are making loans available for properties – but if you can afford to pick up a Sedona parcel of vacant land (starting at $55k) I’d say that this would be an excellent long-term investment. You won’t be able to flip this and make money in a year or even two or three – but if you can hold for 10 years – I think you’ll be suprised how much this investment might make you! When the market turns around (yes, it will get better) then lenders will be more likely to loan money – and that freed up money will be buying Sedona land and prices will rise. Call, email, or TXT me and I’ll send you some land listings that are in your price range – or search yourself for yourself here

March Sedona Real Estate Market Update

Check out the most recent statistics for the health of the local real estate market on the Sedona Real Estate Market Update.  Things are popping here in town right now – lots of buyers are putting homes into escrow and taking the best ones off the market.  If you’re looking to get a good deal – contact me today!