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!

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)

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There are 464 residential properties that are truly available (as of this minute) and 82 already in escrow (already tied up with other buyers)  Activity levels seem to be slacking a bit in the last 2 weeks, but the First Quarter of 2011 was busy compared to past years.  All projections seem to point in the direction of a busy marketplace for the Sedona Real Estate market for 2011.  Inventory is still low compared to the last 5 years and buyers are here to swoop in on the best priced homes.  Financing can be difficult even for qualified buyers, so be sure to get your prequalification done by a local mortgage broker or bank before you start looking.  Lender guidelines have tightened up a lot over the last few years and it makes sense to research your borrowing power before you look.

Foreclosures and short sales still make up about 20% of inventory and 40% of sales.  These numbers have been pretty consistent over the last 18 months or more – and I don’t see any surge or letdown in either – so I’d assume that those numbers will stay where they’re at for the next few months.  If you’re interested in searching through all the available foreclosures in town – search Sedona Foreclosures.

Our unfailingly good Springtime weather brings the buyers out of the woodwork – so be sure to call your agent to make an appointment before your next trip to Sedona!

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.