Activity levels still seem high, but there are signs of the spring market slowing down a bit. Per my status update 2 weeks back, there are 7 less properties on the market and 7 less in escrow. So, the market's evening out - but look for activity levels to drop a bit when the summer months arrive.
Activity is still hot in the Sedona real estate market with 46 residential units (homes, condos, etc) selling last month. There are 434 on the market, but a whopping 82 are already tied up with other buyers. That's one of the fastest moving times in a few years. The average price per square foot in Sedona is now up to $212 - up from the trough of the market in 2011 at $173. That's a 20% rise in average price per square foot in that time spread! Check the most recent stats at http://sedonaforsale.com/
Busy springtime keeps rolling right along... we officially have 422 residential units (including homes, condos, mobile homes) on the market - and if we take the 74 currently in escrow with buyers - we have 348 truly available places in Sedona. If we narrow the search to available condos and townhomes, then you're looking at 40 available condos and townhomes - and 294 available single family homes in Sedona. Historically, that's a pretty low number and it looks worse when you're looking at homes in your price range:
Under $300k - 17 available homes
$400k-$500k - 54 available homes
$550k-$650k - 41 available homes
So, depending on your price range there are at most 4 dozen homes in your "potential" wishlist, and you can probably narrow the search to a half dozen or more by looking at the photographs online and speaking with your agent.
Spring buying season is in full swing - with 70+ residential units (homes, condos, etc) tied up with buyers. Inventory has ticked up slightly - we're currently at 409 homes on market. IF we only count Single Family homes, then the currently available homes drop to 286. Buyer activity seems strong with some mulitple offer situations on well priced homes. There aren't multiple offers on many homes, but if you see a deal - you'd be wise to act sooner than later. Highest activity levels seem to be in the sub $300k price range (only 14 available homes under $300k) and in the 300-500k price range (20% of listed homes are tied up with buyers). I've been showing properties in the 500-600k range more often than any other range and the pickin's are slim. The best ones are already tied up with buyers. We need more inventory in this price range...
Vacant land is still fairly steady - with 338 available lots in town - and 16 tied up with buyers. I still think that we're a few months (or a year) off from seeing higher activity levels for vacant land, but I do remember the days when you couldn't find a vacant parcel in West Sedona for under $300k. That was about 10 years ago... I have seen some decent view lots on sewer for about half of that amount, but affordable view lots sell fairly well. Contact your agent or ask me for guidance if you're ready to start your search!
OK... inventory is up a little bit - as we're currently at 430 residential units on the market, but there are a whopping 80 already tied up with buyers - making a total of 350 truly available places in Sedona. If we take out condos/townhomes/manufactured homes - we're left with only 296 available single family homes in the Sedona area. There are only 17 homes left in town priced under $300k.
Quick update on the number of homes in town on the market (408) and the total number of homes already tied up with buyers (67). This is about in line with the prior update - but many homes have sold in the meantime, so activity levels remain high. The number of available single family homes is down to 288 - and can be broken into separate price categories:
1) Under 300k: 14 available
2) 300k-500k: 90 available
3) 500k-750k: 86 available
4) 750k-999k: 40 available
5) $1m+: 62 availalbe
So... technically there are lots of choices depending on your price range, but when you narrow your search to your probable price range, there usually are less than 10 homes to see in your price range. If you don't see what you like right away, make sure that your agent knows what you're after and your time frame for buying. He or she can set up a portal for you to see the houses you like or you could get a weekly email with the newest homes in your price range. Either way, early notice of listings is crucial as the best homes tend to sell in days or weeks!
Over the past decade our local Sedona real estate market has some consistencies (even through the downturn of 2008-2012). Home sales are generally slow in the winter and summer months and busy in the spring and autumn. This spring is shaping up to meet and potentially beat our expectations as we're off to a roaring start of the Spring buying season - fueled by high demand, low prices and fantastic weather. 70 degree days in February and March encourage visitors from colder climates that Sedona is THE place to be. Whether they're looking to move their families to raise kids in a small town, retire in the red rocks, or buy a vacation home to support their mountain biking habit, Sedona has it all.
There are currently 389 homes on the market, but only 315 are truly available. Simple math tells us that 74 homes are already in escrow - or in the process of being bought by a ready willing and able buyer. That makes 20% of the available homes out of the running for lookers and buyers. If we take out manufactured homes, mobiles, condos, etc... then you'll see that there are only 264 homes available. If you're looking to purchase a home under $500k, then there are only 86 available homes... The best homes that are correctly priced are selling in a matter or days or weeks. That's generally a precursor for an upward push in prices - look for that soon.
Vacant land seems to be moving as well - although not as fast as home sales. There are currently 328 vacant lots on the market with 315 truly available. So, there are 13 lots in escrow... representing less than 5% of lots that are tied up with a buyer. I believe that the market for vacant land will also rise over the coming year, and that we'll first see a spike of activity followed by gentle price increases. Let's see if I'm right in March 2016!