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Written by Rick Wesselhoff
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Monday, 25 April 2011 05:59 |
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80 degrees and clear blue skies in Sedona this past weekend - and loads of people in town looking at property. There are 537 Sedona residential properties on the market and 73 of those are already in escrow. That's a pretty healthy reduction in inventory over the past 2 years or more - and a great step towards a recovery in the Sedona Real Estate Market.
Our upper end of the market has seen some movement too! 8 Sales over $1M since the beginning of the year and another 2 or 3 in escrow. This important segment of the market shows that there is some pent up demand for Sedona housing and luxury end buyers are cashing in (literally) on homes that are priced to sell in today's market.
Foreclosures and Short Sales still make up just over 15% of our available homes in Sedona. There are 83 distressed properties on the market and 32 of them are already in escrow. 50 of 127 Sedona Residential home sales this year have been foreclosed homes or short sales - and that makes up 40% of our sales. This number has been constant for 18 months or more - so there's no upswing in Sedona distressed properties.
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