Breaking News:

Close

Online Poll

Are local or national elections more important?

Sponsored By:

Tlaquepaque Village

Wrapping up 2011 - this Sedona real estate market update should give you a fair picture of the last month's activity but stay tuned and I'll do a year-end version in early January to summarize "the year that was".

We currently have 489 residential units on the market (includes single family homes, condos, manufactured homes, etc) and 69 of these are already tied up with other buyers.  This makes 420 homes on the market at this instant... of these homes the breakdown is as follows:

322 Single Family Homes - 69 Condos/Patio Homes/Townhomes - 29 Manufactured homes

I don't have the breakdown for the number of homes available in December of last year, but I can tell you that the total number of homes on the market was 530 - so we're looking at an 8% decline in the number of available homes compared to this time last year. 

Everyone always seems to be interested in the number of Distressed sales (short sales and Foreclosures) - so let's evaluate our current marketplace and sales level.  Of the 489 residential units on the market - 69 of them are Distressed sales - so this makes up about 14% of our current market.  This number has slid downwards over the past year - if you're a dedicated reader, you've heard me quote 17-19% over the past few years.  This decline seems to have been fairly steady - with investors getting back into the market to pick up the best deals.  The sales percentage has also fallen - in November the percentage of sales that were distressed was only 30% - down from 40% over the last 2+ years.  This could signal a shift in the marketplace - teamed up with less inventory - so watch the sub-$400k market over the next few months to see if this balanced market shifts to a sellers market. 

Investor activity has been picking up, but rental units are getting gobbled up by Sedona residents.  I'm not sure whether the increase in renters is due to - but there isn't much inventory of rental homes in the city of Sedona in particular.  In recent conversations with the property managers around town - they need more homes to rent - so if you're thinking about rental property - now might be the time!

In December's closing days I'd like to take the opportunity to thank the few dozen readers that tune in regularly and even email to ask about my next post.  Feel free to contact me when you need personal assistance and I wish you all a Merry Xmas and a happy new year!


Leave your comments

0
terms and condition.

People in this conversation

  • Alaskan Snowbird

    Thanks for the update, Rick! With the stream of foreclosures starting to dwindle and interest rates at historical lows, 2012 should shape up to be an interesting year for Sedona real estate.

  • Old Okie Colonel

    Rick,<br />With the numerous QEs from the Federal Reserve and stimulus spending by the current administration in Washington, inflation will eventually result followed by rising interest rates. Normally, as interest rates rise, housing prices decline and visa versa. This time around, housing prices declined even though interest rates are at nearly an all time low. Don't you think that those who are young enough to wait a couple of years to purchase a home will be able to get a much better deal than today?

  • Rick Wess

    Old Okie -<br />It's hard to tell what the future has in store and if a young buyer will be better off buying in a few years - but inventory is shrinking and that generally leads to prices stabilizing and nudging upwards. Already our sub $400k market is balanced - no longer a buyers market - so we'll see where we end up. The good news is that prices are down and interest rates are at historic lows!

  • 123456789

    Hi Its now February.. Anything new?

Sedona Weather

Partly cloudy

76°F

Sedona, AZ

Humidity: 25%
Wind: N at 6 mph
Thursday
Sunny
51°F / 81°F
Friday
Sunny
54°F / 83°F
Saturday
Sunny
54°F / 81°F

Sedona Gas Prices

Lowest Gas Prices in Sedona
Sedona Gas Prices provided by GasBuddy.com