The heat of summer has passed us by and led us to the 2nd busiest time of year in the Sedona Real Estate market. We'll be busy typically through the end of November and this year is shaping up to be no exception to that rule. There is good news in the real estate arena for Sedona - mainly the number of available homes has decreased consistently and is down to the lowest level for several years. Right now there are only 515 residential units on the market - a number that shows a 30% decline in the number of available homes over the last 3 years. The number of available homes is actually less - because 55 of them are already in escrow (pending sale/tied up with another buyer). We have a balanced supply of homes in the sub-$400k market here in Sedona - which means that at current sales levels we have less than a 6 month supply of homes. Although our upper end of the market is healthy (with 16 sales already this year, we've surpassed the entire total of $1M+ sales for 2010) we do still have a 3 year supply of homes if the price is over $1M.
All in all, we're experiencing some signs of life in our current marketplace - and overall we're still a buyers market, but if you're looking to purchase a home for under $400k - the offerings are getting slimmer by the day.
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