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!
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