Whoa - the busy season has struck the Sedona real estate market right on time. We always tell clients that the busiest season in Sedona real estate starts on Valentines day. Depending on the weather, it may end up not getting busy until the 1st of March. This year was unusual, because we've had bad weather for the last week (until today) and right now we have 75 properties tied up in escrow across Sedona. We haven't seen that sort of activity level in years. Many people have mentioned a feeling that the market is making a quick transition, but I guess only time will tell.
Back to the facts - we currently have 444 residential properties on the market and 75 are tied up with buyers. According to the statistics on www.sedonaforsale.com it's the lowest number of properties available anytime in the last 2 years (each December 10-20% of the listings expire and are renewed in January) Short sales and foreclosures still affect the market, but their numbers are dwindling as well. Distressed properties are down by approximately 10% from their steady 40% market share of SOLD Sedona properties. It's a start in the right direction - so we'll keep an eye on those number and make sure to keep you aware of the current market trends here on this site.
Vacant land is still floundering however, but I'd expect to see an upswing in sales as the residential properties tick upwards and price per square foot numbers start to rise. It's still a much better deal to purchase an existing house than to purchase land and build, but if you're a person that only buys new cars and likes new houses - then you can still command a great deal on vacant land in town.
The next 3-4 months should be busy if this week is any indicator of the start of the season - so if you're looking to get a good deal, have your cash ready or have your loan officer prepare a Loan Prequal so that you're prepared and can act on short notice. The best deals are selling in days - not weeks or months!
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