Quick update on the number of homes in town on the market (408) and the total number of homes already tied up with buyers (67).  This is about in line with the prior update - but many homes have sold in the meantime, so activity levels remain high.  The number of available single family homes is down to 288 - and can be broken into separate price categories:

1) Under 300k:  14 available

2) 300k-500k:   90 available

3) 500k-750k:   86 available

4) 750k-999k:   40 available

5) $1m+:          62 availalbe

So... technically there are lots of choices depending on your price range, but when you narrow your search to your probable price range, there usually are less than 10 homes to see in your price range.   If you don't see what you like right away, make sure that your agent knows what you're after and your time frame for buying.  He or she can set up a portal for you to see the houses you like or you could get a weekly email with the newest homes in your price range.  Either way, early notice of listings is crucial as the best homes tend to sell in days or weeks!

Spring buying season is in full swing - with 70+ residential units (homes, condos, etc) tied up with buyers.  Inventory has ticked up slightly - we're currently at 409 homes on market.  IF we only count Single Family homes, then the currently available homes drop to 286.  Buyer activity seems strong with some mulitple offer situations on well priced homes.  There aren't multiple offers on many homes, but if you see a deal - you'd be wise to act sooner than later.  Highest activity levels seem to be in the sub $300k price range (only 14 available homes under $300k) and in the 300-500k price range (20% of listed homes are tied up with buyers).  I've been showing properties in the 500-600k range more often than any other range and the pickin's are slim.  The best ones are already tied up with buyers.  We need more inventory in this price range...

Vacant land is still fairly steady - with 338 available lots in town - and 16 tied up with buyers.  I still think that we're a few months (or a year) off from seeing higher activity levels for vacant land, but I do remember the days when you couldn't find a vacant parcel in West Sedona for under $300k.  That was about 10 years ago...  I have seen some decent view lots on sewer for about half of that amount, but affordable view lots sell fairly well.  Contact your agent or ask me for guidance if you're ready to start your search!

 

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!

Years ago sales dipped in the winter months and there wasn't much activity in vacant land or home sales in the months of December and January.  Times have changed and winter of 2014 and winter 2015 are proving to be very busy times for Sedona area real estate agents.  January sales stats for Sedona show that it was the busiest in 4+ years (in sold homes) and there's no end in sight.  Vacant land and Residential sales were up 16% for the month of January and prices are on the rise too. 

Residential Real Estate market:  As of today, there have already been 56 home sales in Sedona and there are a whopping 59 additional already in escrow with buyers.  The bottom end of the market is moving quickly as the majority of the home sales have been under $400k.  That's not to say that the other segments aren't moving - for instance - the upper end of the market ($1M+ homes) is also red hot - with 4 closed sales already this year and an additional 2 in escrow.  Compare that to the last year with just one Million+ home sale in January...  Prices are starting to creep upwards, as evidenced across the board in the following table.  Price per square foot is up to $228 (although to be honest, with only one month sales in the books, this might downshift when there is more data at the end of February.  Have a look and call your agent if you have questions about the best time to put your house on the market!

Annual statistics are in and you can see a full list of the top selling agents in Sedona on SedonaTopAgents.com  These agents have sold more property than the rest of the agents combined - so if you're looking for an active agent to help you buy or sell a home - look here first!

The summer slowdown is complete and the busier fall season is upon us in Sedona.  As usual - I post the full statistics on another site for your review in full - but my analysis of the details live here on the RRN site.  There are 408 residential units on the market in Sedona and the surrounding Sedona area (Sedona zip codes only).  66 of these listings are condos/townhomes/manufactured/mobile homes - so let's call it 342 single family homes.  Of these 342, 47 are currently tied up with buyers - "in escrow" in our local terminology... making a total of 295 truly available homes in the Sedona area.  It seems like a lot to choose from, but if you narrow the search to your approximate price range, there might only be a dozen or more that work for you.  It's important to see details and pictures to help you weed out the ones that don't appeal to you - so use the online tools available to search before your arrival here in Sedona. 


It appears as though the inventory of homes has leveled but the overall price per square foot is still on the rise.  We're currently seeing the average price per square foot of $208.  However, it's important to remember that this is the AVERAGE - and many people want things that are nicer than average.  So if you see a newer home on National Forest with incredible views, you can easily pay $300 per square foot or more.  Those are just some of the factors that raise the price - so consult with your agent to discuss if your goals are to get the best deal or to get a home that fits all of your needs. 

The upper end of the market seems very healthy, with 23 sales already this year over $1M - and there are 6 more in escrow, so we'll certainly hit 30 sales by mid-October.  There were only 31 sales over $1M in 2013 (which was the best year for quite some time) so we're on target to be up 20% or more (in sales not pricing) in the luxury sales market. 

As always the busiest segment of the market is the sub $500k single family home market.  There have been 166 home sales under $500k since 1/1/14.  There were 194 last year during the same period - so that shows a 20% slowdown in that segment.  I'm sure there are a variety of factors that explain the slowdown, including rising prices, Slide Fire slowdown (recent fire in Oak Creek Canyon that affected tourism in town for a month), and others. 

Sellers often wait for September buying season to start to put their homes on the market, so expect a minor increase in the number of homes on the market over the next month.