Whoa... spring has sprung and the Sedona real estate market is moving quickly. Upper end homes and vacant land activity is high - with five $1M+ homes already closed in 2014 and eight (8) more currently in escrow waiting for closing. Luxury Vacant land is also on the upswing with 14 lot sales in Sedona over $250k so far in 2014 and an additional 10 in escrow. That marks a huge increase in the upper end land market here in town and shows that luxury buyers are back in force. We haven't seen vacant land prices rise, so apparently buyers are cashing in on the last of the well priced luxury lots.
Most buyers area dialed in on the current market conditions and are aware that the "smokin' deals" on residential properties have gone away, and prices are slowly on the rise. Foreclosures haven't dried up altogether, but as of this second, there are only 7 available residential properties that are bank owned. Look for this number to continue to decrease as we move forward and upward with pricing. As prices rise we'll also see an upswing of residential properties coming on the market as some buyers have been waiting for market conditions to get better before putting their homes on the market.
Current inventory of homes in Sedona shows 394 single family homes on the market - with 39 currently in escrow - making a total of 355 available homes in Sedona. Condos and townhomes numbers are similar - with 45 on the market and 13 of these already tied up with buyers - making only 32 available condos and townhomes in Sedona and the Village of Oak Creek.
Vacant land is 341 lots on the market with 23 tied up with buyers - making a total of only 318 available building sites in all of Sedona and the VOC. Amazing that half of the lots in escrow are selling for over $250k - that's a healthy sign!
Look for increased sales volume in April and May as many of the upper end listings are in escrow - which will bring up the average price per square foot - which will in turn raise the price of the lower end of the market... Stay tuned or email me for more details!