Assuming that this year fits the mold of past years, we’ll soon be wrapping up our BUSY spring season.  It’s been marked by increases in prices within the city limits (more on that later), shrinking inventory, and competitive buyers.  There are currently 346 residential units on the market, but a whopping 96 are already pending sales – leaving 250 available – 135 within the Sedona city limits, 92 in the VOC, and just 23 in the Loop Road area and Oak Creek Canyon.  If we narrow the search to Single Family homes – the situation gets a little more interesting. 

Single Family Homes:

Sedona – 120 available

     <$300k          – 0

     $300k-$500k   – 17

     $500k-$700k   – 28

     $700k-$1M      – 35

     $1M+             – 42

VOC – 72

     <$300k          – 1

     $300k-$500k   – 21

     $500k-$700k   – 23

     $700k-$1M      – 17

     $1M+             – 10

I’d evaluate this and start out by saying that the glaring thing here is that there’s only 1 site built house in the Sedona area under $300k.  Hurry – it might be gone by tomorrow.  We normally see many buyers looking in the lower ranges (<$500k), it’s the healthiest part of the market and where the majority of the sales take place.  We’re seeing many multiple offer situations and homes selling for full price or up to $10k over.  I’ve written tips before about getting your offer selected as “the one” – but in the end, it’s about price, cash down (full cash trumps other offers), quickness of the inspection period and quicker close.  Many buyers have the cash available to write strong cash offers, so buyers needing a loan are behind the 8ball.  It’s up to you and your buyers agent to discuss strategy if you’re going to be in compeitition with other buyers – so come prepared!

Persistence also helps (right Roberta?).  If an offer’s already been accepted, it doesn’t hurt to submit a strong back up offer and be ready to perform should the first buyer fall out due to inspection issues. 

All in all – we’re in a sellers market within the city limits, and it’s a fairly balanced market in the VOC.  The strength of the market within the city limits has been partially attributed to the city allowing AirBnB rentals – and the relative weakness in the VOC market is partially a result of the VOC upholding the 30 day rental minimum.  I see the validity of both sides, so I’m not here to talk about that (right now) – just to report trends…