March 2011 Sedona Real Estate Update

Amazingly enough it seems that spring has come to the Verde Valley early this year.  We did get pounded by snow 9 or 10 days ago – but it was gone by lunchtime (as per usual).  Our January and February market is traditionally slow – but was absolutely nutty this year.  Buyers are coming out of the woodwork to pick up homes because of the low prices and healthy stock market.  There are currently 523 homes on the market in Sedona – and 87 of them are already tied up with buyers.  That makes 436 homes truly available as of right now – this is the lowest level of inventory for 5+ years.  Great sign for a step in the right direction towards a recovery.

Always on everybody’s mind is the distressed property market – including both Sedona foreclosures and short sales.  These are both popular in past years – and 2011 is no exception.  57 homes have sold to date this year, and 23 of these were Foreclosures or Short Sales.  That makes 40% of our market.  That’s exactly in line with what I’ve quoted as our general market trend in Sedona – about 20% of the market is distressed – but that these 20% make up 40% of sales.

The current Average Price per Square foot is $190.  Remember this is an AVERAGE… so if you’re looking for a home with above average views, above average location, above average finishes – you will probably pay more than $190 psf.

The start of March signals the beginning of our busiest Spring buying season and we all have high hopes for buyers getting the best deals.  New homes come on the market daily – to be made aware of the best deals that fit your needs – call or email me today!