May 2011 Sedona Real Estate Update

80 degrees and clear blue skies… check.  Must be spring in Sedona.  The weather’s been great and buyers are in town taking advantage of the deals to be had.  We’re actually a little behind last year in total sales numbers and volume (approx 10% off) but the activity level seems to be holding strong.

527 residential listings currently on the market – which represents a 21% decrease in the number of available homes in Sedona over the past two years.  This significant drop in the number of available homes will prove to be the first step in a long recovery for Sedona property sales.  Of the current 527 places on the market, 70 of these are already tied up with a buyer in place – so there are really only 457 homes on the market actively for sale.

Distressed properties – Sedona foreclosures and short sales – still make up about  15% (down from the past average of 18%) of our currently available inventory of homes and account for 42% of sales in the last 6 months.  100 sales of the last 235 were either foreclosures or short sales.

Recent sales statistics show the average home in Sedona was listed at $440k and sold for $406k… and took 279 days to sell.

I hope this helps those of you looking to buy or sell a home in Sedona – if you need assistance please call or email me