September 2013 Sedona Real Estate Market Update

Fall weather is upon us – I say that loosely, as autumn here means that it’s after Monsoon Season, the humidity is back down to near zero and it’s 85 degrees during the day and in the low 50’s at night.  Perfect if you asked me… whether you like to hike, mountain bike, or just relax and enjoy the views – this is arguably the best time of year in Red Rock country.

It’s been an interesting year in Sedona Real Estate – the year always starts off slowly and kicks into gear around March.  Our month of May was the busiest month in over 6 years and it’s leveled off a bit since then, but the last three months volume was approximately 40% higher than in 2012.  Inventory is probably finished tailing off and seems to have leveled off.  If we break down the homes there are 411 residential units on the market – and 339 are truly available.  And among these 339 active residential units, only 277 are single family homes.  Units sold are 6.9% above 2012 figures and we’re 13.2% up in dollar volume.  This means that more homes are selling this year, and that they’re selling for more money.  That’s partly due to the dropoff in foreclosures and short sales and the surge in mid range and luxury homes sales in 2013.  We’ve had 25 homes over $1M sell this year – compared to 22 in ALL of 2012.

The relative lack of homes for sale under $300k has also fed into the price surge in our lowest priced homes.  There are only 24 homes in all of town priced under $300k – and we had 5 sell in the last month.  This means we have under a 6 month inventory, which signifies a sellers market in the most affordable homes in town.  Great news for sellers and it might make potential buyers act quicker knowing that prices still seem to be on the upswing!