Proof that the Sedona real estate market is heading in the right direction, though moving slightly slower than some would like, is evident in much of the data coming out: pending sales were up in April, average price rose suggesting stability, foreclosures were down, and the luxury market continued on its up-swing. Nationally this seems to be true also. And this is all happening in spite of the fact that there is no tax incentive being offered by the Fed. Is this the time to buy? You bet it is! Bargain prices and low interest rates won't be here forever.
Average Sold Price of an Existing Sedona Home Rose
The average price increased for the second month in a row, rising from 387,278 in March to 423,578 in April. This represents a 9.3% gain from March.
A snap shot of pendings shows sales going from 73 April 1st to 85 April 20th, suggesting strong sales for the month of May.
Sales of Existing Homes
Economists predict that sales of existing homes will rise in the fall rather than the spring as buyers need more time to be convinced that the economy as a whole has turned the corner. Of the 37 homes that sold in Sedona in April, 60% were priced below $400,000. Of the 37, six were bank owned homes. For more details, click Sedona Real Estate Statistic chart.
Sedona Luxury Market is doing Great
This market is on the rise. Two additional luxury homes sold in April for a total of nine and four are pending. Last year at this time only three had sold. Luxury Buyers can get a fabulous home as prices are well below what they were in 2006. In the past six months, the average price of a Sedona Luxury Home sold was $1,622,250, that's 38% less than the original asking price. For more information on the Sedona Luxury Market including price per SqFt , percent of sold price to original list price etc. click here Sedona Luxury Market.
Inventory Remains Steady
Inventory declined by 5 units going from 455 in March to 450 in April. In 2009 there were 609 active listings.
Inventory of Sedona Foreclosures and Short Sales (Pre-foreclosures) decline slightly
The number foreclosures and short sales coming on the market seem to be slowing down as only 50 distressed properties came on the market in April compared with 59 in March.
On the national level, there are fears that lenders will glut the market with foreclosures they have been amassing which will result in a further drop in home values. Then again, interest rates are expected to rise so that whatever additional savings there might be will be negated by an increase in rates. Additionally, experts expect home values to rise, though modestly over the following year (2012). According to NAR 31% of homes sold were paid for in cash.
Botto line, no one can really predict the future of this market; there are so many variables. As we all know, Real Estate is cyclical. Prices are low, rates are low, if you can afford to buy, then buy. This is an opportune time, don't miss out.
Call John 928-300-0849 or e-mail John@LimotteRealtor.com him with any questions you may have about the Sedona Real Estate Market.
To Search the entire Sedona MLS go to SedonaJohn.com.