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Steady As She Goes

By
Real Estate Agent

 

The good news for the Sedona real estate market is that there is no really dramatic news to report. As we head into the “Dog Days of Summer,” the market recovery is showing all signs of staying on course. That, in itself, is a welcome fresh breeze. We’ve had strong market starts in each of the past three years, only to see them flag by mid-year. 2013 is giving every indication of keeping the momentum going.

 

To the relief of sellers, the Median Recorded Selling Price of single family homes continues to be roughly 25% ahead of year; well above the $400,000 mark. That puts Sedona ahead of the national price rise, 11%, and Phoenix’s 22.5%. Sales numbers are still off the pace of 2012’s at this point – down about 12% - but that gap is narrowing as the record number of Pending Sales close.

Roy Grimm's Sedona Monthly Article from June 2013:

A significant factor in both the increase in prices and the relative slowdown in volume, so far, is the steadily declining impact of distressed sales. In recent years, REO’s and short-sales have attracted a lot of buyers due to their sub-market pricing. Back in 2010, 33% of the closed home sales were foreclosures, now it’s about 12%. REO’s currently make up about 2.5% of the single family home inventory; short-sales another 3%.  In both categories we’re also seeing higher list prices, so they’re proving to be less of a drag on the market.

The luxury home market continues to lead the pack - not so much with price increases, but with sales volume. That’s up 30% over 2012 with a strong stable of pending sales getting ready to close.

Land sales, too, are showing strength, now ahead of 2012 with a good number of pending sales in waiting. The median price is up 15%.  I expect land to make further gains this year and well beyond, particularly if housing inventories remain low.  More and more of our clients, particularly at the high end, not finding homes to their liking, are seriously considering buying land and building.

Although summer is usually a slow season for Sedona real estate, I’m not anticipating its coming to the standstills we’ve seen in recent years. First, there is a nice backlog of pending sales waiting to close in the weeks ahead. And, there are some indications that more buyers than usual plan to show up June through August. Anecdotally, in our office, we’re seeing considerably more clients than usual booking appointments to view property over the summer.

Credit that to continued improvements in the national economy and the best consumer confidence indices seen since February, 2008. Even more, credit Sedona’s enduring appeal to both visitors and future residents. Back in 2003, USA Today ranked Sedona as, “The Most Beautiful Place in America.” More recently, Fodor’s put us among the “10 Best Small Towns in America.”  That accolade matches other Top Ten designations like “Best Art Destinations” and Best Travel Destinations.” This sort of recognition will attract people for a long time to come.

Comments (7)

Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Roy...Having visited Sedona I found it interesting to see how the market is doing there. You've done a very good job of sharing that information. 

Without a doubt people will be visitng (and wanting to live in) the Sedona area.

Kate

Sep 03, 2013 08:24 AM
ROY GRIMM
Sedona, AZ

Thanks Kate!  We love our Sedona and hope to see you back for a visit soon.  It is a dream destination for many people, we love helping our clients find their way home. 

All the best to you!

Roy & Team

Sep 03, 2013 08:29 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information
Howdy and evening Roy
 
Welcome to the ActiveRain Real Estate blogging community! You'll sure find a lot of mighty fine folks here in the community to get to know. I'm one of the many ActiveRain community members which are an ActiveRain Ambassador.
 
If you should ever have any questions about how to do anything or about the rules of the ActiveRain community, please feel free to contact me either by sending me a e-mail or by giving me a call, I'll sure be mighty glad to give you a helping hand. If for some reason I don't know the answer to a question which you might have, I'll sure will find out the answer and get back to you with the right answer.
 
Take the time to look at the different groups within the community, pick some different groups to join, post your blog posts in them, be sure to take the time to read the posting guidelines of each group you might want to join, folks sure will want to follow them. Members can join as many or as few of the different groups within the community as they would like to. Members are able to post their blog posts in 5 different groups at a time.
 
Keep up your mighty fine job of posting! I'll be looking forward to seeing even more blog posts written and posted by you, plus seeing you join some of the mighty fine groups in the AR community.
 
Have a good one
Dale in New Hampshire
Sep 03, 2013 09:07 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
This is very good information Roy. You laid it all out pretty well. Keep it up and stay the best!
Sep 03, 2013 02:58 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Sep 03, 2013 04:33 PM
Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team
Ken's Home Team LLC. - Vancouver, WA
- SOLD IS OUR FAVORITE 4 LETTER WORD -

Welcome to Activerain from from all of us at Ken's Home Team. I think you will find this site to be a wealth of knowledge and referrals. This really is the best real estate blogging and real estate network on the internet. If you have any questions about Activerain, reach out to the wonderful Ambassadors here in the rain. (They are a wealth of knowledge and were picked by the Activerain staff for their willingness to help others

Sep 03, 2013 04:35 PM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Roy - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you’re off to a great start…keep it up!

Sep 04, 2013 05:47 AM