Sedona, AZ

In the Sedona Real Estate Market, our market is definitely improving. We are seeing less foreclosures on the market. We only have 23 homes that are foreclosures listed on our MLS. That number also includes condos. Our active listings are down by 27% from mid year of last year. Our pendings are up by 153% from same time last year, and our solds are up by 36%. What is dropping are the prices. With a median sold price of $413,000. HOWEVER, and this is a BIG HOWEVER... the median sold price in January of 09 was $341,500. SO.... don't wait to buy. Buy now. The stats PROVE that our market is coming back. Please email me or call me for all your buying needs at barbara@barbarabaker.com or 800-975-5943/ or locally at 928-301-0669. Happy Buying!

SEDONA MARKET UPDATE FIRST HALF 2009

You probably have read or watched all of the news reports about the recovery in the housing market and increase in home sales across the country and may be wondering what's happening in the Sedona real estate market. The bottom line is that Sedona is experiencing similar trends; however, the pick up in the market started earlier and appears to be moving more quickly. Please visit our website at www.Homes-Sedona.com for information on Sedona and the Verde Valley.

During the 1^st half of this year there were 146 sales in the Sedona market, an increase of 29% over the same period last year. The average selling price for the 1^st half was $507,000 a drop of 20% from $633,000 a year ago. Most of the action was in homes priced under $500,000 with 59% of the total. Of these 48% were foreclosed bank owned property (REO) and pre-foreclosure short sale property.

Overall, average prices, when compared to the average sales price of non REO/short sales were 10% lower for short sale properties and 37% lower for REO properties. REO properties sell relatively quickly and we are seeing multiple offers on aggressively priced homes. At the rate of sales experienced in the 1^st half, the current inventory of REO properties will sell out in the next 2 - 3 months.

Buyers are clearly looking for and getting deals. We are seeing some real bargains as seller fatigue sets in and banks unload their REO property. The Sedona market appears to have bottomed with savvy buyers returning to the market to take advantage of these bargains before prices begin to move up once again.

MOST IMPORTANTLY, LONG TERM GROWTH FUNDAMENTALS REMAIN STRONG!

Sedona inventories are probably as high as we will see for a long time, motivated sellers are reducing asking prices regularly and mortgage rates remain at historically low levels. This is clearly one of the best buying opportunities in years and one that we probably will not see again.

Sedona is a very attractive and special place that is an island of private property, landlocked by the National Forests and largely built out. The long term outlook for value growth remains strong as the balance between supply and demand shifts back to a sellers market over the next few years. Sedona's unique beauty, mild four season climate and rich culture will continue to drive demand from retiring Boomers and second/vacation home buyers. To learn more or to view homes for sale in Sedona, please visit our website www.Homes-Sedona.com .

The Sedona real estate market continues to show signs of recovery with an increase of sales by 23% since 08. Our pending home sales are up by a whopping 150% (which includes foreclosures and short sales). However, of those pending numbers - 80% are either a foreclosure or a short sale home - 80%. That is staggering. The median price point is down from 08 by 21% to $429,000. This price represents all price ranges including the luxury market (over $1 Million). We are having buyer's come back into the market since the price point has dropped so substantially. Our inventory has dropped by 23%. Our bottom was in January with the median price point of $341,500. So we are somewhere in the trough. With the stock market continuing to rally, consumer confidence returning, and some signs that we are heading out of the recession, now would be the time to buy. For all your Sedona Real Estate Buying needs, I can be reached at www.barbarabaker.com, barbara@barbarabaker.com, or at 800-975-5943.

On my recent trip to Sedona Arizona, real estate was not top of mind. The beautiful scenery, the vibrant community, and a visit with family was, however. But I have to admit that Sedona Arizona real estate is fascinating and colorful architecture, and with the fabulous views virtually everywhere you go, it was hard, as a REALTOR, to not be pretty interested in what Sedona had to offer. And so different from what I am now accustomed to in Southern California. More on that later.

But I digress. This really is about a beautiful community in red rock country less than 2 hours north of the thriving and sprawling Phoenix Scottsdale metropolis, about 7 and 1/2 hours from my home in Carlsbad. 

We enjoyed a gorgeous, but slower, drive north of the 10 freeway through the mountains and Prescott National Forest, along winding roads with spectacular views of the valley far below. Our schedule didn't permit time to explore Prescott (at over 5000 feet above sea level), known as a resort community with a long history as a mining town. 

Nor did we take time to stop in Jerome, a small mountain-side community which became a virtual ghost town (when the nearby copper mines closed in 1953) but if now preserved  and a thriving tourist and artist community with shops, galleries and other retail businesses. Jerome if perched on Cleopatra Hill and only accessible by a steep and winding road for miles. 

While I had heard wonderful reports of the beauty of Sedona Arizona, I was still surprised, and perhaps unprepared for how spectacular the scenery really is - I think you will agree if you have been, or once you take a moment to enjoy the photo show.

The town itself is very attractive with all the trees, the views, the earth-tone colors of the buildings, and an obvious attempt to have things blend together and preserve the beauty of the landscape and vistas of the red rock formations, many of which have been named (Bell Rock, Coffee Pot Rock Cathedral, Snoopy). 

We enjoyed dinner with my elderly uncle and his wife at an upscale restaurant, Cucina Rustica (the chef-owners have also owned and operated Dahl and DiLuca, a highly recommended eatery, for over a decade) near their home (dinner and the ambiance were terrific, by the way), as well as a several hour tour of the town the next day before heading to Scottsdale. 

 Tlaquepaque Arts and Crafts Village, a landmark in Sedona since the 1970s, was the most charming and beautiful of the shopping areas we saw. We took a quick drive through the uptown area which has a more touristy feel to it and is crammed with a wide array of retailers.

Sedona has dozens of galleries, eateries, New Age shops and metaphysical practitioners, clothing boutiques, and the usual services folks need, with unique items only found here as well as the more traditional and chain-store offerings.

Sedona is also known for art and cultural events including a famous jazz festival (we hear this may not happen this year due to the economic times), art walks and demonstrations throughout the year. You can even participate in the Sedona Marathon, a half marathon or a 5K walk in early February 2010. 

Sedona Arizona has several vortexes (one at the Sedona Airport mesa) and is known as one of the places in the world where you can find all 3 types. 

Lastly I had to explore Sedona Arizona real estate a bit, and not surprisingly there is a wide range of homes available. If the budget suits, you can spend well in excess of $10 million for spectacular homes of 8000 SF+ on lots of more than 10 acres with 5 and more bedrooms (the most expensive I found, for $29 million, is a 9750 SF home with 4/4 and 173 acres, with amazing views). But there are also over 100 listings for under $300,000.  If you are interested in Sedona Arizona real estate, let me know - I know several great REALTORS in Sedona and would be happy to provide an introduction. 

We crammed a lot in during the 20 hours we were there, including sighting some of the local wildlife - a bob cat and a quail family - and vowed to return and spend more time.  

Perhaps the 5K walk in February?

For those of you waiting on the fence about the Sedona Real Estate market to continue to drop. I would suggest you hop off the fence and start to buy. We are seeing prices not seen since 04. We are seeing homes coming on the market priced aggressively and having 4 to 5 offer! We are seeing foreclosures bring the market down even further. We are seeing the Stock Market continue it's tick upward - which brings back consumer confidence, which brings back buyer's. And we are seeing interest rates remain low! All this adds up to a great time to buy in the Sedona Real Estate Market. Bargain hunters can find some great value, whether it's in the Sedona Real Estate Residential Market, the Sedona Vacant Land Market, or the Condo Market. Now is the time. Are we at the bottom? Well... we are in the trough! Don't pass up this opportunity! For all your buying and selling needs I can be reached at barbara@barbarabaker.com or www.barbarabaker.com or 800-975-5943.