Sedona Real Estate Market

Real Estate News: The Sedona market like most of the country is slow - with much a smaller volume of sales than in the previous three years. One of the major differences between Sedona and most other markets is that the Sedona real estate market is not driven by employment - and there were far fewer investors in this area than most areas of the USA. This creates a lower volatility of pricing. Few sellers really need to sell urgently - and few people purchase homes because of job transfers. We also have the advantage of a strong demand from retirees. As baby boomers select their area to retire in, Sedona comes out high on many lists. With over 3 million visitors per year coming to Sedona - there will be continued great demand for Sedona real estate. This lull in the market is a great opportunity to find your future home. Sales of higher priced homes (over $750,000) remain the strongest market sector, but now homes priced below $500,000 are beginning to sell as well. The weakest part of the market is homes priced from $500,000 - $750,000. Vacant land sales are still quite slow. There are some outstanding buys in home-sites with many lots priced under $200,000 and many excellent view lots priced under $300,000. There remains far more inventory of homes and vacant lots available than any time in the past 3 years although inventory levels have been dropping considerably- and sellers are more negotiable in many cases. Sedona tourism remains strong. The developers of Sedona's newest luxury subdivision, Cor D'Amor, have chosen RE/MAX Sedona to be their exclusive listing agents. The land is located adjacent to the Sedona Medical center off Highway 89A in West Sedona. The property consists of 43 homesites, 15 of which provide 8000 sf building envelopes and the remaining sites are a minimum of ¾ of an acre each. Prices begin at only $395,000 and top out at $815,000. These are a great value considering their views and proximity to all of Sedona's great attractions (and the fact that this is probably the last developable area for large parcels in Sedona). There are still a few new and resale Verde Santa Fe units available to be purchased now starting at under $230,000. The new community of Mountain Gate, located about 20 miles south of Sedona in Clarkdale (30 minutes), has both town homes and regular estate homes available with prices starting under $200,000. These are the two most affordable areas at the current time. There are many new condo projects now on the market in Sedona & Cottonwood with prices starting at under $200,000 to over $800,000. For those of you who like statistics and numbers, here are some numbers as of Jan. 1, 2008. Number of listed homes & condos in all of the Sedona market: 548 (was 635, 60 days ago)
Number of homes & condos listed below $400,000: 135 (was 159, 60 days ago)
Number of homes listed over $1 million: 110 (was 126, 60 days ago).
Median listed price: $594,750. (was $599,900 60 days ago).
Number of homes & condos sold year in 2007: 313
Median sales price of all homes and condos sold in 2007: $525,000. Number of listed home-sites in all areas of the Sedona market 383 (was 437 - 60 days ago)
Number of lots listed below $300,000: 89 (was 95 - 60 days ago)
Number of lots listed above $1,000,000: 32 (was 38 - 60 days ago)
Median listed price: $475,000 (was $489,000 - 60 days ago)
Number of home-sites sold year in 2007: 68 (this pace has been steady at about 6 per month)
Median sales price in 2007: $353,500 (this trending up in the last 60 days)