SEDONA REAL ESTATE MARKET UPDATE
Sedona Real Estate Market Overall
The Sedona Real Estate market continues its buying frenzy in the mid to lower price sector. In this past 3rd quarter alone, our sold volume was up by a whopping 62% from last year, with Foreclosures or Short Sale accounting for 41% of that business. Even though Foreclosures and Short Sale represent only 12% of our active market- those segments continue to bring the market down and make the Once "Unreachable" Sedona Real Estate Market - an affordable place to own a home! Prices have come down to 03-04 levels.
The Vacant Land sector continues a downward spiral with the median sold price being $121,000. Compare that with 08 Sold pricing of $318,000 and you can see what opportunities exist. The Foreclosures have also hit this sector with 40% of the sold being a foreclosed property.
In the Luxury Marketplace ($1 Million and Over) there are 90 homes currently on the market with only 14 selling year to date, with a median sold price of $1,600,000. To put this in perspective – it will take 5 years to move the current inventory given the ratio of actives to solds.
The Condo Market has remained relatively consistent with a drop in price of only 2% year over year. With a median sold price of $298,500. Foreclosures represented 11%.
You can now reach me on Face book at Barbara Hooyman Baker, Twitter at Sedonahome, on LinkedIn, by email at barbara@barbarabaker.com or the old fashioned way at 928-301-0669.