The summer lull in Sedona real estate usually drags on through the end of August for most Sedona agents, but this year has been marked by high levels of buyer activity through the warm summer months. Our overall inventory of homes is at it's lowest point in the last 4+ years and we currently have 481 residences on the market. Of these homes, 54 are already in escrow - leaving a lotal of 427 truly available homes. The thinning of inventory is a great sign for the overall marketplace and the sellers who've been taking a beating over the last few years. Things are starting to look up!
Distressed homes still outperform the market by accounting for 120 of the 321 sales for 2001 YTD. That's only 37% of all sales - which is down from prior reports of 40%. There are currently 72 Distressed homes (short sales or foreclosures) out of the 481 total - which makes our inventory of distressed homes only 15% of the market. This number is also down over prior reports - maybe this is the leading edge of a trend... stay tuned to find out!
Some highlights of the current marketplace:
- Luxury Sales are up! There have been 15 residential Sales this year over $1M - LAST YEAR we sold 9 during the same time frame
- Sub $400k home market takes a turn for the better - statistics show that we have a balanced market. A 6 months supply of homes at current sale rates indicates that we have a balanced market and that it's neither a buyers or sellers market in this price range!
- 76 sales this year have been completed in under two months. This shows that many homes are selling quickly - and we're often seeing multiple offers. Buyers are advised to be pre-approved for a loan or haivng "proof of funds" when you're shopping for Sedona homes.
- Mortgage rates are INCREDIBLY low - I've had buyers get quotes of interest rates in the low 4% range! Wow - with rates like these it makes the homes even more affordable!