At the end of each quarter, we like to provide an update on the Sedona AZ real estate market.
Although foreclosures in Sedona are a small portion of market, they are making up a significant portion of the sales. Having said that, the foreclosure sales did dip 6% this quarter. With a foreclosure home, typically at a minimum, you will have to have the home caught up on maintenance that has been deferred by the previous owner. Many times they have damaged and missing appliances.
Information was extracted from the Sedona Verde Valley Multiple Listing Service (MLS) and includes all residential homes, condos and townhomes. Areas include West Sedona, Upper Sedona, Little Horse Park, Big Park, Red Rock Loop and the Village of Oak Creek. All have a Sedona zip code.
I’m not seeing any really big changes which tells me we are probably stabilized. Personally, we sold 3 homes this past quarter that went to multiple offers. They were all under $300K and had views, making them highly desirable. We are also seeing a lot of cash buyers which gives a lot more leverage when it come time to negotiate the price and terms.
Here’s the Sedona AZ real estate market statistics for the 1st quarter of 2011 (1 January to 31 March).
1st Quarter 2011
Still active for sale: 419 – Down slightly from previous quarter
Avg Days on Market for solds: 208 days ~ Up due to short sales (they take a LONG time to close)
Avg List Price to Sold Price ratio: 90.99% ~ small decline
Avg Market Sold Price: $460,019 (Up from $381,814) Some of the bigger homes are selling now.
Currently Active for sale: 29 – No change from previous quarter
Sold: 29 – Down from 43 in previous quarter
Avg Days on Market: 86
Avg List Price to Sold Price ratio: 92.85%
Avg Market Sold Price: $380,795 (Up from $278,769 due to a big sale)
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