06 November 2009

Today President Obama signed the bill which extended the $8,000 First-Time Homebuyer Tax Credit and Advance Loan Program to April 30, 2010 – giving more consumers more time to receive the refundable tax credit when buying a principal residence.

Here are the details which outlines the old program and the extension of the new. A link is attached at the bottom for you to print out form 5405, First Time Homebuyer Credit. This form will be needed my first time homebuyer to request their credit and attach it to their 1040.

Feature Original Program Extension

Deadline	Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30)	The measure is written differently so that a sales contract must be in place by April 30, 2010 – but homeowners have an additional 60 days to close.
Dollar Amount and Eligibility	Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 – Dec. 1, 2009 A FTHB was defined as someone who had not owned a home during the previous three years	Up to $8,000 for first-time home buyers *– OR –* $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property
Income Cap	$75,000 (individual) $150,000 (married couples)	$125,000 (individual) $225,000 (married couples) Increases in the cap make the measure available to a broader group of customers.
Purchase Price	N/A	$800,000 or less
Repayment requirement	Must live in home for 3 years or be required to repay the credit	Same
Documentation to be used	The actual form needed to request the tax credit	Documentation requirements and WFHM process still TBD. Watch My News for more details.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

For more information please call or email me.

Dee Estrella
928-254-1595
dee@realestate4sedona.com
_________________________________________________________________________

Sedona Market Update for October 2009
Prices Inch Up as Inventory Inches Down
By Dee Estrella

2009 has already beat out 2008 as far as the number of Sedona homes sold goes, which is very encouraging. For both the 2nd and 3rd quarters of 2009, home sales were more than 50 percent higher than the matching quarters in 2008. Statistics at the end of October show the inventory of Single Family Homes down just a tad from the previous month, and it is nice to see that may be the cause of a bit of an increase in both the median and average sales prices for October.

Distressed sales (foreclosures and short sales) continue to influence pricing and this type made up 38 percent of sales in the 3rd quarter. The luxury market continues to be a bit stubborn in Sedona with an inventory of 89 homes (as of today) on the market priced $1,000,000 or higher and only one home sold in September over a million and two in October. I feel prices in the upper end of the market have to still lower to start seeing more "solds". Of course, it also is more difficult to get jumbo loans, so that factors in as well.

Vacant land prices have also reacted to market influences and have come down to be more attractive to buyers. Ten Sedona lots sold in October with an average sales price of $184,625. There is still a large inventory of beautiful lots on the market, so a good time to buy a piece of paradise!

Sedona Market Update for October 2009

Sedona (Including W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Big Park, Village of Oak Creek & Oak Creek Canyon) as of 11/01/09

Single Family Home Listings	October	September
Number of Current Active Listings	Down 372	379
Median List Price	Up $636,250	$615,000
Average List Price	Up $975,143	$957,650
Average Cumulative Days on Marker	Up 337	325

Single Family Homes Sold
Number of Homes Sold	Down 33	34
Median Sales Price	Up $390,000	$367,500
Average Sales Price	Up $450,720	$442,581
Average Cumulative Days on Market	Down 299	312
Average $/sq.ft	Down 190.72	$193.86
Avg Sales Price as % of Listing Price	Down91.30%	92.17%

Condo Listings	October	September
Number of Current Active Listings	Up 92	90
Median List Price	Up $299,900	$279,700
Average List Price	Up $359,617	$332,804
Average Cumulative Days on Market	Down 338	363

Condos Sold
Number of Condos Sold	5	5
Median Sales Price	Down$197,500	$363,600
Average Sales Price	Down$178,665	$315,000
Average Cumulative Days on Market	Up 260	223
Average $/sq.ft	Down $148.31	$227.45

Current Active Listings for Vacant Residential Land	October	September
Number of Current Active Listings	Up 419	412
Median List Price	Down$319,000	$347,450
Average List Price	Down$599.819	$638,171
Average Cumulative Days on Market	Up459	451

Vacant Residential Land Sold
Number of Lots Sold	Down 10	17
Median Sales Price	Up $162,027	$129,000
Average Sales Price	Up $184,625	$183,106
Average Cumulative Days on Market	Up 581	451
Average $/acre	Up $224,920	$217,920

10/5/09

U.S. Mortgage Rates	Current Rate	Last Week
30 yr. Fixed	5.10%	5.19%
15 yr. Fixed	4.58%	4.63%
5/1 ARM	4.18%	4.23%

Source: Bankrate.com

10/05/09: Market Update for Sedona

Weak jobs data is keeping mortgage rates near four month lows and 30-year fixed loans are below 5% again for those with good credit. Nationwide sales are continuing a pattern of stabilizing. However, Patrick Newport, an economist at HIS Global Insight in Lexington, Massachusetts stated, “While federal tax credit for first-time buyers, mortgage rates near 5 percent and lower prices fueled higher demand for new homes, the highest unemployment in 24 years has kept some people from bidding on the properties.” As always, there is good news mixed with negative news.

Looking locally at Sedona and the statistics I’ve gathered below show that the most interesting change was in vacant land sales in September. We have been averaging about 7 lots per month selling in the greater Sedona area so far this year. In September that took a jump up to 17 lots sold as Sellers lowered some prices significantly on their lots, which then made them appealing to Buyers. The average price/acre of lots sold was at $493,547/acre at the end of August. At the end of September that amount for Lots Sold dropped significantly to $217,494/acre, and therefore sold at very appealing prices. It may be time for those interested in vacant land to come take a look at the large inventory (412 vacant lots currently on the market) and make an offer.

For single family homes, you’ll see on the statistical tables below that our inventory went up a bit in September, but both Median List Price and Average List Price decreased. For homes that sold (34 of them in September), there was also a decrease in Median Sales Price and Average Sales Price. This is another good sign for buyers.

Please continue down the page to get more information about our market…

Sedona Market Update for September 2009

Sedona (Including W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Big Park, Village of Oak Creek & Oak Creek Canyon) as of 10/01/09

Single Family Home Listings	September	August
Number of Current Active Listings	Up 379	364
Median List Price	Down $615,000	$635,000
Average List Price	Down$957,650	$980,997
Average Cumulative Days on Marker	Down 325	336

Single Family Homes Sold
Number of Homes Sold	Down 34	35
Median Sales Price	Down 367,500	$425,000
Average Sales Price	Down$442,581	$518,114
Average Cumulative Days on Market	Up 312	257
Average $/sq.ft	Down 193.86	$200.35
Avg Sales Price as % of Listing Price	Up 92.17%	90.30%

Condo Listings	September	August
Number of Current Active Listings	Down 90	107
Median List Price	Same $279,700	$279,700
Average List Price	Down 332,804	$351,911
Average Cumulative Days on Market	Up 363	332

Condos Sold
Number of Condos Sold	Same 5	5
Median Sales Price	Up $363,600	$285,600
Average Sales Price	Up $315,000	$275,000
Average Cumulative Days on Market	Down 223	332
Average $/sq.ft	Up $227.45	$182.79

Current Active Listings for Vacant Residential Land	September	August
Number of Current Active Listings	Down 412	421
Median List Price	Down 347,450	$349,000
Average List Price	Up $638.171	$614,741
Average Cumulative Days on Market	Up 451	438

Vacant Residential Land Sold
Number of Lots Sold	Up 17	7
Median Sales Price	Up $183,106	$181,133
Average Sales Price	Up $129,000	$105,950
Average Cumulative Days on Market	Down 451	566
Average $/acre	Down$217,494	$450,805

08/03/09: Market Update for Sedona

By Dee Estrella

Nationwide there are signs that the housing market has stabilized and may have reached the bottom, but will not suddenly head straight back up. Many economists think we’ll bounce along the bottom probably for the rest of the year. However, each state and city has its own unique market and must be studied to see if they are following the national trend. Real Estate companies have noticed an increase in calls from potential clients and the sales market has picked up in the last couple of months. The majority of buyers are still looking for foreclosures, short sales, and true bargains, but that is a good thing and will help to move inventory. Pricing continues to be more appealing and is attracting buyers who thought they could never afford Sedona prices before now. July 2009 statistics (below) show that both the Median and Average Sales Price of single family homes listed in Sedona has come down from the month before. Sales of both single family homes and condos in Sedona slowed a bit in July versus June, but that isn’t unusual for the time of year.

Market Update for July 2009

Sedona (Including W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Big Park, Village of Oak Creek & Oak Creek Canyon)

Current Active Listings for Single Family Homes as of 08/01/09: 389 (Up from 346 on July 1, 2008) Median List Price: $625,000 (This is down from $636,250 from July 1 2009.) Average List Price: $1,042,957 (This is down from $1,097,474 from July 1, 2009.) Average Cumulative Days on Market: 322 (This is down just a bit from 345 days from July 1, 2009.)

Single Family Homes Sold in July 2009: 30 (This is down from 42 sold in June) Median Sales Price: $366,950 (This is down from $440,000 in June 2009.) Average Sales Price: $468,383 (This is down from $515,511 at end of June 2009) Average Cumulative Days on Market: 374 (This is up from 281 at end of June 2009) Average $/sq.ft.: $189.93 /sq.ft. (This is down from $199.50/sq.ft. at end of June 2009) Average Sales Price as % of Listing Price: 92.47% (This is almost the same as of June 2009)

Current Active Listings of Condos as of 08/01/09: 103 Median List Price: $279,500 (This is up from $275,500 from the end of June 2009.) Average List Price: $340,548 (This is down from $346,513 from end of June 2009) Average Cumulative Days on Market: 309 (This is down from 349 from end June 2009)

Condos Sold in month of July 2009: 5 (7 Sold in June 2009) Average Sales Price: $364,900 (This is up from $322,214 at end of June 2009) Median Sales Price: $260,000 (This is up from $252,000 at end of June 2009) Average Cumulative Days on Market: 440 (This is up from 184 at end of June 2009) Average Price/Square Foot: $96.55/sq.ft. (This is up from $91.81/sq.ft. at end of June 2009)

Current Active Listings for Vacant Residential Land as of 08/01/09: 420 Median List Price: $345,450 (This is down from $349,900 end of June 2009) Average List Price: $618,514 (This is down from $650,616 end of June 2009) Average Cumulative Days on Market: 420 (This is down from 445 from end of June 2009)

Vacant Residential Land Sold in Julyl 2009: 5 Average Sales Price: $206,500 (This is up from $171,138 in June) Median Sales Price: $200,000 (This is up from $98.500 in June) Average Cumulative Days on Market: 400 Average $/acre: $87.32/acre

Please call me with any real estate questions about buying or selling. My cell is 928-254-1595, or email me at dee@realestate4sedona.com.

06/25/09: Mortgage Interest Rates Just Increased

(WASHINGTON, DC) - The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 1 basis point to 4.88 percent in May. The average interest rate on 15-year, fixed-rate loans of $417,000 or less decreased 4 basis points to 4.71 percent in May. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase money mortgages. These results reflect loans closed during the May 22-31 period.

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Sedona & Verde Valley Market Update for May 2009

It continues to be a Buyers’ Market in Sedona, but both the Median Sales Price and Average Sales Price of Sold Single Family Homes in Sedona have started inching up. The inventory of Single Family Homes was 462 Active Listings at the beginning of the year and is now down to 434 Active Listings. The Price/Square Foot of Sold Single Family Homes in May was $195.82/sq. ft., which is very appealing to buyers. I had a client tell me recently that she can finally afford to buy a house in Sedona, and had thought that would never be possible before! (Detailed market statistics are below, if you continue reading down this page.)

In May, twenty-three homes sold with the Average Sales Price at $509,300 and some of those homes sold where real bargains. Of those twenty-three single family homes sold, two were short sales and six were foreclosures. The Luxury Market is still very slow, though there were two home sales over $1,000,000 and two over $1,000,000 went pending in May. However, we still have 108 homes over a million actively listed in Sedona and only 5 have sold since the beginning of the month, which means about one/month sold. Realistic pricing in a downward direction for the luxury market is bound to continue as sellers realize it must happen if they need to sell their homes in the near future. Being as competitive as possible is the answer for sellers.

Condos and land continue to sell slowly, but there were 14 vacant residential lots that sold in May, and that is more than double the number that sold In April. Lot loans are still difficult to obtain, and the banks/lenders that are doing them want a big down payment. The lowest down payment I was able to find for a client looking for a lot loan last week was requiring 25% down and an excellent credit rating. However, for those who do have those two items to offer, there are some terrific lots for sale at excellent prices now.

In Cottonwood there were 22 single family home sales with the average sales price being $167,800 and median sales price at $167,500. Camp Verde was a bit slower with only 7 single family homes sold. The average sales price in Camp Verde was $371,000. For May. At the end of May there are 168 single family homes listed for sale in Cottonwood and 128 single family homes listed in Camp Verde.

Below you can study more details of our market for the areas of Sedona, Cottonwood and Camp Verde. If you want market statistics of any other towns of Northern Arizona, please let me know and I’ll be happy to send them on to you. Be a knowledgeable buyer or seller by studying the market, but don’t study it so long that you miss the opportunity to take advantage of this great market for buyers!

Market Update for May 2009

Sedona (Including W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Big Park, Village of Oak Creek & Oak Creek Canyon)

Current Active Listings for Single Family Homes as of 05/31/09: 434 (Down from 451 end of April 2009)
Median List Price: $628,750 (This is down a bit from $629,000 from end of APR 2009.)
Average List Price: $990,727 (This is down from $994,881 from end of APR 2009.)
Average Cumulative Days on Market: 275 (This is same as APR 2009.)

Single Family Homes Sold in MAY 2009: 23 (This is down a tad from the 25 Sold in April 2009)

Median Sales Price: $435,001 (This is up from $410,100 at end of APR. 2009.)
Average Sales Price: $509,300 (This is up from $492,896 at end of APR 2009)
Average Cumulative Days on Market: 230 (This is down from 243 at end of APR 2009)
Average $/sq.ft.: $195.82 /sq.ft. (This is up from $183.82/sq.ft. at end of APR 2009)
Average Sales Price as % of Listing Price: 90.24% (This is down from 93.28% at end of APR 2009)

Current Active Listings of Condos as of 05/31/09: 122 (up from 116 end of APR 2009)
Median List Price: $270,700 (This is down from $275,250 from the end of APR 2009.)
Average List Price: $338,380 (This is up from $333,941 from end of APR 2009)
Average Cumulative Days on Market: 355 (this is down from 362 from end APR 2009)

Condos Sold in May 2009: 6 (This is equal to the number that Sold in APR 2009))
Average Sales Price: $289,500 (This is down from $298,483 at end of APR 2009)
Median Sales Price: $272,500 (This is down from $320,500 at end of APR 2009)
Average Cumulative Days on Market: 166 (This is down from 311 at end of APR 2009)
Average Price/Square Foot: $207.03/sq.ft. (This is down from $235.95/sq.ft. at end of APR 2009)

Current Active Listings for Vacant Residential Land as of 05/31/09: 433 (This is up from 418 in April.)
Median List Price: $349,000 (This is down a tad from 349,950 end of APR 2009)
Average List Price: $637,499 (This is down from $661,526 end of APR 2009)
Average Cumulative Days on Market: 374 (This is up from 371 from end of APR 2009)

Vacant Residential Land Sold in May 2009: 14 (This is more than double the 6 that sold in April)
Average Sales Price: $178,475 (This is up from $143,333 in April 2009)
Median Sales Price: $119,500 (This is up from $112,500 in April 2009)
Average Cumulative Days on Market: 383 (This is same as last month.)
$/acre of Sold Lots: $709,082.74/acre
Average Sales Price as % of Listing Price: 92.39% (This is up from 89.23% in April 2009)

Cottonwood
Current Active Listings for Single Family Homes as of 05/31/09: 168 (This is up from 163 at end of April.)
Median List Price: $249,000 (This is the same asApril 2009)
Average List Price: $381,187 (This is down a bit $382,632 from end of APR 2009)
Average Cumulative Days on Market: 210 (This is down fromt from 222 at end APR 2009)

Single Family Homes Sold in month of MAY 2009: 22 (This is the same as # sold in April.)
Median Sales Price: $167,500 (This is up from $153,000 end of APR 2009)
Average Sales Price: $167,800 (This is down from $190,461 from end of APR 2009)
Average Cumulative Days on Market: 119 (This is down from 194 end of APR 2009)
Average $/sq.ft. of Sold Homes: $96.15/sq.ft. (This is down from $103.00/sq.ft. end of APR 2009)
Average Sales Price as % of Listing Price: 95.97% (This is up from 90.93% at end of APR 2009)

Camp Verde
Current Active Listings for Single Family Homes as of 05/31/09: 128 (This is down from 140 end of APR 2009)
Median List Price: $299,675 (This is up from $296,750 from APR 2009.)
Average List Price: $383,955 (This is down from $368,749 end of APR 2009)
Average Cumulative Days on Market: 277 (This is up from 253 end of APR 2009)

Single Family Homes Sold in MAY 2009: 7 (This is down from 8 sold APR 2009)
Median Sales Price: $200,000 (This is up from $135,000 end of APR 2009)
Average Sales Price: $371,000 (This is up from $143,750 end of APR 2009)
Average Cumulative Days on Market: 171 (This is down from 230 end of APR 2009)
Average $/sq.ft.: $154.01 sq.ft. (This is up from $93.78/sq.ft. end of APR 2009)
Average Sales Price as % of Listing Price: 90.67% (This is about same as from 90.78% from end of APR 2009)

Please call me with any real estate questions about buying or selling. My cell is 928-254-1595, or email me at dee@realestate4sedona.com.

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05-30-09: New Sedona Farmers' Market Coming in June

Having a nice Farmer's Market in Sedona has long been desired by local residents in the area, but starting on Friday, June 5th. It will actually be happening with the opening the Sedona Farmers' Market. The location will at the overlook on Airport Road in W. Sedona, and will run every Friday through October 9, 2009. It will be open from 8:00 a.m. - 1:00 p.m.

This market is directed by local Sedona resident, Katrin Themlitz.. Most of the 20-35 vendors will growers, producers from Northern Arizona. So, come out and enjoy the Sedona's Farmers Market. Let's support these farmers, so they keep coming back!

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05-03-09 April Market Update for Sedona & the Verde Valley

April 2009 has shown a continuation of the under $500,000 priced homes in Sedona being attractive to buyers, as 25 single family homes sold in April with the average sales price at $492,896 and median sales price at $410,100. Both those median and average sales prices showed an increase from March and the average cumulative Days on Market has come down to an average o f 243 Days on Market for the sold homes . Also, the average price per square foot of sold homes increased a bit to $183.82/sq.ft. These are all positive signs that there may be a turn-around in the lower end of the Sedona market.

Interestingly, not even one house priced over $1 million sold in Sedona in April through the MLS, though we have 112 homes over $1 million listed at the end of April. That shows that our luxury market is still very slow and prices will most likely start tumbling down even further at that higher end of our market.

Our vacant residential land sales in Sedona have been pretty stagnant since the market drop. This year only 11 total vacant residential lots have sold in the greater Sedona area, but 6 of those were in April. Hopefully, that is a sign that land sales may be picking up. We certainly have a large inventory of 418 lots and many of those are at bargain prices. Sellers are more negotiable than ever with lots, and some are even willing to do an owner carry-back, since lot loans are still not easy to obtain without quite a bit of cash down.

In Cottonwood there were 22 single family home sales with the average sales price being $190,461 and median sales price at $153,000. Camp Verde was a bit slower with only 8 single family homes sold. The average sales price in Camp Verde was $143,750 and median sales price for April was $135,000. At the end of April there were 163 single family homes listed for sale in Cottonwood and 140 single family homes listed in Camp Verde. You can see that prices are much more reasonable in those two areas and the weather is pretty similar to Sedona. They are only missing the red rock vistas. You can find beautiful areas by the Verde River or with Mingus Mountain views though.

The beautiful spring weather we are having in Sedona and the Verde Valley is bringing more visitors to the area, and we are seeing more action in our real estate offices of people that want to see property. It is truly a great time to consider buying with interest rates so low and sellers more reasonable with pricing.

Market Update for April 2009

Sedona (Including W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Big Park, Village of Oak Creek & Oak Creek Canyon)

Current Active Listings for Single Family Homes as of 04/30/09: 451 (Down from 460 end of March)
Median List Price: $629,900 (This is up from $625,000 from end of MAR 2009.)
Average List Price: $994,881 (This is down from $1,022,065 from end of MAR 2009.)
Average Cumulative Days on Market: 275 (This is down just a bit from 278 days from end of MAR 2009.)

Single Family Homes Sold in April 2009: 25 (This is almost even with March’s 24 Sold)

Median Sales Price: $410,100 (This is up from $340,000 at end of MAR. 2009.)
Average Sales Price: $492,896 (This is up from $405,292 at end of MAR 2009)
Average Cumulative Days on Market: 243 (This is down from 266 at end of MAR 2009)
Average $/sq.ft.: $183.82 /sq.ft. (This is up from $178.97/sq.ft. at end of MAR 2009)
Average Sales Price as % of Listing Price: 93.28% (This is up from 91.60% at end of MAR 2009)

Current Active Listings of Condos as of 04/30/09: 116 (down from 125 end of MAR 2009)
Median List Price: $275,250 (This is down from $279,500 from the end of MAR 2009.)
Average List Price: $333,941 (This is down from $346,058 from end of MAR 2009)
Average Cumulative Days on Market: 362 (this is up from 346 from end MAR 2009)

Condos Sold in month of April 2009: 6 (5 Sold in MAR 2009))
Average Sales Price: $298,483 (This is down from $380,000 at end of MAR 2009)
Median Sales Price: $320,500 (This is down from $378,000 at end of MAR 2009)
Average Cumulative Days on Market: 311 (This is up from 231 at end of MAR 2009)
Average Price/Square Foot: $235,90/sq.ft. (This is up from $193.07/sq.ft. at end of MAR 2009)

Current Active Listings for Vacant Residential Land as of 02/28/09: 418 (This is up from 414 in March.)
Median List Price: $349,950 (This is down from 369,000 end of MAR 2009)
Average List Price: $661,526 (This is down from $701,109 end of MAR 2009)
Average Cumulative Days on Market: 371 (This is down from 380 from end of MAR 2009)

Vacant Residential Land Sold in April 2009: 6 (In March only 1 residential lot sold in Sedona)
Average Sales Price: $143,333 (This is down from $487,500 in March)
Median Sales Price: $112,500 (This is down from $487,500 in March)
Average Cumulative Days on Market: 338
$/acre: $203,408.88/acre
Average Sales Price as % of Listing Price: 89.23%

Cottonwood
Current Active Listings for Single Family Homes as of 04/30/09: 163 (This is down from 193 end of March.)
Median List Price: $249,000 (This is up from $219,900 from end of MAR 2009)
Average List Price: $382,632 (This is up from $350,332 from end of MAR 2009)
Average Cumulative Days on Market: 222 (This is up a bit from 220 at end MAR 2009)

Single Family Homes Sold in month of April 2009: 22 (This is up from the 15 that sold in March.)
Median Sales Price: $153,000 (This is up from $125,000 end of MAR 2009)
Average Sales Price: $190,461 (This is up from $140,680 from end of MAR 2009)
Average Cumulative Days on Market: 194 (This is down from 215 end of MAR 2009)
Average $/sq.ft. of Sold Homes: $103.00/sq.ft. (This is up from $99.50/sq.ft. end of MAR 2009)
Average Sales Price as % of Listing Price: 90.93% (This is down from 93.18% at end of MAR 2009)

Camp Verde
Current Active Listings for Single Family Homes as of 04/30/09: 140 (This is up from 135 end of MAR 2009)
Median List Price: $296,750 (This is up from $295,000 from MAR 2009.)
Average List Price: $368,749 (This is down from $382,462 end of MAR 2009)
Average Cumulative Days on Market: 253 (This is up from 234 end of MAR 2009)

Single Family Homes Sold in April 2009: 8 (The down from 5 sold MAR 2009)
Median Sales Price: $135,000 (This is down from $139,900 end of MAR 2009)
Average Sales Price: $143,750 (This is up from $135,580 end of MAR 2009)
Average Cumulative Days on Market: 230 (This is up from 185 end of MAR 2009)
Average $/sq.ft.: $93.78 sq.ft. (This is down from $106.49/sq.ft. end of MAR 2009)
Average Sales Price as % of Listing Price: 90.78% (This is down from 91.14% from end of MAR 2009)

Please call me with any real estate questions about buying or selling. My cell is 928-254-1595, or email me at dee@realestate4sedona.com.

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4-29-09: Ideas for Families & Kids in Sedona & the Verde Valley

There are many fun or educational things to do for kids whether you are visiting Sedona, the Verde Valley, & Northern Arizona, or if you live here, I've gathered a bunch of places to visit and things to do for families and children. Just click on this link to see all the ideas and further information: www.dee-estrella.com/586008.html

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04-19-09: Making Home Affordable Program

Millions of Americans may be able to take advantage of the new federal program called Making Home Affordable program for borrowers whose loans are owned or guaranteed by Fannie or Freddie. It could help those who need their monthly payments lowered to avoid foreclosure. Some may be able to get quick refinances for up to 105% of a home's value, which will help those who have homes now worth less than what their original mortgage amount is.

It is important to know that this program expires on June 10, 2010. To find out more about this program, whether you are eligible and how to go about starting this process, the best place to start is at the program's official website: www.makinghomeaffordable.gov/ Additionally, the Los Angeles Times featured an excellent article on April 5, 2009, which is a thorough overview of the program with more resources: tinyurl.com/dem9dz

In this time of mortgage scams, it is important to go to the most official sources for any of these federal refinancing programs.

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$200,000 Price Reduction on Sedona Luxury Home

04-18-09: Sellers in the luxury market of Sedona (over $1,000,000) are starting to be realistic about prices. There are about 114 homes over $1,000,000 on the market in the greater Sedona area. That's a huge inventory that needs to move.

The smart seller for this listing lowered the price yesterday by $200,000. It is a beautiful 4360 sq.ft. Tuscan-styled home with 4-5 bedrooms, .84 acres, and infinity pool that looks out to sweeping Red Rock views to take your breath away, and is now priced very competitively at $1,600,000. See all the details & a photo gallery of this special property here: http://dee.vflyer.com/home/flyer/home/2248977

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04-11-09 Gardening Information for Sedona & the Verde Valley

It's Spring! This is my favorite time of the year and I love to play in the flower beds and try to make things grow in our arid, hot summers here. Maybe others have the gardening bug also, so I just updated my Gardening section of this website with links that have taught me so much about how to garden in our high altitude desert climate. I thought many of you might like to enjoy and learn from them as well, so my favorites here: http://www.dee-estrella.com/586010.html

Happy Gardening!

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04-10-09 B&B Suggestion for Your Next Sedona Visit

Las Posadas of Sedona is a luxury B&B. The units are beautifully decorated. They've hired a new chef in the last several months that has an international reputation as a personal chef. He is amazing & you'll want to take photos of your breakfast!! Plus, there are several room rate specials to check out on their website: http://www.lasposadasofsedona.com

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04-09-09 Upcoming Verde Valley Birding Nature Festival

April 23-26, 2009 Deadhorse Ranch State Park is the local for the Verde Valley Birding & Nature Festival. This is "a unique recreational experience to anyone interested in the natural world and fosters awareness of the importance of habitat for the enrichment of all life in the Verde Valley." Learn more about registering, the vendors, exhibits, local accommodations, maps, and much more at their website: http://birdyverde.org

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04-06-09: 10 Ways to Romance-Ready-Your-Home

Great tips from a psychologist. These ideas are for LIVING in your home, not necessarily for selling your home. I'd skip #6, but that's just a personal feeling, and it might be the perfect touch for you. Here's the article: http://tinyurl.com/c8jl8d

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4/05/09: Some Positive News from National Association of Realtors

Lawrence Yun, Chief Economist for the National Association of Realtors says: Despite the negative job market report, the lower mortgage rates can trump the impact of job cuts on home sales.

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04/04/09: Market Update for Sedona & the Verde Valley

Prices have gone down, down, down each month this first quarter of 2009 in Sedona and the Verde Valley. The lower prices and the beautiful spring weather have attracted more visitors and real estate hunters to the area. Our offices are getting busier and the agents are showing property again to savvy buyers knowing there are good deals to be had.

Let’s take a look at the Camp Verde area. Homes still aren’t selling there like hot cakes, as only 4 homes sold there in January, and 5 each in February and March. However, in January the median recorded sales price was $187,500. Then in February the median sales price dropped to $160,750, and that was followed by another decrease of the median sales price to $139,900. Of course, the sales price/sq.ft. followed this same downward trend to the end of March where the average sales price/sq.ft. is now $114.40/sq.ft.! If you’ve ever desired to live in a rural and lush part of Arizona, Camp Verde is a bargain right now.

Moving on to Sedona… the median sales price for the 24 single family homes that sold in March was $340,000, which hasn’t been so low since about 2003! The median price of homes currently for sale has inched up to $625,000 at the end of March. It was $609,900 at the end of February. This could be a sign that prices are at or near the bottom and heading back up. Unfortunately, we never know when we’ve reached the bottom of the market until after it happens and the best prices have been missed.

I’ve heard people say that what is selling in Sedona are foreclosures and short sales, but of the 24 single family homes that sold in March, only 7 were foreclosures and 1 was a short sale. The rest were all just very well priced homes with motivated sellers. It is true that the luxury home market has slowed to almost a halt in the first few months of 2009. Not one house over $1million sold in March. That means that there are some anxious sellers in the luxury market willing to consider any reasonable offer. There are also some great homes in a short sale situation at that upper end market waiting for a smart buyer to scoop them up.

Statistics for Sedona, Cottonwood, and Camp Verde are all below for you to study. You’ll soon see that is makes sense to plan a visit to Sedona and the Verde Valley to see the real estate opportunities that are available right now.

Statistical Market Update for March 2009

Sedona (Includes: W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Village of Oak Creek & Oak Creek Canyon.)

Current Active Listings for Single Family Homes as of 03/31/09: 460 (A decrease of 4 from previous month.)

Median List Price: $625,000 (An increase from $609,900 in end of last month)

Average List Price: $1,022,065 (An increase from $983,987 from end last month)
Average Cumulative Days on Market: 278 (An increase from 275 from end of last month)

Single Family Homes Sold in March 2009: 24 (Up from 13 in February)

Average Sales Price: $405,292 (A decrease from $733,077 for February)

Median Sales Price: $340,000 (A decrease from $598,000 for February)

Average Cumulative Days on Market: 266 (A decrease from 318 for February)

Average $/Sq.Ft.: $178.97/Sq.Ft. (A decrease from $242.94/Sq.Ft. for February)

Average Sales Price as % of List Price: 91.60% (About same as February)

Current Listing of Sedona Condos as of 3/31/09: 125 (An increase from 123 end of Feb.)

Median List Price: $279,500 (A decrease from $289,000 at the end of February)

Average List Price: $346,058 (A small decrease from $348,185 at end of February)

Average Cumulative Days on Market: 346 (An increase from 338 at end of February)

Condos Sold in March 2009: 5 (This is up from only 2 that sold in February)

Average Sales Price: $380,000 (A decrease from $460,000 for February)

Median Sales Price: $378,000 (A decrease from $515,000 for February)

Average Cumulative Days on Market: 231 (A decrease from 384 in February)

Average $/Sq.Ft.: $193.07/Sq.Ft. (A decrease from $245.04/Sq.Ft. in February)

Current Listings of Vacant Residential Land: 414 (Down from 419 at end of February)

Average List Price: $701,109 (An increase from $694,270 at end of February)

Median List Price: $369,000 (A decrease from $375,000 at end of February)

Average Cumulative Days on Market: 380 (About the same as February)

Vacant Residential Land Sold in March 2009: 1 Lot (1 Lot Sold in Jan. & 2 in Feb.)

Average Sales Price: $487,500

Median Sales Price: $487,500

Cumulative Days on Market: 1

$/Acre: $353,260.87

Average Sales Price as % of List Price: 97.50%

Cottonwood
Current Active Listings for Single Family Homes as of 03/31/09: 193 (Up from 179 end of last month)

Median List Price: $219,900 (Almost exact same as last month)

Average List Price: $350,332 (An increase from $326,122 from end of February)
Average Cumulative Days on Market: 220 (A decrease from 226 days at end of February)

Single Family Homes Sold in March 2009: 15 (Up from 11 sold in February)

Average Sales Price: $140,680 (A decrease from $181,394 for February)

Median Sales Price: $125,000 (A decrease from $161,180 for February)

Average Cumulative Days on Market: 215 (An increase from 197 for February)

Average $/Sq.Ft.: $99.50/Sq.Ft. (A decrease from $/Sq.Ft. for February)

Average Sales Price as % of List Price: 93.18% (About same as February)

Camp Verde
Current Active Listings for Single Family Homes as of 03/31/09: 135 (Up from 131 end of last month)

Median List Price: $295,000 (A small decrease from $299,999 at end of February)

Average List Price: $382,462 (An increase from $373,680 from end of February)
Average Cumulative Days on Market: 234 (An increase from 229 days at end of February)

Single Family Homes Sold in March 2009: 5 (Exact same as # sold in February)

Average Sales Price: $135,580 (A decrease from $167,050 for February)

Median Sales Price: $139,900 (A decrease from $160,750 for February)

Average Cumulative Days on Market: 185 (A decrease from 279 for February)

Average $/Sq.Ft.: $106.49/Sq.Ft. (A decrease from $114.40/Sq.Ft. for February)

Average Sales Price as % of List Price: 91.14% (A decrease from 97.31% in February)

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3-22-09: Bank of America Making Jumbo Loans Available Again!

It's been difficult to obtain a Jumbo Loan for more expensive homes recently. But, Bank of America cut interest rates on Jumbo Loans that are 30-yr., fixed-rate, up to $3 million. Not everyone will qualify, of course, but if you have a 720 or better FICO Score, can fully document income, have 20% to put down, & assets to cover 6 months of payments, you just may qualify. Currently, Interest Rates they are offering are in the high 5% range. You must get the loan directly through BofA & cannot go through an Independent Mortgage Broker. This change may help to start moving the luxury end of our market if more people learn about it.

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Arizona Foreclosures - March 16, 2009 12:15 p.m.

Just announced on Channel 12 News from Phoenix: Arizona is 2nd in the Nation for Foreclosure Rate with 1 out of ever 147 housing units under Foreclosure. It is recommended that those under fear of Foreclosure to call the HUD certified Foreclosure Hotline at 1-877-448-1211 for assistance.

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Market Update for Sedona & Verde Valley - Feb. 1, 2009

The year is only a month old, but I’m beginning to see a bit of a turn-around in the market or in a positive direction if you study the numbers below for January. Prices are coming down as Sellers become more realistic, but you’ll see that in Sedona the Average Sales Price, the Median Sales price, and the Average Price/Sq.Ft. of homes that have sold in January have all headed in an upward direction in January. Even the Average Sales Price as a Percentage of the Listing Price inched up a bit. These are all positive signs that we may have reached the bottom of the market. We need to watch the statistics for another couple of months to see if this trend will continue, but it is a good sign for Sellers, and a sign that Buyers need to stop dilly-dallying and jump on board. Unfortunately, we won’t know we’ve officially hit the bottom until we are heading back up and prospective Buyers may have missed their best opportunity.

Market Update for Jan. 2009

Sedona (Including W. Sedona, Uptown Sedona, Red Rock Loop, Little Horse Park, Big Park, Village of Oak Creek & Oak Creek Canyon)

Current Active Listings for Single Family Homes as of 02/01/09: 462
Median List Price: $612,450 (This is down from $629,450 from end of last Quarter 2008.)
Average List Price: $946,364 (This is up from $916,944 from last Quarter 2008.)
Average Days on Market: 280 (This is about the same as last Quarter 2008.)

Single Family Homes Sold in January 2009: 13
Median Sales Price: $423,900 (This is up from $395,000 end of last Qtr. 2008)
Average Sales Price: $515,569 (This is up from $487,304 end of last Qtr. 2008)
Average Days on Market: 218 (This is down from 255 end of last Qtr. 2008)
Average $/sq.ft.: $221.45 /sq.ft. (This is up from $215.27 end of last Qtr. 2008)
Average Sales Price as % of Listing Price: 92.33% (This is up from 89.15% end of last Qtr.) 2008

Current Active Listings of Condos as of 02/01/09: 115 (up from 85 end of year 2008)
Median List Price: $289,000 (This is down from $299,900 end of year 2008)
Average List Price: $341,665 (This is down from $$390,270 from end of year 2008)
Average Days on Market: 342 (this is up from 307 from end of year 2008)

Condos Sold in month of January 2009: 1
Sales Price: $549,000
Average Days on Market: 704

Current Active Listings for Vacant Residential Land as of 02/01/09: 451 (This is up from 446 in previous month.)
Median List Price: $358,500 (This is up from end of last Qtr. 2008)
Average List Price: $609,770 (This is down from $633,873 end of last Qtr. 2008)
Average Days on Market: 341 (This is up from 326 from end of last Qtr. 2008)

Vacant Residential Land Sold in Jan. 2009: 1
List Price: $384,900
Sales Price: $325,000
Days on Market: 98
$/acre: $399,341.46/acre
Average Sales Price as % of Listing Price: 84.44%

Cottonwood

Current Active Listings for Single Family Homes as of 02/01/09: 178 (Down from 199 of end of year 2008)
Median List Price: $219,000 (This is up from $216,900 from end of year 2008)
Average List Price: $315,501 (This is down from $322,690 from end of year 2008)
Average Days on Market: 228 (This is up from 207 end of year 2008)

Single Family Homes Sold in month of January 2009: 8
Median Sales Price: $142,500 (This is down from $175,000 end of year 2008))
Average Sales Price: $159,738 (This is down from $191,637 end of year 2008)
Average Days on Market: 121 (This is down from 162 end of year 2008)
Average Sales Price as % of Listing Price: 93.33%

Camp Verde

Current Active Listings for Single Family Homes as of 12/31/08: 128
Median List Price: $299,000 (This is up from $292, 000 end of year 2008)
Average List Price: $376,745 (This is down from $383,462 end of year 2008)
Average Days on Market: 241 (This is down from 244 end of year 2008)

Single Family Homes Sold in January 2009: 3
Median Sales Price: $220,000 (This is down from $297,000 end of year 2008)
Average Sales Price: $248,167 (This is down from $343,492 end of year 2008)
Average Days on Market: 182 (This is down from 297 end of year 2008)
Average $/sq.ft.: $159.45 sq.ft. (This is up from $147 end of year 2008)
Average Sales Price as % of Listing Price: 88.35% (This is down from 92.51% from end of year 2008)

Please call me with any real estate questions about buying or selling. My cell is 928-254-1595, or email me at dee@realestate4sedona.com.

Come back again for more market updates!

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Russ Lyon | Sotheby's International Realty
1370 West Highway 89A Suite 9 • Sedona, AZ 86336
Cell: 928-254-1595 • Office: 928-282-5966