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.
