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!