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)