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.

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.

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