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