Sedona Real Estate market update
Sedona single family home prices hit levels in mid-January that we haven't seen since 2003. Since having reached its apex of $660,000 in April of 2006, the Median Recorded Sales Price established a low, in January, 2009 of $341,500. That figure, however jumped to $424,000 by February and has stayed in the low $400K's since.
At the same time, sales of single family homes are up nearly 50% so far this year over 2008.
As we climb out of the national Great Recession, the housing market in the rest of the country has started to rebound as well. That will add fuel to Sedona's price run-up. Yes, we'll see foreclosures (REO's) and Short-sales continuing for some time to come, but they still only represent about 12% of the inventory. The upside of that for buyers, though, is that they've been keeping prices low in general because they represent 40% of Sedona real estate sales.
The bottom line? -- we have, indeed, finally “found the bottom” of the Sedona Real Estate market and the tide has turned.
By the time economists declare a recession or a market bottom it's old news and the best deals have been snapped up. It's already happening. It really is time to take action. We'll have a lot of inventory at all levels for some time to come, but many of the phenomenal bargains are getting snapped up quickly. So contact us today.
As a buyer’s Agent I can help you take maximum advantage of this buyer’s market and make the recession work for you. You'll see major pay-offs down the road. Call me to discover how.
