Well the Sedona Homes for Sale Market continues to plug away despite the foreclosure and the short sale market. The number of sold homes has actually improved dramatically - up by 18% from this time last year with 42% of the market either being a foreclosed or a short sale home.
Sedona Home Prices started to climb at the beginning of the year with the highest point at the end of April - and have tapered downward since then and are currently 6.5% lower than this time last year. That April Surge was probably due to the tax credit expiring in June.
Even the luxury market has improved with the same amount of homes sold since 2006. The difference between those 2 years is significant in price per square foot. Today's median sold price is now at $267.00 per square foot vs. $506 psf in 2006. So you're buying dollar is going a lot more further today. Throughout Sedona we are seeing the market hovering around the same sold pricing as back in 2003. Prices have not really dropped further back than that time.
Is it a great time to buy? Do I really need to answer that?
Will prices continue to fall - I would say yes but am unsure by how much. Prices haven't fallen as much this year as they have when comparing '08 to '09 - when the market dropped by close to 20% So I think prices may fall a little but not by much - but I have a crack in my crystal ball - and can't predict what will happen - all I can do is think often and hard!
If you want to sell - price it competitively - ahead of the market. If you want to buy - buy now - low interest rates, great inventory. Remember it's Sedona - It's about the View - so don't be comparing us to Vegas, or Phoenix.
Real Estate is Local, Local, Local. Hire an expert - Listen to them - and If you find a house in the Sedona Homes for Sale Market that you like - buy the house and be happy. For questions, comments, to sound off - email, facebook, twitter, website, or give a call to 928-301-0669