With the spring 2012 selling season in FULL ON mode, the Sedona, Arizona Condominium and Townhome market has taken flight. Of the 79 listings currently on the market, 19 of them are currently under contract. The graph below shows that the market peaked in number of transactions back in 2002 and dropped steadily to 2007 and has remained relatively constant since that time, with an upsurge in 2010 retreating back to around 50 units in 2011. At the current pace with sales already closed we could be on track to see 90 units close in 2012, the best since 2005.
As you can see from the graph below, the median Sales price for condominiums and Townhomes in the Sedona, Arizona market peaked in 2006 at a price of $395,000 with a 27% jump in 2006 over 2005. Since that time the median sales price has retreated back to $196,500 for the last 12 month period, a drop of 50%. As of this writing the Condominiums and Townhomes that are under contract have a median sales price of $224,900, a 14% increase in the median sales price.
Is it time to buy? With inventories down and the increase in median sales price I think we are looking back at the bottom for the Condominium and Townhome segment of the Sedona real estate market. You decide!