The Sedona, Arizona luxury home segment of the Sedona real estate market hit the doldrums in the last quarter of 2011. There were no closings over $1,000,000 from 8/22/11 to 12/22/11. With all the negative news in the stock market and the bickering in Congress, buyers just pulled back and took a wait and see attitude. 2011 sales in the Sedona luxury market ended up 17 for 2011, right in line with 2009 and 2010. Inventory for the Sedona luxury home market has been on a steady decline since the second quarter of 2008 and settled in the range 65 to 75 homes on the market over $1,000,000 since the last quarter of 2010.
The Spring of 2012 is going to tell a different story. As of this writing their are 69 homes listed over $1,000,000 and of those 8 are under contract, leaving only 61 homes for sale over $1,000,000.
Bottom Line With the 2 closings that have already occurred in 2012, the 8 homes under contract, all but one of which went under contract since the first of the year, the stock market in a rally, inventory at a 6 year low, we are going to see more sales in the Sedona luxury home market that we have seen for years!