Sedona, Arizona real estate sales in the single family segment of the market catches fire in the first two months of 2012. Single family home sales are up 40% compared to the first two months of 2011 and are up 315% when compared to the bleak days of the Sedona real estate market seen in 2008.
Additional fuel is being added to the fire by the continuing downward trend of inventory of single family homes on the market. As of this writing there were 375 single family homes on the market and of those a whopping 21% were under contract.
Further indications that the Sedona market has turned the corner is that of the 60 sales closed in the first two months of 2012, 28% of those sales were foreclosed and shorts sales, compared to 2011 when 37% of the single family home sales in the first two months were distressed sales. In addition the average total time on the market is down to 155 days in 2012 compared to 190 in 2011.
All of this is good news for Sellers in the Sedona area and is another warning shot fired across the bow for those buyers waiting for the market to hit bottom. Hindsight is 20-20. There are opportunities to be found in the Sedona real estate market