The Sedona real estate market has been on a pretty hot pace for the first five months of 2012. Sales of single family homes in 2012 is on pace to be the best year for total number of sales since 2006. As of the end of May there have been 194 single family homes close, compared 168 sales for the same time period in 2011. Inventory of single family homes continues on its downward trend with only 337 homes on the market as of this date, and 56 of those are under contract. In spite of the low inventory and the increased pace of sales, the median sales price is down 3% year to date 2012 compared to the same time period in 2011. This surprises me, you get the feeling that with the low amount of inventory that something is about to give.
Sales in the Sedona West Subdivision have been a little slower than previous years, mainly due to the low amount of inventory currently on the market. So far through May of this year there have been only 5 closed sales, with 125 Mountain Shadows closing at $152,000 on the low end and 255 Last Wagon at $317,000 on the high end.
Currently there are 5 active listings for sale in Sedona West Ranging from $275,000 for 165 Last Wagon on the low end to $625,000 for 300 Mountain Shadows on the high end. Click here to see the current Active Listings in the Sedona West Subdivision
Sedona area land sales still remain a very soft pace with a several year supply of inventory on the market. Through May of this year there have been 52 lot sales in the Sedona area with a median sales price of $109,250. There have not been any vacant land sales in the Sedona West in 2012. There were four lot sales in Sedona West in 2011 ranging from $60,000 for 15 Broken Arrow Way on the low end to $115,000 for 740 Mountain Shadows on the high end. Currently there is one lot for sale in the Sedona West Subdivision at 475 Mountain Shadows listed at $89,000. Click here to see the current Active Sedona West Land Listings.
Bottom Line: With the low amount of inventory and the increased pace of sales, 2012 is shaping up to be one the best real estate markets in years. Homes that are in tip top shape and priced to sell are moving at a strong pace. Interest rates continue to be held down, making getting a loan, although that in itself can be challenging, the most affordable in years. If you are thinking of selling your home, it is time to get it ready for the fall selling season. I think it will be a good one!