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Sedona Market Update – first quarter of 2017

  • The market is strong
  • High demand of single family homes and condos/town homes
  • Luxury home and land sales are picking up 

Single family home sales: Demand is high and inventory low.  89 homes sold in the first three months compared to 79 last year. Beginning of April  the inventory was down to 195 active listings - 95 lower than 290 a year ago and the lowest in more than 10 years.

The average price/ sf. is up 7% from the same time last year - $236 compared to $221. The median recorded sales price (MRSP) jumped from $450,000 to $510,000.  This is partly due to more luxury sales.

The mark for Luxury homes – defined as the top 10% of sales – is currently $1,070,000, up 33.75% from $800,000 in 2016. 9 homes priced $1,000,000+ sold. This is the highest number since 2007. At the end of the first quarter we had 48 active listings compared to 70 in 2016.

The average price/ sf. and the MPSP are in the ball park of the last years - $329 and $1,244,135. 

Vacant land is finally starting to move. 27 lots sold by the end of March, up from 13 last yearThe median recorded sales price of $108,000 was clearly lower than $137,500 a year ago, but should be getting higher with recent sales. 309 active land listings are down from 359 in 2016.

Condos/Town homes: Sales nearly doubled - 18 last year to 34 this year. At the end of March there were only 26 active listings, while the price average price/ sf. rose 23% - from $188 to $232. The MRSP was up nearly 40% at $309,500.

Sedona Real Estate Market Analysis for 2016 

It has been an interesting year - also for the Sedona Real Estate market. The first half of 2016 was unusually slow - especially in high end Real Estate and land sales. The election year should account for that. In late summer movement came into the market and by the end of 2016 numbers pretty much caught up with 2015. At the end of December the number of pending properties was unusually high  - a good omen for what's to come. 

Well priced homes under $800,000 sold well all year. The luxury market is still slow but activity at the end of the year is promising. Land has been lagging, but activity also picked up at the end of the year. With rising interest rates it is a good time for buyers to get serious. 

Single family homes:

Just like the year before, the number of sales was up 4% - 423 homes sold compared to 407 in 2015. Active listings were even lower than 2015 –  194 at the end of 2016 is an 11 year low. The market could have performed better given more and attractive active listings. Well priced homes sell quickly.

The average price per square foot is up 6% from 2015 - $230 compared to $217. 

The median recorded sales price was $479,000, up from $437,000 a year ago.

The average DOM (days on market before a property sells) of 205 days is down from 227 the year before.

Luxury market:

After a dismal first half of the year - only 9 homes over $1,000,000 had sold compared to18 the year before - sales accelerated. By the end of December 25 homes priced $1,000,000+ sold, just one down from 26 in 2015. We had 19 sales between $1,000,000 - 2,000,000.  Out of these 19 homes, 10 homes sold between $1,000,000 - 1,300,000. That seems to be a sweet spot for luxury homes.

5 sales were between $2,000,000 – 3,000,000 and 1 sale in the $3,000,000 - $4,000,000 range. No sales above $4,000,000.

The average price per square foot of $375 is up from $355 last year.  

The median recorded sales price was $1,500,000. It is higher than last year because of more sales above $2,000,000.

Unfortunately the DOM are still at 417 days - a sign for a buyers market.

The good news is that we have a lower number of active listings. 49 active listings is the lowest number in many years. We are down from a 2.5 year market supply of homes to an approximate 2 year supply.

Condos/Townhomes:

The market for Condos and Townhomes has been good and steady.

The number of sold units is slightly lower than in 2015 - 95  instead of 100.

But this is due to the low inventory of only 22 active listings at the end of 2016 - clearly the lowest number of active listings in 10 years. With this low of an inventory well priced and desirable units sell quickly.

The average price per square foot sold of $208 is up 11% - it was $188 in 2015.

Vacant land:

Land sales are finally slightly up. 109 properties sold, compared to 105 at the end of the year before. At the end of the first quarter we only had 13 sales. Sales clearly picked up as the year progressed.

The median recorded sales price went slightly down and recorded at $130,000 - down from $139,000 the year before.

The good news is that the number of active listings and the days on market are going down. At the end of 2016 we saw 287 active listings - down from 300. But it is still more than a 2.5 year inventory.

The DOM in 2015 were at a record high of 588 days for vacant land. They are down to 476 days for properties sold.

Sedona Market Update – first three quarters  of 2016

  • Single family home sales are strong
  • Low inventory in homes under $800,000
  • Luxury home sales are still down
  • Land sales slightly stronger

Single family home sales: 312 homes sold in the first 9 months compared to 308 last year. The average price per sf. is up 3.5% from the same time last year - $226 compared to $218.47. It has climbed slowly and steadily over the last 8 years and is the highest since 2008.

The median recorded sales price (MRSP) of $461,000 is up 6.84% from last year and also at its highest since 2008.

With 252 active single family homes on the market we have the lowest number of listings in many years.

Luxury home sales: only 15 homes priced $1,000,000+ sold - nearly 30% less than the 21 sales at the same time last year. It is also the lowest number of sales since the bottom of the luxury market in 2010 (12 sales).

The average price per sf. of $341 is down from $376 last year. The one silver lining is that sales have slightly picked up compared to the dismal first half of the year. 

Historically election years have had an impact on Sedona's high end market.

Vacant land: land sales are catching up compared with the extremely slow spring, but are still weak. 85 lots sold by the end of September - the same number as in 2015.

The median recorded sales price was $130,000 - down from $140,000 a year ago.

Sedona Market Update – first half  of 2016

  • Single family home sales are stable
  • Luxury home sales are significantly down
  • Land sales show positive signs
  • Senate Bill 1350 allowing short term rentals is expected to have a positive impact on the Sedona Market

Single family home sales: 190 homes sold in the first 6 months compared to 200 last year. The average price per sf. is up 2.7% from the same time last year - $226 compared to $220. It has been going up consistently for 8 years.

The median recorded sales price (MRSP) of $468,400 is up 7% from $437,500 in 2015.  It also has been going up for the last 6 years.

Senate Bill 1350 allows short term rentals in all areas that are not governed by CC & Rs with special rental restrictions. Up to now vacation rentals had to be for a minimum of 30 days, now they can be day to day.

The mark for Luxury homes – defined as the top 10% of sales – is currently $800,000, down from $979,000 a year ago.

Only 9 homes priced $1,000,000+ sold, just half of the 18 sales at the same time last year.

The average price per sf. dropped 21.5% from 377 to $296.

40% of all home listings are currently luxury homes ($800,000 +). In a balanced market it should not be more than 10%.

Historically election years have had an impact on our high end market.

Vacant land: finally good news. 42 sales were recorded in the second quarter - way more than the 13 sales in the first three months. 55 lots sold by the end of June - the same number as in 2015. For the first time in years the number of listings is slightly down - 308 compared to 336 in 2015.

The median recorded sales price was recorded at $130,000 - down from $148,500 a year ago.

Sedona Market Update – first quarter of 2016

  • Single family homes are the stable segment of the market
  • Luxury homes sales are down
  • Land sales have gone down even further
  • Condo sales are down 44%
  • In most categories it is a buyer market

Single family home sales: 79 homes sold in the first three months compared to 72 last year. The average price per sf. is up 2.3% from the same time last year - $221 compared to $216.

The median recorded sales price (MRSP) is up at $450,000 - quite a jump from $389,500 in 2015. 

At the beginning of April we had 290 active listings – that is comparable to the same time last year. 

The mark for Luxury homes – defined as the top 10% of sales – is currently $800,000. At this time 38% of all home listings are luxury listings - too many for a healthy market.

While only 4 homes priced $1,000,000+ sold, we had 70 active listings in this range at the end of the first quarter. Projected on the year we are looking at a nearly 7 year supply of high end homes.

The average price per sf. dropped approx. 8.5% from 327 to $299.

Historically election years have had an impact on our high end market. It seems that we are seeing this right now.

Vacant land sales went down again. Only 13 lots sold by the end of March - only half of the 26 sales in 2015. At the same time we noted a rising number of active land listings – 359 at the end of the first quarter.

The median recorded sales price was recorded at $137,500 and is slightly down from $139,450 a year ago.

Sedona Real Estate Market Analysis for 2015

In spite of a fluctuating stock market, a still fragile economy and an election year coming up, Sedona's Real Estate market has performed well and is stable. Still low interest rates help. The ups and downs of the stock market and the political and economic situation usually have the most impact on the luxury Real Estate market. Accordingly sales were less, but prices stayed fairly stable.  In 2015 the best appreciation could be seen in properties under $600,000. Well priced homes in this range move quickly. The overall market appreciation is back to what it used to be before the bubble - approximately 5% per year. Land is lagging, in spite of new construction picking up.

Single family homes:

The number of sales was up 4% - 407 homes sold compared to 392 in 2014. Active listings are at a 10 year low – we saw 233 at the end of 2015. The market could have performed better given more and attractive active listings. New homes are expected to be listed in the next couple of months for the spring season. Only 5 of the listed homes are distressed.  Foreclosure and short sales mostly belong to the past. At $217, the average price per square foot is slightly up from $215 in 2014. The median recorded sales price was $437,000  - 2% up from $427,500. The average DOM (days on market before a property sells) of 227 days are up from 207 the year before.

Luxury market:

Less homes over $1,000,000 sold in 2015 than the year before - 26 homes compared to 32. Coupled with 63 active listings in this range at the end of the year, it still makes for stiff competition and good opportunities for buyers. Currently we have an approximately 2.5 year inventory of luxury homes. The average price per square foot of $355 is up from $326 the year before. This is within the price fluctuations of the last 6 years. At the same time the median recorded sales price is slightly lower - $1,212,200 instead of $1,241,000. Of the 26 sales above $1,000,000 22 were between $1,000,000 – $2,000,000. 1 sale was $2,000,000 – 3,000,000,  2 sales were $3,000,000 - $4,000,000 and 1 sale above $4,000,000. The DOM have risen to  469 days - another sign for a competitive luxury market.

Condos/Townhomes:

After a slight dip in 2014, the number of sold units rose approximately 10% from 90 to 100. In January 2016 the inventory was even lower than the year before -   36 active listings - a long time low. This is a good sign. The average price per square foot of $188 is nearly the same as the year before ($190 in 2014). But at $270,000 the median recorded sales price is up 12.5% over $240,000 the year before. Things are looking up.

Vacant land:

Land sales have dipped further. The number of sales was down to 105  from 129 in 2014 - that is a 23% dip. After a 7 year high of $157,000 in 2013, the median recorded sales price is down to $139,000 - 10% lower than the year before. And we had a high of 300 active listings at the end of 2015. This is an approximately 3 year inventory of listings. The DOM in 2015 were at a record high of 588 days for vacant land. Not a good sign, in spite of more new construction happening.

Sedona Market Update – first three quarters of 2015
 
·        Sedona's real estate market is stable
·        Single family home sales are slightly up
·        The luxury market is stable
·        Vacant land is still weak
 
 
Single family home sales: 308 homes sold in the first 9 months of 2015 - 304 in the same time last year. 
The inventory of 274 homes  is still low. Desirable and well priced homes up to $600,000 sell quickly. 
The median recorded sales price (MRSP) rose slightly  from $425,000 in 2014 to $431,500 this year and the average price per sf. from $214 to $218.
 
Luxury home sales: 21 homes $1,000,000+ sold in the first three quarters of the year - 24 last year. 
Several $3,000,000+ sales influenced the average price per sf. It is up to $376 from $316 a year ago. 
The same is true for the MRSP, which is slightly up to $1,350,000 from $1,212,500 last year.
The average days on market / DOM are currently 410 days.
With 65 active listings, the luxury market is still a buyersmarket.
A positive sign: the list to sales price ratio has risen every year since 2010 - 87% - 88% - 90% - 92% - 94% and 95% this year.
 
Vacant land: is still the weakest segment of the market. 
At the end of September we only had 85 recorded sales, down from 111 in the same time last year.
The MRSP is down from $150,000 a year ago to $140,000.
With 335 active listings we are looking at an approx. 3 year inventory.
On the other hand - it is a great market for investors.
 
 

Sedona Market Update – first half of 2015

  • Positive signs in a stable market
  • Steady sales
  • The Luxury Home market continues to recover
  • Vacant Land is the weak link

Single family home sales: 200 homes sold in the first half of 2015 - 206 in the same time last year. The low inventory of 280 homes contributes to the slightly lower number. Over the last 10 years the average inventory of active homes was 355 at mid-year. The median recorded sales price (MRSP) rose from $414,500 in 2014 to $437,500 this year and the average price per sf. from 2013 to $220.

Luxury home sales: 18 homes $1,000,000+ sold after the first 6 months of the year - 4 more than last year. Two of those sales were over three million and one over four million. These sales influenced the average price per sf. which is up to $377 from $309 a year ago. The same is true for the MRSP, which is up to $1,711,139 from $1,164,250 a year ago. The average days on market / DOM are up to 446. With 66 active listings, competition is still stiff.

Vacant land: is the weakest link. There were only 55 recorded sales by the end of June, down from 79 at the same time last year. The MRSP is down from $165,000 a year ago to $148,500. A big part of this drop might be due to the sell-out of the Rimstone subdivision, which accounted for steady sales of vacant land. The number of active listings was slightly up at 336 from 301 in 2015. 

 
Sedona Market Update – first quarter of 2015
 
·        The Sedona Real Estate Market is stable
·        Single family home sales are slightly down – prices are slightly up
·        Stable sales of Luxury Homes while prices are slightly down
·        Land sales are stable
 
Single family home sales: 72 homes sold in the first three months compared to 76 last year. At the same time the median recorded sales price rose from $375,000 to $389,500 and theaverage price per sf. was 5.88% higher - $216 instead of $204. 
One of the reasons for fewer home sales might be the low inventory of 286 active listings. Attractive listings see multiple offers.
The DOM (average days on market) were 277.
 
The mark for Luxury homes – defined as the top 10% of sales – is up to $979,000 (at some point it was as low as $750,000). -
In the first quarter 6 homes priced $1,000,000+ sold. That is in line with the sales of the last 5 years.
At the same time we counted 61 active listings.
The average price per sf. dropped approx. 7.5% from $354 to$327 and the MRSP dropped from  $1,250,000 to $1,080,000.
 
Vacant land: 26 sales are comparable to 25 last year.
The median recorded sales price of $139,450 is significantly lower than $167,300 a year ago, but this could level out as the year progresses - looking at the last 5 years it seems to fluctuate at the beginning of the year.
At the beginning of April we had 310 active listings.
 

Sedona Real Estate Market Analysis for 2014

2012 signified the turn of the real estate market. 2013 continued the trend.

In 2014 the market was stable with some appreciation. Before the bubble we historically had an annual appreciation of approximately 5%. It seems that this is what we are back to, depending on the segment of the market.

While we have steady sales in the luxury market, prices have not gone up.

It is a sign of a stable market that we are running out of foreclosures and short sales. Presently we only have one foreclosure and two short sales amongst our active residential listings. 

Low interest rates support the real estate market. Residential loans are available for less than 4% and lenders have created new attractive loan programs. Jumbo loans are available for under 3% for qualified buyers. Even programs for self employed buyers are available again.

Single family homes:

The number of sales was slightly down from last year - 392 homes sold compared to 410 in 2013 (- 4.6%). The number of active listings remains low – 253 at the end of 2014. The low inventory might be responsible for slightly fewer sales. Currently we only have one foreclosure and two short sales amongst the active listings. With $215 the average price per square foot is up +4% from $206 last year.

For the first time since 2008 the median recorded sales price is above the $400,000 mark. At the end of 2014 it was up +8% at $427,500 for all residential sales.

The average DOM (days on market) are the lowest in years – 207 days.

Luxury market: 

We had the same number of sales of homes over $1,000,000 than the year before - 31 homes. This is the highest number since 2007. Between 2008 – 2012 only an average of 20 homes sold in this range annually. Since 2014 the average price per square foot went down even lower than the year before. It was $323 compared to $345 in 2013. The median recorded sales price stayed the same. The top 10% of sales constitute the luxury market. As recently as 2012 that mark was as low as $750,000. Now it is up at $960 - a reflection of more high end sales. Of the 31 sales above $1,000,000 26 were $1 – 2,000,000.

2 sales were $2 – 3,000,000 and 3 sales were $3,000,000 +. There is an approx. 2.5 year inventory in the luxury range. The DOM are still 364, but this is actually significantly down from 463 last year. 

Condos/Townhomes: 

After a 30% jump in the number of sales last year to 111, sales were down -14% to 96 sales. This is still a much higher number than between 2006- 2011, when we only had an average of 63 sales per year. A reason for the lower number of sales might be the low inventory of 45 active listings at the beginning of 2015. The rise in average price per square foot and median recorded sales price seem to suggest that. The average price per square foot of $190 is up +8% over last year ($176), while the median recorded sales price of $240,000 is up +13.5% ($211,500 last year). The market for condos and townhomes is going in the right direction!

Vacant land: 

After a steady rise of land sales and values over the last few years, the trend is slightly slowing down.  129 sales in 2014 is close to 124 last year. But it is the highest number of sales since 2005.After a significant jump in 2013 the median recorded sales price of $155,000 is down from $157,500 last year:  -1.5%. The high number of active listings rose from 268 in 2013 to 298. Currently we have an approximate 2.3 year inventory in land.Lenders are slow to come up with programs for vacant land. That is one influence holding back land sales.The DOM in 2014 were up to 557 days – much higher than 388 last year.

Sedona Market Update – first three quarters of 2014

  • The Sedona Home market is stable
  • Land continues its recovery
  • Real Estate Market is stable
  • Single family home sales are slightly down – price per sf. is up
  • The Luxury 

Single Family Home Sales - 304 homes were sold at an average price per sf. of $214. – Last year 316 homes sold in the same time at $205 per sf. One of the reasons for fewer home sales might be the low inventory of 295 active listings. Attractive listings see multiple offers. Less than 1% of active listings are distressed homes. -The average price per sf. of $214 and the Median Recorded Sales Price (MRSP) of $425,000 are the highest since 6 years. The price level is back to approx. 2008/09.

The mark for Luxury homes – defined as the top 10% of sales – is back to $950,000, after a low of $750,000. – The sale of 24 homes $1,000,000+ is slightly down from 26 last year – which was the highest number since 2007 (then 39). The average price per sf. of $316 is lower than in the last 4 years – it fluctuated between $354 – 331. And so is the MRSP of $1,212,500. The average (Days on Market) DOM are 345. - Currently there are 75 active listings of luxury homes – an approx. 2 ½ year inventory.

Vacant land is the winner again: 111 sales are the highest number since 2005 (then 280). In the same time last year we saw 99 sales. The median recorded sales price was $150,000 and is comparable to $148,500 a year ago.  On Oct 1st we had 318 active listings – still a nearly 3 year inventory.

Sedona Market Update – First Half of 2014

  • The Sedona Real Estate Market is stable
  • Sales in the second quarter were stronger than in the first
  • The Luxury Home market is stable
  • Land is on the way to recovery 

Single Family Home Sales

 After a slow start, sales have caught up with 2013. 206 homes closed by the end of June – a year ago we had 218 closings during the same time period. 68 homes were pending. - The average price per sf. of $206 is stable and slightly up from $202 a year ago. DOM (days on market) are down: they were 193 days at mid-year compared with 239 a year ago – an encouraging sign. After 5 consecutive years of consecutive lower inventory, inventory is up to 302 active listings (242 last year). 95% of sales have been non-distressed sales! Foreclosures and short sales are fading out. 

Luxury Home Sales

Luxury Sales have been catching up. By mid–year 14 homes $1,000,000+ sold, compared with 18 at the same time last year. Several of the 8 pending homes have sold since. The average price per sf. of $309 is down from $333 a year ago.  The average DOM are down to 317. Competitively priced homes are selling. 

Vacant Land 

After a long and hard fall, it is the biggest winner. The 79 sales in the first two quarters are up 14.5% from 69 last year. It is the highest number of sales in the first 6 months since 2006 (89). The median recorded sales price rose from $135,000 last year to $165,000. The number of active listings has gone down in 6 consecutive years and is now at 301. 

Sedona Market Update – first quarter of 2014

  • The Sedona Real Estate Market is stable
  • Appreciation in homes under $500,000
  • Prices of Luxury Homes are stable
  • Land sales are headed in the right direction 

Single family home sales

Started slow – possibly due to the traveling problems the country faced. 76 homes closed by the end of March – a year before it was 91 at the same time. 80 homes were pending. After a low of 256 active listings at the end of the first quarter last year, inventory was up at 306 active listings – buyers can start to pick again. The average price per sf. of $204 is stable and upfrom $198 a year ago. DOM (days on market) are significantly down: 178 in the first quarter compared with 282 a year ago.

Luxury homes:

Only 3 homes sold over $1,000,000 – this is significantly down from 8 at the comparable time last year. 4 homes were pending. The average price per sf. of $354 on the other hand is stable and up from $324 a year ago. – The average DMO so far look much better – 234 days compared with 815 a year ago. The current threshold for the top 10% of sales is $830,000.

Vacant land:

After a long fall and a slow recovery, land is going in the right direction – 25 sales in the first quarter is up 25% from 20 in 2013. The median recorded sales price rose from $118,525 last year to $167,300 this year, while the 309 active listings are the lowest number of listings since at least 5 years (416 at the end of March 2009).

 

Sedona Real Estate Market Analysis for 2013

2012 signified the turn of the real estate market. 2013 continued the trend.

The market has stabilized and for the first time since 2005 we are seeing appreciation of values. An argument can be made for an over all appreciation of 8-10%. But it depends on the market segment. We have seen good appreciation in single family homes under $500,000. But while there is an increase in sales of high end homes, prices in this segment have not yet gone up.

The real estate recovery nationwide helps the Sedona market. It allows potential buyers to finally sell their home in another state and move to Sedona.

Short sales and foreclosures will soon be stories of the past. Only 2% of the current active single family home listings fall in this category.

Single Family Homes:

410 homes sold in 2013 - the highest number since 2005. 2012 was close with 406 sales. The number of active listings remains low - 255 at the end of 2013. Last year saw a 10-year-low of 238 active listings.

Foreclosures and short sales are fading out. Only 15% of sold homes belong in this category and 2% of the active listings. This number was 37% at the end of 2011 and 17% last year.

The average price per square foot is up 25% from $164 in 2012. It was $206 in 2013. A significant jump.

The median recorded sales price hovered around $350,000 for three years and is now up 13% at $395,000.

Numbers differ between Sedona and the Village of Oak Creek.

Over the last 5 years prices have been an average of 11.4% higher in Sedona than in the Village of Oak Creek. The average price per square foot in Sedona was $214 and the median recorded sales price of $433,500.

In the Village of Oak Creek the median recorded sales price was $362,000 and the average price per square foot was $193.

Luxury Market:

The number of sales of homes over $1,000,000 is up 29% - 31 homes sold in 2013 compared with 24 in 2012. This is the highest number since 2001.

Since 2009 the average price per square foot has been hovering around $350. It was $345 in 2013.

The top 10% of sales consitute the luxury market. The price point for luxury homes was approx. $750,000 at the end of last year and rose to approx. $950 by the end of 2013. A reflection of more high end sales.

It is notable, that at this time, homes $950,000 and above consitute 31% of all active single family home listings (80 active listings out of 257) while their market share only accounts for approx. 10% of sold homes. This makes for competition in the luxury range. There still is a 2.5 year inventory of luxury homes.

Condos/Townhomes:

In 2012 the number of sales doubled. With 96 sales we are seeing slightly fewer than the 111 sales the year before - 13.5% less.

Interestingly the average price per square foot of $176 is up 11% over the last year ($158), while the median recorded sales price of $211,500 is slightly down from $221,000 in 2012.

Altogether sales are stable.

The number of active listings is very promising.

At the beginning of 2014 we have only 34 active listings - a new low (44 Dec 2012/ 80 Dec 2010/ 75 Dec 2009).

Vacant Land:

The number of sales continues to rise - from 90 in 2011, to 117 in 2012 to 124 in 2013. And for the first time since 2006, proces are rising.

The median recorded sales price rose from $121,500 in 2012 to $157,500 last year - a raise of 30%.

At the same time the high number of active listings begins to drop, from a high of 446 at the end of 2008 to 268 in January 2014. But we still have more than a 2 year inventory in land.

Builders are buying and building again.

Land sales have more than doubled since the near standstill of 58 home sales in 2008.

Sedona Market Update – first 3 quarters of 2013

  • Home sales have slowed after a hot first half of 2013
  • Luxury sales are continuing strong
  • Land sales are slightly up
  • Foreclosures and short sales are on their way out

Single family home sales have slowed down, partially due to low inventory. At the end of September 316 homes closed – slightly up from 311 in 2012. Inventory is low: under $500,000 – we saw 211 sales in the first 9 months and only 109 homes are available in this range.

Since June the median recorded sales price has hovered around $400,000 - $402,500 on Oct. 1st. It is significantly up from $340,000 last year.

The average price per sf. of $205 is also clearly up from $160 last year.

Only 2% of all active listings are foreclosures and short sales.

Luxury homes: with 26 homes sold over $1,000,000 we are seeing the highest number since 2007 – only 16 sales in the comparable time last year.

Due to the still high inventory in this price range prices have not gone up - the average price per sf. was $353 ($331 in 2012 and $354 in 2011). At the same time we have 68 active listings in this range – approx. a 2 year inventory.

Vacant land: some good news – 99 sales in the first 3 quarters is up 13.80% from 87 in 2012.

The median recorded sales price rose from $117,000 last year to $148,500 this year – partially due to sales in certain new developments.

Unfortunately the high inventory of 326 active listings (nearly a 3 year inventory) is keeping prices down

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Sedona Market Update – April – August 2013

  • Over all numbers are hovering at the 2004 level
  • Condo/Town home sales are significantly up
  • Luxury sales are up
  • Foreclosures and short sales fading out

Single family home sales: at the end of June we saw 214 sales compared with 225 last year. Per end of August the market caught up - 283 sales compared with 275 last year. The low inventory is keeping the number of sales at bay. With 242 active listings and only 106 listings below $500,000 we are seeing the lowest number of active listings since 2005.

The median recorded sales price of $399,000 is stable.

Only 2% of all active listings are foreclosures and short sales!

Luxury homes: 18 homes sold over $1,000,000 in the first 6 months - only 11 in 2012. As of August this number is up to 23!

There still is good news for buyers: because of the high inventory (97 listings $825,000 and above equal 37.6% of all active listings) prices have not gone up yet. The average price per sf. was $328 in 2012 and still is $333 at the end of June this year.

Condos/Town homes: 68 units sold this yearand there are only 36 active listings currently on the market! The average price per sf. is up at $179 compared with $159 in 2012.

Vacant land: Jan – June 69 vacant land listings sold compared to 61 in 2012. We still have an approximate 4 year inventory.

The silver lining is the median recorded sales price. Last year at the same time it was $103,000 and is now up to $135,000 ($132,000 at the end of the first quarter this year)

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Sedona Market Update – January – April 2013

  • The market continues it’s recovery
  • Inventory of single family homes is down
  • Prices in the non-luxury segment of the home market are rising
  • Activity in Luxury market has picked up

Single family home sales: with 123 sales in the first four months, the sales activity in the single family home market is down approx. 15% from 2012.

But the median recorded sales price of $410,000 is 21.5% up from $337,000 last year.

Only 5% of all active listings are foreclosures and short sales. The market share of un-distressed sales is back to 80%. This is significant, as distressed sales were the reason of the market crash.

The low number of sales is partially due to low inventory. From a high of over 500 active listings we are down to 248.

At the same time we have a record high of 91 pending sales.

Desirable listings trigger multiple offers.

An increasing number of new construction is build and sold.

Luxury homes: the price point for luxury homes (top 10% of sales) is finally rising again. By the end of April it was up to $825,000 compared to $725,000 a year ago.

In the first four month of the year 8 homes sold over $1,000,000 – the same amount as a year ago. But another 8 sales are pending, while only 3 were pending end of April 2012.

The median recorded sales price was down to $1,193,250.00.

Vacant land: Jan –April 37 vacant land listings sold – the same as in 2012.

The current 318 active listings equal a 4 year inventory.

The silver lining is the median recorded sales price. From a low of $121,500 at the end of 2012 it is up to $132,000.

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Sedona Real Estate Market Analysis for 2012

2012 signifies the turn of the real estate market. After nearly 8 years of free fall and struggle, prices have bottomed out. Unless another unforeseen economic disaster strikes we can expect real estate to appreciate again.

The fear of inflation should not hinder the recovery. When money depreciates and the stock market is shaky, real estate is a good investment.

In the range of $400,000 and under, homes are already appreciating.

The number of active single family homes is at a 10 year low, sales are up in all price ranges and only 7% of all listed active homes are foreclosures and short sales (it used to be 40+%).

Luxury home sales are up, while prices are still down.

Condo- and Townhome sales have doubled. They were the first ones to stagnate and drop and they are a good indicator for recovery.

The number of land sales is up 30% over 2011, while prices are at a 13 year low.

Builders are building again and they are showing confidence in a recovering market.

Sales of single family homes:

406 homes were sold in 2012, compared with 387 in 2011. This is the highest number of sales since 2005, except for 2010 when tax incentives were offered.

The number of active listings is at a 10 year low. At the end of 2012 we had 238 active listings – 20% less than 301 in December 2011.

Amongst those 238 active listings are 9 foreclosures and 8 short sales, which equals 7% of all active listings. This number was 37% at the end of 2012!

The average price per square foot of $164 is slightly up from $161 in 2011.

The median recorded sales price of $350,000 is stable and the same as at the end of 2011.

The biggest market share amongst sold homes were homes $400,000 and under. This market segment accounted for 77.26% of sales. Prices have started to go up in this range and the inventory in Sedona is extremely low.

The numbers differ between Sedona and the Village of Oak Creek.

Sedona saw 239 sales in 2012, with a median sales price of $407,500 and a median price per square foot of $177.

In the Village of Oak Creek 167 homes were sold. The median sales price was $319,000 and the median price per square foot $163.

Luxury market:

2012 saw 24 sales of homes over $1,000,000 – up 7 from 17 in 2011.

3 homes sold over $2,000,000.

The median sales price in this market segment was $1,332,500 and the median price per square foot $294 ($1,440,000 and $317 in 2011).

The top 10% of sales constitute the luxury market. The price point for luxury homes is presently approx. $750,000.

Altogether we had 42 luxury home sales, compared with 40 in 2011.

The median sales price of homes $750,000 + was $1,015,000 – up from $924,950 in 2011.

The average price per square foot is also up - $295.84 in 2012 compared to $272.71 in 2011.

It is notable, that at the end of 2012 homes over $750,000 constituted 30% of all active single family home listings (73 active listings out of 238) while their market share only accounts for approx. 10% of sold homes. This makes for competition in the luxury range.

Condos/Townhomes:

Sales are significantly up. The number of condos/town homes sold has doubled! It rose from 56in 2011 to 111 in 2012.

Sedona: in 2012 49 condos/town homes sold with a median sales price of $305,232 – significantly up from $209,750 in 2011.

Village of Oak Creek: 62 sales with a median sales price of $217,074 – up from $146,000 in 2011.

As most of the condos and town homes are second and third homes and can be considered investments properties, the raise of sales shows a growing confidence in the real estate market.

Vacant land:

The number of sales is up 30% from 2011. 2011 saw 90 sales, compared with 117 in 2012.

At the same time the median recorded sales price dropped slightly from 125,000to $121,500.

Active listings are also slightly down – 316 compared to 331 a year ago.

Builders are buying and building again.

Land sales have nearly doubled since the near standstill of 58 home sales in all of 2008.

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Sedona Market Update – 3rd Quarter of 2012

  • The Market is continuing to stabilize
  • Inventory is down - prices are stable on a low level
  • Foreclosures and short sales continue to decline
  • Luxury market starting to stabilize
  • Land sales are up while prices are still low

Single family home sales: 310 sales in the first 9 months of this year are just slightly higher than 2011 (308), but it is the highest number of sales since 2006 (313 sales).

Inventory with 264 active listings is at its lowest since 2005, down from a high of 532 in 2008.

The median recorded sales price of $340,000 is stable ($339,900 at the end of June 2012).

The average price per s.f. of $160 is stable and slightly up ($154 at the end of March and $159 at the end of June this year).

The market share of foreclosures and short sales continues to decline.

At the end of the third quarter only 6% of active listings were distressed homes. - Less distressed properties and low inventory are encouraging signs for a recovering market.

Luxury homes: 32 luxury homes sold ($740,000+) in the first 9 months – nearly the same as 2011 (31). The average price per s.f. went up from $276.67 in 2011 to $291.48 this year.

17 of the homes were sales in the $1,000,000+ range. In this range the average price per s.f. was $331.42.

Vacant land: Sales are up to 87 sales – compared with 69 in 2011.

The median sales price is slightly up from $103,500 at the end of June to $117,000.

Only 18 sales were foreclosures or short sales.

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Sedona Market Update – 2nd Quarter of 2012

  • Residential sales are up and inventory is down
  • Prices stable on a low level
  • Few new foreclosures and short sales
  • Luxury market still weak
  • Land sales are up and prices down

Single family home sales: with 225 sales in the first half of this year we had the highest sales activity since 2006 (235 sales).

Inventory with 283 active listings is at its lowest since 2005.

The median recorded sales price of $339,900 is slightly up from $330,000 in the first quarter and the same time last year, but slightly down from the median recorded sales price in 2011 ($350,000).

The average price per s.f. of $159 is the same as at the end of June 2011 and slightly up from $154 at the end of the first quarter.

Only 9% of all active listings are foreclosures and short sales.

The market share of distressed sales is down from 40% last year to 27%.

Luxury homes: 24 luxury homes sold ($725,000+) in the first 6 months compared with 17 in 2011. Only 11 of them were sales in the $1,000,000+ range.

At the same time last year we saw 13 sales over $1,000,000 and the average price s.f. dropped from $336 to $272 - the median sales price from$1,550,000 to $1,305,000.

Vacant land: Sales jumped up to 61 sales – compared with only 46 in 2011.

The median sales price dropped from $125,000 to $103,500.

Only 14 sales were foreclosures – no short sales.

307 active listings are at the lowest in 5 years.

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Sedona Market Update – 1st Quarter of 2012

  • The tide is turning: strong activity – investors are back
  • Inventory at a 6 year low
  • Significantly less foreclosures and short sales
  • Activity in Luxury market has picked up but is still slow
  • Land sales are up – builders are building again

Single family home sales: 102 sales in the first quarter nearly equals the sales activity of 2006 (112 sales in 2006 – only 45 in 2008).

Inventory with only 275 active listings is at a 6 year low (March of 2008 saw a high of 486). At the same time we are seeing 84 pending sales (compared with 15 in March of 2008).

The median recorded sales price of $333,000 is slightly down and so is the average price per sq ft of $154 – it was $159 in June and $161 for all of 2011.

Only 7% of all active listings are foreclosures and short sales. The market share of un-distressed sales is back to 75%. – A significant sign.

Luxury homes: after a dead second half of 2011, buyers are back. 9 luxury homes sold ($725,000+) in the first 3 months – 5 of them at $1,000,000+.

Still – this segment of the market is slow, given the approx. 100 active listings – more than a 4 year inventory.

The average price/sq ft was $302 and the median sales price $1,283,000.

Vacant land: Sales jumped up to 28 sales – compared with only 6 in 2011.

The median sales price of $132,500 is slightly up from $125,000 in 2011.

Only 6 sales were foreclosures – no short sales.

329 active listings are down from a high of 413 in March of 2009.

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Sedona Real Estate Market Analysis for 2011

The 2011 sales numbers in Sedona show a split market. 48.3% of the sales were under $300,000 and 87% below $499,000. Well priced properties under $500,000 are selling fairly quickly and the market in this segment is stabilizing and starting to look up.

At the same time, the luxury market is still lagging. The new luxury price point (top 10% of sales) is $725,000 for single family homes.

There is good news regarding foreclosure and short sales. At the end of 2011 only 5% of active home listings were foreclosures and only 19% short sales. The combined number of both used to be more than 40%.

Vacant land shows fairly steady on a low level.

Condos have taken a hit in 2011.

Over all: while interest for home loans is on a record low, qualifying for loans is difficult.

Most areas of the US report a steady rise in sales. Respected economists advice that now is a good time to invest in real estate.

Sales of single family homes:

2011 saw 387 home sales – slightly less than 407 in 2010. But while tax incentives were offered in 2010, they were not available in 2011.

Generally, sales are way up from the low of 227 in 2008.

The number of active listings – 301 – is exactly the same as at the end of 2010 and the lowest number in many years.

The average price per square foot of $161 is close to 2010’s $167. The price per square foot hit a low of $159 at the end of the second quarter and came back up to $161 towards the end of the year.

The median recorded sales price of $350,000 in 2011 is slightly lower than $365,000 in 2010.

With 37% of all sales, the number of foreclosures and short sales is down 19% from 2010 (44%). This number is expected to keep dropping, as fewer foreclosures and short sales are coming on the market. Presently only 24% of all active home listings are stressed properties.

An interesting development in Sedona: the prices in the Village of Oak Creek were 15% lower than in Sedona. In 2010 they were only 5% lower and in 2009 12%.

Luxury market:

The recognized starting point for luxury homes (top 10% of sales) is now $725,000 – it was $750,000 a year before. Originally it was $1,000,000+.

Like the year before, 17 homes sold over $1,000,000.

In 2010 we had no sales over $2,000,000. In 2011 three homes sold above that mark.

Altogether we had 40 home sales over $725,000 – slightly more than 35 in 2010.

The median price of homes selling higher than $1,000,000 was $1,440,000 and is up from 2010.

The median price per square foot of homes in that category is also slightly up - $296 in 2010 and $317 in 2011. But this can be contributed to the fact that several of the properties came with more than 5 acres of land and had a high land value.

Condos/Townhomes:

The number of condos/town homes sold was down from 69 in 2010 to 56 in 2011.

Some buyers would rather buy a low priced single family home than a condo/town home.

The 2010 average price per square foot of $196 dropped to $155 in 2011.

The luxury price point (top 10% of sales) of condos/town homes was $360,000.

Vacant land:

The number of sales was fairly stable in 2011. We saw 90 sales compared to 94 in 2009.

The median recorded sales price was $125,000 – 7.5% down from $135,000 in 2010.

We had 331 active listings at the end of 2011 – slightly more than 316 in 2010.

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Sedona Market Update – 3rd Quarter of 2011

  • Sales are steady, with prices still slightly dropping.
  • Less inventory on the market.
  • Significantly less foreclosures and short sales.
  • Luxury home sales have slowed down.
  • Land sales are slightly down.

Single family home sales: the number of sales has continuously gone up since the low of 176 sales at the end of September 2008. 308 sales this year are up 2 sales from 2010. It is encouraging given that there was a tax incentive last year, which was no longer available.

The median recorded sales price of $351,278 is 13.5% down from last year, but up 6.5% from the first half of 2011.

The average price per square foot of $161 is stable compared with $159 at the end of June 2011.

Inventory continues to drop: from 532 October 1st 2008 to 380 this year.

Significant drop in foreclosures and short sales: at this time only 4% (12) of the active listings are foreclosures and 6% (20) are short sales!

Luxury homes: after an encouraging first half of this year, sales have slowed down. It seems to be a reflection of the turbulences at the stock market and in our economy. Only 3 homes over $1,000,000 have sold in the last 3 months – 16 in all of 2011 so far.

In the range of $750,000-1,000,000, 14 homes were sold till 9/30/11. This adds up to a total of 30 luxury home sales in the first 3 quarters of this year.

Vacant land: 69 sales in the first 9 months are slightly down from 72 sales at the same time in 2010.

The median price of $125,000 is $10,000 lower than at the same time last year and stable compared with the first half of this year.

Amongst the 351 active listings are only 17 foreclosures and 7 short sales!

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Sedona Market Update – 2nd Quarter of 2011

  • Sales are steady and up with prices slightly dropping.
  • Inventory continues to drop.
  • Foreclosures and short sales are down.
  • Luxury home sales are up.
  • Land sales are steady with the median sales price slightly down.

Single family home sales: sales jumped from 146 in 09 to 219 in 10. 2011 shows 207 sales in the first 6 months. This is encouraging given that there was a tax incentive last year, which is no longer in place.

Median recorded sales price with $330,000 and the average price per square foot of $159 were down from $358,000 and $168 at the end of the first quarter.

Inventory continues dropping: from 517 active listings 6/30/08, to 397 at the same time in 09, to 362 in 10 and 327 this year.

Luxury homes: the sale of homes $1,000,000+ have nearly doubled – from 7 in 2010 to 13 in the first half of this year.

Inventory is down to 62 listings – the lowest in many years.

The current luxury price point (top 10% of single family home sales - one year back) is $750,000.

In the range of $750,000-1,000,000, 10 homes were sold till 6/30/11.

This adds up to a total of 17 luxury home sales in the first half of this year.

The average price per square foot was $293.43 and the median recorded sales price $1,125,000.

Vacant land: with 46 sales in the first 6 months, sales caught up with the 45 sales of 2010.

The median price is down from $135,000 at the end of last year to $125,000 at the end of the 2nd quarter.

Inventory has gone down from 413 in July of 09, to 403 July 10 to 340 this year.

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Sedona Market Update – 1st Quarter of 2011

Sales remain strong. Prices are fluctuating slightly up and down from month to month, but at the end of the first quarter we are noting the same average prices as at the end of 2010.

  • Encouraging developments in the luxury home market.
  • Less land sales for a higher median sales price.

Single family home sales: 90 sales in the first quarter are slightly down from 99 sales at the same time last year. The median recorded sales price of $358,000 and the average price per square foot of $168 are exactly the same as the average prices for 2010.

Inventory has gone down continually from 486 active listings on 3/31/08, to 375 at the same time in 2010, to 338 on 3/31 this year.

Luxury homes: after a trying 2010 we are seeing encouraging signs in the luxury home market. This year we had 7 sales over $ 1,000,000 in the first 3 months, compared with only one sale in the same time last year.

While we did not have a single sale over $2,000,000 in all of 2010, already 2 sales in the first quarter of 2011 are above this mark.

It looks like luxury buyers are back and are taking advantage of the great values available.

In the range $720,000-1,000,000 we had 49 active listings on 3/31/11, one pending and 7 sales in 2011. The median sales price was $790,000 and the average price per square foot $192.28.

Vacant land: mixed news for land sales.

6 sales in the first 3 months of this year are clearly down from 20 sales in 2010.

At the same time the median price of $162,500 is up 20% from $135,000 at the end of 2010.

Inventory is staying down at 337 active listings – 403 available listed lots on 3/31/10 and 316 per 12/31/10.

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Sedona Real Estate Market Analysis for 2010

It’s been a year with ups and downs – strong sales in spring, slow in summer and increasing momentum in autumn. Altogether the signs are indicating a Real Estate market set for recovery.

Single family home sales being up to 414 in 2010, we are seeing numbers higher than 2006(!). For the first time in 5 years sales are exceeding the 400 mark (2008 saw as few as 227 sales). At the same time there is a record low of active listings - 301 at the end of 2010 compared with 525 in June of 08. Prices dropped slightly, due to the high number of foreclosures and short sales (44%).

Vacant land sales are stable.

2010 was not a good year for luxury home sales.

Over all: the market is developing balance and stability.

The economic cycle of Real Estate has been a leading indicator of financial crises and also a first sign for recovery. We might just be seeing a first sign of America’s economic recovery.

Very attractive prices, well below replacement cost, promise good appreciation in the future and invite home buyers and investors alike.

Many are worried about inflation, while our government supports the struggling economy. For a time of inflation, Real Estate and gold are considered some of the best investments.

It might be a good time to take advantage of the record low interest rates. Rates have already gone up slightly and there is talk about them going up further.

Other good signs: Jumbo loans (loans over $417,000) are back. This should help luxury sales. And January 2011 shows a record of 73 (!) pending sales – 15 in 12/08 and 44 in 12/09.

Sales of single family homes:

The number of residential sales is up 20% from 2009. With 414 sales we are exceeding the 400 mark for the first time in 5 years. Sales have nearly doubled since the low of 227 sales in 2008.

At the same time the median recorded sales price of $358,000 is down 20% from $398,000 in 2009.

The median price per square foot of $167 is down about 10% from $182 in 2009. These numbers are lower, mainly due to the high market share of foreclosure and short sales (44%), and the decrease in luxury sales.

These prices compare to 2003.

Significant: the number of active listings decreased another 11% and was down to 301 at the end of December (the high was in June of 08 with 527 active listings!).

At the end of 2010 only 14% of the active listings were foreclosures and short sales.

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Luxury market:

The recognized starting point for luxury homes (top 10% of sales) dropped to $720,000.

Only 17 sold homes over $1,000,000.

The median price of homes sold over $1,000,000 is down from $1,500,000 in 2009 to $1,200,000 in 2010.

The median price per square foot dropped over 13% from $341 in 2009 to $296 in 2010.

Upside: Jumbo loans ($417,000 +) with attractive interest rates are back. They were missing for several years.

2010 started with several sales over $1,000,000 indicating that luxury buyers are back in the market.

Condos/Townhomes:

For the first time since 2006 we are seeing an increase in sales. With 69 units sold, we are up nearly 28% from the 54 units sold in 2010.

The 2009 average price per square foot of $207 dropped slightly to $196 in 2010.

20% of these sales were foreclosures or short sales.

Vacant land:

Sales were stable in 2010. We saw 94 sales compared to 95 in 2009.

And so was the median recorded sales price. It remained at $135,000 – the same as last year.

The number of active listings has gone down further – from 446 at the end of 2008 to 335 in December of 09 to 316 per 12/31/2010.

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Sedona Market Update – first 3 Quarters of 2010

The overall market seems to continue to stabilize in spite of a steady supply of foreclosures and short sales. The number of sales is up and inventory is staying down.

The luxury market is the exception. Sales are down and prices continue to drop.

Land sales are up compared with the low in 2009.

Single family home sales: With 307 sales in the first 9 months of this year we are up 24% compared to 248 sales at the same time in 2009.

The median recorded sales price of $385,000 is stable compared with the first half of 2010 and 4% down from 30 September 2009. This could be a reflection of the weak luxury market. The price per square foot of $176 is stable compared with $175 in the middle of the year and down 6% compared with 2009.

At the beginning of October we had 380 active listings. That is only 1% down from the same time last year but considerably lower than the peak of 525 active listings in June 2008.

Luxury homes: The luxury price point of the top 10% of sales is down to $750,000 (from $1,000,000). We had 35 sales in the first 3 quarters of 2010, which is down 12.5% from the 40 sales last year. The average price per square foot was $261 compared with $289 last year, while the median sales price dropped 9% from $988,950 in 2009 to $900,000 in 2010.

The inventory in the luxury range consisted of 133 active homes at the end of September. This is nearly a 4 years supply.

12 sales of homes over $1,000,000 is a new low.

Silver lining: jumbo loans (loans over $417,000) have just come back with interest rates below 4% in the 5 to 7 year fixed range. That makes the purchase of luxury homes more affordable.

Vacant land: with 72 sales in the first 9 months of this year, sales are up 20% compared with last year.

The Inventory is down 13% and the median sales price with $135,000 is up 11.5% compared to 2010 but down from the first half of this year ($160,000).

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Sedona Market Update – first Half of 2010

The overall market seems to be stabilizing, with the exception of the luxury segment. We are still seeing an increase in the number of residential sales. Due to a steady supply of foreclosures and short sales, prices remain at their lowest since 2003. The good news is that they seem to be leveling out.

The number of luxury home sales is up from the first quarter of this year, but it is still down from the first half of 2009. Prices continue to drop.

Land sales continue strong.

Single family home sales: With 219 sales in the first half of this year we are up 50% from 146 sales at the same time in 2009.

The median recorded sales price of $385,000 is very close to what we saw at the end of the first quarter ($390,000) and 10% down from the first half of 2009 ($429,500). The price per square foot at $175 is stabilizing ($177 at the end of the first quarter).

Inventory is down at 362. At the end of June 2009 we had 397 active listings and 517 at the same time in 2008.

78 homes are pending.

Luxury homes: The price point of the top 10% sales (which defines a luxury home) is still down from $1,000,000 to approx. $750,000.

In the first half of this year 7 homes sold over $1,000,000. This is up from only 1 comparable sale in the first quarter, but still down 28% from 9 sales in the same time in 2009.

The median price of $1,130,000 is down 16.3% from last year ($1,350,000).

The average price per square foot of $255 is down 18.3% from

last year’s $312.

Vacant land: with 45 sales in the first half of this year, sales are up 36% from the 33 a year ago. The trend is still up but slowing down compared to the first quarter. The median sales price of $160,000 is 33% higher than a year ago but down from the $207,000 at the end of March. Inventory with 413 is slightly up compared with 403 active listings last year.

Close to 30% of the active listings are bank owned REOs or short-sales.

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Sedona Market Update - first Quarter 2010

The signs are encouraging. In the first quarter of this year sales of single family homes have doubled compared with last year. Prices are still at their lowest level since 2003. Inventory is down and demand is up. But a steady supply of foreclosures and short sales is keeping the market at the present low level, as it forces regular sales to compete with their prices.

Luxury home sales are lagging behind.

Land sales are clearly picking up.

Single family home sales: With 99 sales in the first 3 months we are up 98% compared with the 50 sales in 2009.

The median recorded sales price of $ 390,000 is down 9 % from the first quarter of last year ($ 427,000) and the average price per square foot is with $ 177 about 11 % under the price at the same time of 2009.

Part of this drop is due to only one $ 1,000,000 + home selling (luxury sales bring up the average price per square foot).

Inventory is down at 375 compared with 459 at the end of March last year.

With 75 pending homes we are seeing the highest number at the end of a first quarter since March of 2006.

Luxury market: In the first quarter of this year only one $ 1,000,000 + home sold. The lowest number in the last 10 years.

At the same time we have 86 active listings in the $ million range and 6 pending homes at the beginning of April.

The price point of the top 10 % sales (which is the luxury market) has come down from originally $ 1,000,000 + to $ 750,000.

Condos: 13 condos were sold in the first 3 months, compared with 96 active listings. 12 Condos were pending and the median sales price was $ 299,000.

Vacant Land: Land is on the up. Compared with 2009 sales have quadrupled. 5 sales in the first quarter of last year compared with 20 sales this year.

The median sales price was with $ 207,000 clearly higher than in the year 2009 ($ 135,000).

At the same time there are 403 active land listings and 14 pending.

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Sedona Real Estate Market Analysis 2009

The overall market has leveled out and is starting to sail in calmer waters. Prices are down to the level of 2003/04, but that makes it a great market for buyers. And buyers have started to show up and take advantage. Competition with foreclosures and short sales has brought prices down below re-build cost. That coupled with all time low interest rates is bringing buyers and investors back. Properties that are priced competitively are selling.

Sales of single family homes:

The number of residential sales has gone up for the first time since the record number of 599 sales in 2003. After a steady decline we hit rock bottom in 2008 with 227 sales. 2009 shows a jump of 52 % (!) to 344 sales.

At the same time the median recorded sales price of $ 398,000 is down 17% from

$ 480,000 in 2008.

The median price per square foot of $ 182 is down nearly 22 % from $ 233 in 2008. During 2009 the median price per square foot remained steadily close to $ 190.

These prices are comparable with prices in 2003/2004.

59 % (202) of the single family home sales were traditional sales.

10 % (36) were short sales and 31 % (106) were bank-owned/foreclosures.

Encouraging: the number of active listings decreased by over 26 % - from 459 at the end of 2008 to 338 on 12/31/09.

Luxury market (homes $ 1,000,000+):

While the overall number of single family home sales has jumped up, the number of luxury home sales decreased.

While 25 luxury homes sold in Sedona in 2008, only 19 sold in 2009 (down 24 %). Way down from our high of 55 sales in 2006 (65.45 % !).

In the beginning of the real estate recession luxury home prices held firm, while prices in none-luxury homes declined to compete with foreclosures and short sales. At that time the only sign of a declining market for the luxury segment of the market where decreasing number of sales.

As we started to see short sales and foreclosures in this part of the market and due to the few sales, prices have started to drop significantly.

Statistically the number of active listings has come down from 93 at the end of 2008, to 85 on 31/12/09. But the reason is that a large number of former $ 1,000,000+-homes dropped their prices under the $ 1,000,000-mark.

The average price per square foot in 2009 was noted with $ 341. That seems fairly stable compared to $ 343 in 2008, but does not reflect the fact, that the buyers got more for their money: higher quality, newer homes, bigger views and more space.

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At the end of 2009 only one home was pending.

Condos/Townhomes:

With 54 units sold in 2009 compared to 55 in 2008, the number of sales shows fairly stable. (The high was 154 sales in 2003.)

The average price per square foot of $ 232 in 2008 dropped 11 % to $ 207 in 2009.

81 % or 44 sales were traditional sales.

9 or 17 % of the sales were foreclosures and only 1 sale was a short sale.

Vacant land:

After 5 years of declining sales numbers, the number of sales has jumped up 64 % (!) from 58 sales in 2008 to 95 sales in 2009.

At the same time the median recorded sales price dropped from $ 300,000 in 2008 to

$ 135,000 in 2009. A drop of 55 %!

With prices back to the level of 2001, buying land and building is becoming interesting again.

And given the limited supply of land in Sedona - being an island surrounded by Forest Service - land is an excellent investment for investors that have cash to spare.

Overall: Arizona is one of the states with the highest growth rates. Recent demographic studies expect the population of Sedona to grow from 10,700 presently to 15,360 in the next 15 years. The projected numbers for the rest of the Verde Valley are even higher.

Sedona with its unique beauty, great life style and limited supply of land promises strong appreciation in the future.

As the real estate market starts to recover nationwide we are expecting sales in Sedona to continue to accelerate. Buyers, who had to sell their home in another state to move, are starting to sell.

Financing proved difficult this last year. As a reaction to the bank and finance crises lenders swung from loose requirements to seemingly unnecessary conditions and restrictions. The same can be said for appraisals. Swinging the pendulum back to a sound middle would help sales and the further recovery of the real estate market.

After a long and extreme decline of real estate sales and values we seem to have hit rock bottom and are poised for recovery.