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February 2010 Newsletter

Breaking Down Sedona's Real Estate Sales – 2009 Versus 2008

We have all heard the expression "Looks are deceiving". It certainly applies to the Sedona Arizona Real Estate and Verde Valley Residential Sales statistics covering the last two years.

For starters, take total annual sales. In 2008, the year the stock market crashed in October, the figure was $261,624, 935. In 2009, the year we experienced the full impact of the economic collapse that followed, the figure was $301,992,552.

Yes, folks, it's hard to believe, but those are the numbers. An increase of 15.4% in dollar volume.

How can that be, you might ask. Breaking the annual numbers down into quarters helps us understand what apparently took place. In the first quarter of 2008, when the future still looked enticing, sales totaled $54,453,722. By contrast, during the first quarter of 2009 when the realization of how bad things really were took root in our consciousness, sales fell to $31,617,798, a painful 42% decrease.

The second quarter is traditionally the busiest and best quarter for Sedona area real estate sales. Neither 2008 nor 2009 were exceptions. 2008 second quarter sales rose to $82,363,485.

But what happened during the second quarter of 2009? An upswing that can only be described as a miraculous surprise. Sales more than tripled from the first quarter to $110,225,879, a figure 34% higher than the previous year.

What accounted for this unprecedented phenomenon? Hard to say, but here is the reasoning I came up with. Over the years tens of thousands of people have visited Sedona and secretly said to themselves, "Someday this where I would like to live" or "This would be a great place to invest in real estate".

Then, unexpectedly, the Sedona real estate market begins to turn sour (along with the rest of the country) and prices are soon down to levels not seen since the beginning of the decade.

For those that could afford it, it was a gift from heaven. They took advantage of what will probably turn out to be the opportunity of a lifetime, and made their moves. The same momentum continued into the third and fourth quarters of 2009.

In the third quarter of 2008, sales were $69,474,252. In the same quarter of 2009, sales reached $80,095,520, an increase of 15.2%.

In the fourth quarter of 2008, sales were $54,833,496. In the same quarter of 2009, sales reached $80,053,355, an increase of 46%.

Adding it all up, we can plainly see that Sedona stood out like a shining star throughout the Great Recession. And why wouldn't it? In good times and bad times Sedona remains physically the most beautiful locale in the U.S. A. in which to live.

The big question is, will the golden opportunity to buy Sedona real estate at bargain prices extend into 2010? Certainly, the figures for January seem to validate the belief that it will. Sure, the median price of a Sedona residence decreased 1% in December, but how significant is that? For me, I truly believe this is the bottom in real estate prices and that the increasing "buy" trend will continue to grow in the months ahead.

If "looking into Sedona real estate" is on your to-do list, give me a call and let's talk about the possibilities. I would love to help you find the right property in this landscape of unforgettable beauty.

You can E-mail me at Lee@LeeCongdon.com or call me at 928-300-5050.

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