Sedona Real Estate Newsletter for Today's Market

Sedona Arizona Real Estate is Returning to Reality

The year-end Holiday Season is a good time to evaluate this past year’s real estate developments and take stock of what we might expect in 2008.

For Sedona and the Verde Valley, 2007 was a dramatic turnaround year – from a buoyant seller’s market to a hesitant buyer’s market – a trend that will certainly continue at least until the middle of next year and, quite possibly, through to the end of 2008. More inventory of homes and vacant lots are available today than in the past three years and there is no clear evidence as yet as to when the current market will turn around.

One positive sign is that our tourism industry remains exceptionally strong, with people now booking up to a year in advance. Tourism drives much of Sedona’s economy. It is usually a precursor of increasing home sales, although we don’t know if it will be in the next few months, or a year from now. So if you’re planning a purchase, this may be a good time for you to start exploring the market.

Here is an up-to-date picture of what has been happening recently in Sedona area Real Estate:

1. There are 666 homes and condos currently for sale.
   
   
2. 192 are listed below $400,000.
   
   
3. 124 homes are listed for over $1 million.
   
   
4. Number of homes and condos sold year to date are 322.
   
   
5. Median sales price of homes sold to date is $565,000. 12 months ago it was $590,000.
   
   
6. There are 473 home-site lots currently for sale.
   
   
7. 105 are listed below $300,000.
   
   
8. 45 lots are listed for over $1 million.
   
   
9. Number of lots sold year to date is 64.
   
   
10. Median sales price of lots sold to date is $345,000. 12 months ago it was $520,000
    (that is not a misprint).

A paradise called Sedona

It is always hard to predict what tomorrow will bring us, even with psychics and crystal balls. But, as Sedonans, we wake up each morning to the dazzling beauty of our red rocks, fill our lungs with the purity of smog-free fresh air, and spend the day enjoying the smiles and conversation of our friends and neighbors. If this isn’t paradise, I don’t know what is.

Putting aside business, I wish each and every one of you a yuletide season of joy and happiness.
May the coming year bring you everything your heart desires, and if that happens to include a
chunk of Sedona real estate, please call me (928 300 5050) for excellent advice and consultation!