Sedona Arizona

The condition of the Sedona AZ real estate market is a matter of fact not fiction.   The direction that the Sedona real estate market is going is subjective and a matter of opinion.

The statistic below are for the 12-months ended December 31, 2008 compared with the same period in 2007.   The data  source is the Rapatonni MLS database  utilized by the Sedona Verde Valley Association of Realtors.   The data is focused on Sedona  including the Village of Oak Creek.   Excluded are outlying areas such as Rimrock, Cottonwood, Clarkdale, Jerome, etc..   The data also excludes manufactured housing.

The volume of residential sales has remained relatively stable between years.    The number of single-family homes sold in Sedona in 2008 was 229 compared with 254 in 2007 — a decrease of 9.8%.   The number of condos sold in Sedona in 2008 was 56 compared with 59 in  2007 — a decrease of 5.1%.

The average sales price of single-family homes sold in 2008 was $592,570 compared with $691,551 in 2007 — a decrease of 14.3%.   The average sales price of condos sold in 2008 was $340,288 compared with $385,276 in 2007 — a decrease of 11.7%.

The median sales price of single-family homes sold in 2008 was $480,000 compared with $557,500 in 2007 — a decrease of 13.9%.   The median sales price of condos lofts  townhomes sold in 2008 was $295,000 compared with $350,000 in 2007 — a decrease of 15.7%.

A measure of a real estate market™s health is the average number of days to contract (ADTC).   For single-family homes, ADTC  lengthened slightly  from 151-days in 2007 to  155-days in 2008.   For condos, ADTC  lengthened  from 131-days to  203-days in 2008 — an increase of 55%.    The Sedona condo market has worsened between years.

Another measure of a real estate market’s health is the average discount between the list price and the sold price.   For single-family home sales in 2008, that discount was 8.3%.   By example, this means that a house listed for $500,000 sold for $458,500 or a discount of 8.3%.   This statistic is based on the list price at the time of sale.   It does not take into account price reductions that the seller may have made during the time the property was on the market.   By illustration, the $500,000 house in the above example may have been originally listed for $550,000.   In this case, the full discount to the original list price of $550,000 would be 16.7%.   It is more often than not, that such price reductions have taken place before the actual sale.   For condos lofts and townhomes sales in 2008, the discount was 5.0%.    

“How many of the properties sold were in trouble?” is a question often asked.   Troubled properties  are generally one of two-types.    The first step in the troubled-property cycle is that of  filing an action of foreclosure by  a lender for payment default of the underlying mortgage.   If the property is sold before the  property is foreclosed and ownership transferred to the lender or another party, the property is said to be subject to a short-sale.   This means that the lender(s) must approve the sale  if the sales price offered is less than the debt against the property.    If the foreclosure is completed, then the property is commonly referred to as “bank-owned”.

In 2008, of the 229 single-family homes sold, 23  were troubled properties or 10.0%.    In 2008, of the 56 condos sold, one was a troubled property or 1.8%.   It seems that  the greatest  financial distress is among single-family homeowners.

For more about  Sedona AZ  real estate,  homes, lots and condos  for sale visit Beautiful Sedona Homes.com.  

For more about Sedona™s neighborhoods visit  Sedona Neighborhood Profiles.  

For Sedona community information visit Sedona Community  Profile.  

For a map of Sedona’s neighborhoods visit Sedona Neighborhoods Map.  

For  Personal Service in  locating a Boulder home visit  Sedona  Real Estate  For Sale.  

To search the MLS for  Boulder homes for sale visit  Sedona  Property Search.  

For  more about the  Sedona lifestyle visit the Live The Red Rock! blog.

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