April 17, 2013

Lets talk about Foreclosures and REOs in the Sedona real estate market

Just published a new dedicated section in my real estate website about foreclosures, short sales and REOs in the Sedona market. A lot of my clients, both buyers and sellers ask me about the foreclosures trends in Sedona and how REOs have affected our market in the last 5 years. Before the real estate bubble burst in 2006 we didn't even know what a foreclosure was in Sedona. It was a foreign concept. After the burst Sedona got hit heavily with a wave of foreclosures and short sales to the point where in 2008-2009 the sales of foreclosures counted for almost 40% of our overall sales in the entire Sedona area, a really high number. Since 2010 though that the number of foreclosures has been consistently decreasing. Today at the end of the first 2013 quarter the amount of sold foreclosures in the Sedona area is less than 18% of the total sales. In the inventory we have less than a dozen distressed property listings out of an average of 400 listings. That is a significant change and a sign that our market has stabilized and is heading toward much healthier trends.
There are several charts showing the progress of foreclosures in our market: a volume relative to overall market,  a ratio of solds to overall market and many others. Click to see the foreclosure charts