Sedona Foreclosure Inventory Down 20 Percent from a Year Ago

By Elisa Andreis J.D. of Russ Lyon Sotheby’s International Realty

CoreLogic, a leading residential property information, analytics and services provider, released its May National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of April 2013. Foreclosure inventory shows  a 29% decline from a year ago May 2012.

Similarly in Sedona we see a 20% decline in foreclosures and short sale year over year. From Jan 2012 to June 2012, 72 foreclosures and short sales were sold in the Sedona area. From Jan 2013 to June 2013, 58 foreclosures and short sales were sold in the same area.

Here is an example of one of those few left “distressed” properties for sale in Sedona, this short sale listed for $395,000, 3Bed/2Bath, 2800sqft in Northview area in West Sedona. Click here to see full property details

As of May 2013, approximately 1.0 million homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in May 2012, a year-over-year decrease of 29 percent. Month over month, the foreclosure inventory was down 3.3 percent from April 2013 to May 2013. The foreclosure inventory as of May 2013 represented 2.6 percent of all homes with a mortgage compared to 3.5 percent in May 2012.

"We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory. Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends," said Anand Nallathambi, president and CEO of CoreLogic. "We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013."

For more information about Sedona Real Estate and to search for properties, visit www.SedonaFineHome.com or call Elisa Andreis J.D. (928) 274 1521.

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Is Price Per Square Foot a Reliable Valuation Tool for the Sedona Residential Market?

(July 18, 2013) – Square footage represents the quantitative attributes of a home while ignoring the quality of a home.
Qualitative factors include location, age, number of bedrooms, condition, lot size and improvements.
Price per square foot is a valuable tool when applied to specific local markets, particularly in homogenous communities and neighborhoods. Examples of homogenous residential communities are developer owned subdivisions, condominiums, townhouses and multi housing developments.
By contrast, Sedona has a wide range of mostly inconsistent neighborhoods in unique and diverse geographical settings, where mobile and manufactured homes can be found close to upscale subdivisions. Therefore the price per square foot approach by itself is unreliable and often misleading when comparing individual homes unless it is applied in the right context.
Price per square foot can be very useful to:

• Identify which price segments of the Sedona market are leading and which price segments are lagging
• Get a snapshot of our local market condition and make a better educated decision in the buying and selling process.

Read full report...

Elisa Andreis J.D. Russ Lyon Sotheby’s International Realty in Sedona, AZ

Elisa Andreis J.D. has been Sedona’s Top 1% producing agent for 5 consecutive years. Specialized in Luxury Sedona Real Estate: homes, vacant land and communities, she represents both buyers and sellers in their real estate transactions, and provides luxury service in all price points. She is an expert in internet real estate marketing and won Realtor.com’s Award of Excellence. Her objective with home buyers is to find that perfect match to their needs. Her focus in marketing is to provide maximum web visibility for all her listings, therefore reaching top tier clientele, nationally and internationally. Speaks fluent Italian and French