Are Days on Market important when buying a home in Sedona?

Day on Market or DOM simply tracks the number of days a property is listed before it is sold. DOM is not a reliable predictive tool as it does not track or correlate with price movement, inventory or sale volume. Rather, it is a useful indicator for sellers to have an indication of the time it may take to sell their home and for making adjustments in the asking price in accordance with their expectations.

DOM is a better measurement of buyer activity. Buyers ultimately control the process and may use the data to leverage their buying power.

The time it takes to sale a home in Sedona remains historically high. Sellers who are lured back into the market on the premise of rising prices need to remain patient.

Looking at the trend line, Days on Market is 8% higher than a year ago. We will need to observe a further monthly decline into the summer for the trend to turn negative. This would favor sellers and give buyers less bargaining power.

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

New listing for sale in Sedona $392,000 - Sierra Rd, Sedona AZ

Lovely home in Sedona nestled among mature trees with great red rock views and fenced back yard. The homes features 3 beds/2baths with travertine floors and hardwood ceilings. Stainless steel appliances in the kitchen, vaulted ceilings, fireplace in the formal dining room and big windows into the views and the back yard. Private and cozy and yet looking into open vistas. Spacious master suite with lots of storage spaces throughout the house, a great Arizona room that can have multiple uses such as family room, hobby room, art studio, library or office. The home is single level but has a 300 sqft loft where an office can be set up and additional sleeping quarters as well. 2 car garage, a water feature, tool shed, spacious back yard for gardening. Short Sale, lender approval required. See full details here

From the top of the Cockscomb near the Aerie in Sedona
http://www.sedonafinehome.com/The-Aerie-Sedona.html

Sedona named one of 25 top destinations in the US by Tripadvisor

Sedona is a true oasis, a vacationer’s paradise in the middle of the Arizona desert. Here, you’ll find resorts and spas, canyons and red rock formations. Bell Rock and Oak Creek Canyon are great hiking spots, and the dramatic architecture of the Chapel of the Holy Cross is a religious experience itself. When the sun dips down below the horizon it introduces the best show in Sedona: the night sky.
http://www.tripadvisor.com/TravelersChoice-Destinations

What happened to Sedona’s real estate inventory?

Click on graph to enlarge

Sedona residential inventory peaked in September 2008 with 760 listed properties. The lowest reading was in September 2004 at 233.
At the end of April, residential inventory level was at 378 units and in spite of 2 consecutive monthly increases that can be attributed in part to the seasonal uptick of new listed properties in early spring, the trend line indicates a steadily shrinking supply.
There is a definite correlation between inventory and price levels. Inventory is an important leading indicator of future price movement. In Sedona, inventory bottomed in the 4th quarter of ‘04 and prices peaked in the fourth quarter of ‘06.
Prices started stabilizing and improving in mid 2011 while inventory was at 2002-2003 levels. It is safe to say that as long as inventory is in decline, prices will continue to improve.

By Elisa Andreis J.D. of Russ Lyon Sotheby’s International Realty (928) 274 1521 www.SedonaFineHome.com

Views of Sedona land for sale

 

Hipstamatic view from my listing the other day. Thunder Mountain of the right side.

www.SedonaFineHome.com 

Sedona Residential Real Estate - MEDIAN SALE PRICE

Median Sale Price usually provides a better gauge of home prices than average sale price. Median represents the price point where half of the homes are selling below and half above the price point, whereas average is derived by dividing the total added value of homes sold by the sold volume. Averages can easily be skewed by one or two high end sales or by distressed sales at the low end of the sales price spectrum.

Sedona residential median sale price peaked in late 2006 at $540,000 and bottomed at $315,000 in April 2011, representing a 42% price drop. As of the end of April 2013, median sold price had recovered by 8% at $340,000. Read Full Report.

2013 Annual Jerome Historic Home Tour this weekend - 9am to 3 pm

 Annual Jerome Historic Home Tour has an exciting line-up of homes to see this year, including the famous Honeymoon Cottage, built in 1921 by mine owner Jimmy Rawhide Douglas as a gift for his son and his new bride. Lovingly restored to its former beauty, visitors will experience the elegance of a bygone era. The home that was once the Jerome Mortuary will be shown after extensive renovation and much anticipation.
This particular home is also for sale for $2,300,000. See the detailed listing for this special property:

This longest running tour in the state of Arizona promises a look at the historic gems of this charming town including some never seen treasures that will delight visitors.  In total, 7 homes and buildings are on the tour including the Gypsy Wagon at The Hillside House.  There are lots of steps so this is not handicapped accessible and no pets or strollers allowed. The final stop at Spook Hall will include cookies and lemonade plus a photo display of historic photos as well as performances by Mingus Union High School Students.

View of the Sedona Red Rocks from the Honeymoon Cottage

Carefully restore kitchen at the Jerome Honeymoon Cottage

View from the Aerie Sales Studio - The last significant collection of land in Sedona, AZ

 

This is the view from the Aerie sales studio this morning while I was waiting to walk some of these beautiful lots. The Aerie in Sedona additional info

Sedona Real Estate residential Median sale price index

The median sale price index in the solds in Sedona in the last 10 years. Using the median data set instead of the average data set is more accurate interpretation of the market.
This graph shows the year over year change in the Sedona real estate residential property price index over the past 10 years as of the end of April 2013.
The index turned positive in April 2012, a clear indication of market recovery, but is still off 36% from the peak of 2005.
 Read full Sedona Market Watch Report on median sale price index

Sedona Real Estate Home Inventory

It is interesting to note that in our Sedona real estate market the inventory of homes for sale has declined steadily over the last few years. Fewer properties are available while volume of sales remains very healthy.

This combination of shrinking inventory and elevated sales volume points to price levels that are likely to increase because of supply and demand dynamics.

At the end of April 2013, the inventory of residential homes was 378 units, compared to 347 units at the end of March, representing a 9% increase from a month ago. This increase is seasonal as spring brings out both buyers and sellers to the market. More significantly, inventory levels at the end of April were 23% lower than a year ago.   Read full report

Recently Sold in Sedona

Sold for $320,000 Rose Mountain, Sedona

Popular Firecliff model--one level with great red rock views. Cul-de-sac location is very quiet. Excellent condition with front and rear covered patios. Amenities include community pool and spa.
See what sold recently in Sedona

Sedona’s First Architect Honored with “Howard Madole Day”

Architect Howard Madole is honored by the the city of Sedona with the "Howard Madole Day". He is turning 90 years old, and the Sedona Heritage Museum and the Madole family are honoring his life and architectural legacy with a tour of one of his Sedona homes and an open house reception on Sunday, May 5th. The celebration will begin with the first public peek inside one of Madole’s earliest Sedona homes from 1 p.m.-2 p.m.
The house is at 55 Kachina Dr., just off Dry Creek Road in West Sedona (follow the signs). Read full article in Sedona.biz

And here is some of Howard Madole beautiful work for sale for $610,000 right in the heart of Sedona.

This fabulous Sedona AZ mid-century modern home has been extensively remodeled. It was designed by local award-winning architect Howard Madole & has his signature ceilings constructed of face-laminated 2 x 4's, extra-wide front door, large exposed roof beams & stacked schist fireplace wall. The home sits on 2 lots with a great view of Coffee Pot Rock & it offers a 2,867 SF main house built in 1968 with an addition by the Design Group in 1983 & a 1,100 SF guest house/studio built in 2003 totaling 3,967 SF. The main house has 3 bedrooms, 2 baths, an office, Arizona room & music room/library. It features exotic doussie wood floors in the great room, hall & bedrooms. The guest house/studio has a bedroom, bath, kitchenette, large studio and work areas. View property details here

Home for sale in Sedona's Oak Creek Canyon

This coming Tue, April 30th a one of a kind opportunity to see this home for sale in Oak Creek Canyon, in Sedona. The home is offered at $425,000 and is 3Bed/3Ba, on 3 levels with these spectacular views of the famous red rocks. Showings are for this day only. Call me to make an appointment. 928 274 1521. More Details
And here is the virtual tour of this home.

Recently Sold in Sedona

Another great sale for this home in Sedona at Devil's Kitchen in the Village of Oak Creek. The home sold for $317,000. It sits in an exquisite setting right up against the red rocks and in a quiet neighborhood. The home is completely remodeled and is walking distance to the Sedona Golf Resort.
See what sold recently in Sedona