Market Inventory trends are showing a decline from before October 2011. This decline in inventory means that sellers are able to see a stronger selling price than in months past. Inventory is starting to move and we have seen that some homes are getting multiple offers.
Currently in Sedona the Median Listing Price for single family homes and condos is $549,310. The Median Days on Market is 134. There are 209 Active Listings of which the percentage of Distressed Listings (foreclosures and short sales) are 11.5% of the total listings. this stats are from http://www.esedonahomes4sale.com/mimarket/zip/86336/ (dated today).
The chart below is for the Village of Oak Creek (VOC) which is usually lumped in with Sedona.
This is a key chart. As you can see the listing price has dramatically risen and more importantly so has the Median Sold Price. To some degree, these charts illustrate the supply and demand curve. As the supply falls and demand increases, prices rise. Of course in this soft recovery of our economy, these figures might reflect a different scenario if the financial markets were not as strong. Another key is the low mortgage rates. 15 year rates are at a record low averaging 3.13% for a fixed rate and traditional fixed 30 year mortgage rates are also under 4%.
