The first indicator of improvement is that the
number of closed home sales has stabilized in recent months
even though the Summer is historically one of the slowest seasons
of our market. The dollar volume for accepted contracts on Sedona
homes for sale each month is on the rise, although pending sales
statistics remain volatile. Price reductions on Sedona homes
for sale also seem to be stabilizing and inventories falling.
With rising interest rates, the cost of financing the purchase
of a home is increasing which should move serious buyers off
the fence. Until the end of our Fall selling season, we will
not know for sure but we believe there is a small break in the
clouds. The Sedona real estate market is definitely showing
signs of stability that we have not seen in two years. (Please
reference attached statistical charts for an overview of our
market trends.)
That said, you don’t stop a freight train
on a dime and this market will not correct itself overnight.
So if you are a seller, do not anticipate appreciation any time
soon. If you are a buyer, remember that sellers are attempting
to maximize their investment and improved market conditions
will give them the confidence to do so during a contract negotiation.
The time to buy is now.
Please review these statistical charts
for an overview of the
Sedona Real Estate Market Trends.
Year To Date: 2008
New
Sales by Dollar Volume
Closed
Sales by Dollar Volume
Units
Sold
Active
Listings Bar Chart
Average
Price Per Sqft (Sales YTD)
Previous
Month's Closed Sales Summary
Sales
Activity by Company
Coldwell
Banker Market Share
If you would like any previous month's data, please
e-mail Catherine at catherine@cbsedona.com
