Mid-Year 2008 Market Report
by
Roy E. Grimm, PhD.
Russ Lyon/Sotheby’s Buyer Brokers Group
of
Sedona & Flagstaff

Attached are the mid-year statistics for sales of single family homes, luxury homes, condos, and vacant land in the Sedona area in comparison to previous years.

You are probably aware that 2007 was the worst real estate market on record for Sedona.  2008 seems to be trying to set a new record for grimness.  Homes sales in all price ranges are down 26% from mid-year 2007.  The Median Recorded Selling Price is down 12% and the inventory of active listings is up 12%.

In the luxury home market sales plummeted from 30 at mid-year in 2007 to 13 this year – a 57% drop.  The median price per square foot has risen from $376 to $421 – a 12% rise in that smaller sample.  Be careful, though, about generalizing that number.  With that small a sample, it’s more indicative that the more expensive houses have sold better than the less expensive ones – not that luxury in general are getting more expensive.

On other fronts, take a look at the vacant land and condo numbers. The vacant land market is simply moribund. The Median Recorded Selling Price is up over last year, but sales are at a snail’s pace.

Condo sales numbers are equivalent to 2007’s, but the MRSP is down nearly 20%. Lots of bargains there at all levels of the condo/townhome market.

All in all, most sellers appear to coming to terms with being on the short end of this market and are dropping prices dramatically to be competitive for the few buyers who have appeared, cash in hand.  Many of those buyers are getting the benefit of prices that have been
discounted as much as 30% off the original list price.

It’s a great time to be a buyer in Sedona.

Mid-Year 2008
Sedona Area Market Statistics

Single Family Homes:

# SOLD by 1 July 2003: 275
Median Recorded Sales Price: $330,000 (List median: $331,000)
Size: 2,077 sq. ft; Price per sq. ft: $159; Days On Market: 129

# SOLD by 1 July 2004: 308
Median Recorded Sales Price: $380,000 (List median: $381,000)
Size: 2,089sq. ft; Price per sq. ft: $182; DOM: 107

# SOLD by 1 July 2005: 345
Median Recorded Sales Price: $520,000 (List median: $530,000)
Size: 2,150 sq. ft; Price per sq. ft: $242; DOM: 63

# SOLD by 1 July 2006: 235
MRSP: $595,000 (List median: $600,000)
Size: 2,051 sq. ft; Price per sq. ft: $290; DOM: 79

# SOLD by 1 July 2007: 150
MRSP: $580,000 (List median: $599,450)
Size: 2,099 sq. ft; Price per sq. ft: $276; DOM: 114

# SOLD as of 1 July 2008: 111 (Down 26% from 2007)
MRSP: $509,500
(down 12% from 2007)
List median: $549,000
Size: 2,026 sq. ft;
Price per sq. ft: $251;
DOM: 125

ACTIVE (1 July 07): 463
Median List Price: $699,000
Size: 2,316 sq. ft; Price per sq. ft: $303; DOM: 103

ACTIVE (1 July 08): 517
Median List Price: $675,000
Size: 2,391 sq. ft; Price per sq. ft: $282; DOM: 122

UNDER CONTRACT (1 July 07): 38
Median List Price: $625,000
Size: 2,037sq. ft; Price per sq. ft: $294; DOM: 149

UNDER CONTRACT (1 July 08): 32
Median List Price: $477,000
Size: 1,920 sq. ft; Price per sq. ft: $248 DOM: 114

SF Homes Under $500,000
MRSP: $379,500
$/Sq ft: $215

Luxury Homes ($1,000,000+):

# SOLD by 1 July 2003: 16
MRSP: $1,287,000 (List Median: $1,445,000)
Size: 4,596 sq. ft.; Price per sq. ft: $280; DOM: 248

# SOLD by 1 July 2004: 18
MRSP: $1,182,000 (List Median: $1,297,000)
Size: 4,051 sq. ft.; Price per sq. ft: $292; DOM: 221

# SOLD by 1 July 2005: 30
MRSP: $1,250,000 (List Median: $1,285,000)
Size: 3,794 sq. ft.; Price per sq. ft: $329; DOM: 129

# SOLD by 1 July 2006: 35
MRSP: $1,245,000 (List Median: $1,295,000)
Size: 3,444 sq. ft.; Price per sq. ft: $361; DOM: 167

# SOLD as of 1 July 2007: 30
MRSP: $1,318,000 (List Median: $1,420,000)
Size: 3,509 sq. ft.; Price per sq. ft: $376; DOM: 154

# SOLD as of 1 July 2008: 13
MRSP: $1,600,000
(List Median: $1,700,000)
Size: 3,800 sq. ft.;
Price per sq. ft: $421;
DOM: 140

ACTIVE (1 July 2007): 121
Median List Price: $1,575,000
Size: 3,526 sq. ft.; Price per sq. ft: $447; DOM: 123

ACTIVE (1 July 2008): 121;
Median List Price: $1,550,000
Size: 3,841 sq. ft.; Price per sq. ft: $404; DOM: 142

UNDER CONTRACT (1 July 2007): 6
Median List Price: $1,585,000
Size: 3639 sq. ft.; Price per sq. ft: $436; DOM: 306

UNDER CONTRACT (1 July 2008): 4
Median List Price: $1,253,000
Size: 3,396 sq. ft.; Price per sq. ft: $436; DOM: 132

 

Vacant Residential Land:

# SOLD by 1 July 2003: 157
MRSP: $157,000; (List Median: $169,000); DOM: 215

# SOLD by 1 July 2004: 224
MRSP: $201,000; (List Median: $205,000); DOM: 199

# SOLD by 1 July 2005: 203
MRSP: $359,000; (List Median: $365,000); DOM: 98

# SOLD by 1 July 2006: 89
MRSP: $515,000; (List Median: $539,000); DOM: 86

# SOLD by 1 July 2007: 35
MRSP: $296,000; (List Median: $319,000); DOM: 213

 

# SOLD by 1 July 2008: 29
MRSP: $345,000;
(List Median: $420,000);
DOM: 217

ACTIVE (1 July 2007): 398
Median List Price: $495,000;
DOM: 171

ACTIVE (1 July 2008): 382
Median List Price: $399,000;
DOM: 209

PENDING (1 July 2007): 10
Median List Price: $549,000;
DOM: 178

PENDING (1 July): 5
Median List Price: $249,000;
DOM: 194

 

Condos/Townhomes

# SOLD by 1 July 2003: 62
MRSP: $224,000
Price per sq. ft: $165

# SOLD by 1 July 2004: 68
MRSP: $250,000
Price per sq. ft: $189

# SOLD by 1 July 2005: 49
MRSP: $290,000
Price per sq. ft: 241

# SOLD by 1 July 2006: 45
MRSP: $415,000
Price per sq. ft: $307;

# SOLD by 1 July 2007: 33
MRSP: $360,000
Price per sq. ft: $293

 

# SOLD by 1 July 2008: 31
MRSP: $304,000
Price per sq. ft: $239

ACTIVE (1 July 07): 135

ACTIVE (1 July 08): 119

PENDING (1 July 07): 3

PENDING (1 July 08): 7