Sedona Arizona Submarine Rock

2008 Market Summary and Observations

These statistics will give you a good perspective on the Sedona and Verde Valley
real estate market. When you look at the labels on the top of the pages Area 40-
46 is Sedona and the Village of Oak Creek, Area 10-17 is Cottonwood, Clarkdale,
and Cornville, area 20-23 is Camp Verde, area 30-33 is Rimrock and Lake
Montezuma.

Some of the significant items to note:

Single Family sales for 2008 in the Sedona area are the lowest annual sales in the MLS database, which goes back to 1996

Medium sale price for single family homes in the Sedona area are down 19% from their peak in 2006

Numbers of transactions of single-family homes in the Sedona area are down 63% from their peak in 2004.

Cumulative days on market for single family homes in the Sedona area are up 87% from their low in 2005

The number of transactions for homes over $1,000,000 is down 52% from the high in 2006. With the current inventory of homes over $1,000,000 there is a 3.76 year supply based on the last 12 months sales.

Vacant land sales are in a basic free fall with the number of transactions off 86% from their high in 2005, and the medium sale price off 42% from the high in 2006

Notice of Trustees sales for Yavapai in 2008 are up 500% from their low in 2005, with December of 2008 having the highest number of the year. This is potential inventory for the late spring and early summer 2009

Of the 1071 single-family homes on the market, 220 are foreclosed or short sale listings. This number of foreclosed homes has to begin a downward path in order for the market to recover.

In the Cottonwood, Clarkdale, Jerome, Cornville areas the number of single-family homes transactions are down 62% from their high in 2004. Medium sales price are down 19% from their high in 2007

For the full 25 page Sedona and Verde Valley 2008 Report in easy to read and understand graphs click here: 2008 Sedona Real Estate Statistics.

For more information on Sedona and the Verde Valley real estate statistics simply fill out and submit the contact form below or as always just call me on my cell phone at 928-300-7141. I respect your privacy, any and all information provided is strictly confidential. I will not sell or share your personal information with any third party.