The Sedona condo market is showing signs of strengthening in the first 5 months of 2012. Through May of 2012 there have been 29 closings, up 61% compared to the first 5 months of 2012 when there were 18 closings. Of the 29 closings , only 4 were distressed sales (foreclosed and short sales).
The median sales price for the first five months has jumped to $290,000 up 39% over the first five months of 2011’s $207,500. A significant part of the jump can be attributed to the reduction in the number of distressed sales which tend to move prices lower in a hurry.
Bottom Line: Sales of Sedona condos are on track to have a significantly better year than 2011 and the increase in median sales prices looks like it will come back to the 2010 level. There currently is 96 units on the market, with 17 of them distressed sales and 6 under contract. Based on the current inventory and the pace of sales, we have about a 16 month supply of condos and townhomes available on the market. It is still a buyers market for Sedona condos. Click here to see all the Sedona Condos For Sale currently on the market.
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