We are getting a lot of requests for showings in October, an indication of a good fall market. With so many great homes to choose from at affordable prices and at the lowest interest rates in nearly sixty years, many are seeing opportunities rather than economic doom and gloom. As most homebuyers in Sedona are either retired, semi-retired or self-employed, the lack of jobs nationally is not discouraging them from buying. Even without the tax incentive, unit sales to date practically matched last year's during the same period--- 338 vs 345, and many of the sales were cash sales.  If you would like additional information about the current real estate market in Sedona, call John at 928-300-0849 or email. 

Sedona Home Prices on the Rebound

Median price and price per square foot rose in  the current three months (JJA) when  compared to the prior three months (MAM). The

Sedona Sales of Existing Homes August 2011 Current 3 Months compared with Prior 3 months June July Aug March April May Change +/- Units Sold 138 143 -3% Median Price 316 295 7% Average Price 377 382 -1% Price Per SqFt 165 161 2% August 2011 August 2010 Change +/- Units Sold 43 36 19% Median Price 305,000 310,000 -2% Average Price 379,406 360,117 5% Price Per SqFt 163 175 -5%

average price dropped a modest 2%  during this period but increased 5% iin  August 2011 from August 2010.

Number of Foreclosures and Short Sales Drops

Of the 421 active listings on August 2011, 37 were distressed properties accounting for 8.8% of the market, the lowest its been all year.  

Mortgage Rates at the Lowest Point on Record

Mortgage rates fell once again, to the lowest point on record, according to mortgage rate research website, ForTheBestRate.com. Rates for a 30 year fixed rate mortgage were advertised as low as 3.875% (APR: 4.040%, Lender: LoanDepot) on Thursday, September 8th. Pricing this low for residential home loans is unprecedented, and while it reflects the weakness of the US and global economy, represents a huge opportunity for home buyers and current mortgage holders.

The record setting drop was confirmed in the weekly mortgage survey released September 8 by Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market. The report showed that the average 30 year fixed rate mortgage was down to 4.12% (0.7% points), the lowest point since Freddie Mac began keeping records four decades ago. 15 year fixed rate pricing also fell to an average of 3.33% (0.6 points) from 3.39% (0.6 points) the week prior. 5 year arm rates held steady averaging 2.96% (0.6 points).

Source:  RISMEDIS September 2011

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