Here’s an update from our earlier newsletter this month and a link to the national Property Times October Report:
First of all, the news closer to home:
The real estate market continues to gain momentum. We are now noticeably ahead of the 2006 sales figures for single family homes – and all of the years since, for that matter. On the supply side, inventory remains virtually as low as it was back at the end of 2005. That supply and demand combo is eventually beginning to affect the MRSP. Courtesy of a sharpened jump in October costs, so far, the Median Recorded Selling Price is up $5,000 for the year just in the 2 weeks since the end of September – to $345,000. That is, nevertheless 1.7% lower than last October’s $351,200. For a little sobering perspective, though, it was still $600K back in October 2006.
However, we have a transitional environment that is moving towards a Vendor’s Marketplace, but is hanging on to Buyer’s Market pricing for the time being. The power of that transition is in evidence regionally and well as nationally, as unemployment, bankruptcies, and foreclosures steadily decline and sales of consumer stuff, vehicles, as well as real estate are making headway across the board. It’s been a maddeningly slow process up to this point, but it is very obvious that the economy is picking up steam and that’s good for property consumers and sellers.
With the speed of sales skyrocketing, we are now having to scramble to keep our Best Buy page on Sedona Real Estate up-to-date. A fair number of the entries there have gone under contract or sold just in the last few days. We just added 1 or 2 new ones. Hence do pop in and check them out. If you have been following the inventory at all, there are a number of real surprises there – including an old fave with a novel development.
Real Estate Newsletter
This Newsletter is full of engaging and useful information that I think that you will enjoy whether you are a purchaser, seller, homeowner, or renter.
This month’s issue includes subjects such as :
- What Influences Credit Scores
- Home Showings Made Easy
- Keep Moving Stresses at Bay
- Your Home-buying Strategy
And a roundup of September real-estate activity as well as much more guidance and information.
