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    Home » Sedona Real Estate TRENDS
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    Sedona Real Estate TRENDS

    June 7, 20131 Comment
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    What is happening with Foreclosures and distressed sales in Sedona?

    By Elisa Andreis J.D., Russ Lyon Sotheby’s International Realty of Sedona

    20130607_svvre2Sedona AZ (June 7, 2013) – Distressed sales include residential foreclosures, short sales and bank owned properties.

    While totally non-existent until 2008, distressed sales grew to represent over 40% of residential sales in 2011. The ratio has today shrunk to 24% with 11 distressed sales in April versus 45 total volume of sales.

    Looking forward, improving price levels, if sustained, will have a positive effect on the rate of distressed sale in the Sedona market.

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    It is estimated that on average, distressed properties sell at a 20 to 25% discount to the overall market. Distressed sales have had a negative impact on prices and are still today the principal cause of price stagnation. We need to see more volume decline before a more sustained recovery is possible.

    20130607_svvre1

    For more information about Sedona Real Estate and to Search for properties, visit www.SedonaFineHome.com or call (928) 274 1521

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