2018 saw the Chapel Area real estate market experience a decrease in home sales while home sale prices saw a large increase.
The Chapel Area has seen a decrease of 11.1 percent in the number of homes sold for 2018 when compared to 2017.
The average home sales price saw an improvement during the year with an increase of 16.9 percent during the same time period.
The Sedona Verde Valley Board of REALTORS® (SVVAR) reported that the number of days that homes that sold were on the market for the year has experienced a 36 day decrease to 132 days.
Here is an infographic with the breakdown of how the Chapel Area Real Estate Market has done during 2018.
Chapel Area 2018 Home Sales
For 2018, home sales in the Chapel Area has seen 56 sales which is a 11.1 percent decrease when compared to the homes sales of 2017.
Homes under $500,000 have made up 25.0 percent of sales, with homes priced between $500,000 and $999,999 accounting for 58.9 percent of sales. Homes priced over $1,000,000 came in at 16.1 percent.
Chapel Area 2018 Home Sale Prices
2018 has seen the average home sale price reach, $802,972, in the Chapel Area which is an increase of 16.9 percent when compared to 2017.
Meanwhile, the median home sale price, $675,000, increased 20.5 percent during the same time period.
Chapel Area 2018 Days on Market and Absorption Rate
The inventory of available homes for sale in the Chapel Area remains high as 2018 is currently at 3.9 months. The number of new listings (69) for the year is 7 less than there were in 2017.
A neutral market is 6 months of inventory with numbers above 6 months indicating a buyer’s market (more supply of homes than the demand) and numbers below 6 months, a seller’s market (more homes in demand than homes available on the market).
For more information on how these numbers are affecting you or for a specific neighborhood, contact me for free information.
Chapel Area Current Listings
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