The month of July saw the Chapel Area real estate market experience decreases in both home sales and home sale prices.
The Chapel Area has seen a 19.4 percent decrease in the number of homes sold for 2019 when compared to 2018.
The average home sales price saw a decrease of 7.0 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 5 day decrease to 117 days.
Here is an infographic with the breakdown of how the Chapel Area Real Estate Market has done during 2019.
Chapel Area 2019 Home Sales
For 2019, home sales in the Chapel Area has seen 25 sales which is a decrease of 19.4 percent when compared to the homes sales of 2018.
Homes under $500,000 have made up 20 percent of sales, with homes priced between $500,000 and $999,999 accounting for 68 percent of sales. Homes priced over $1,000,000 came in at 12 percent.
Chapel Area 2019 Home Sale Prices
2019 has seen the average home sale price reach, $761,920, in the Chapel Area which is a decrease of 7.0 percent when compared to 2018.
Meanwhile, the median home sale price, $699,000, decreased 2.9 percent during the same time period.
Chapel Area 2019 Days on Market and Absorption Rate
The inventory of available homes for sale in the Chapel Area remains high as 2019 is currently at 4.5 months. The number of new listings (37) for the year is 6 less than there were in 2018.
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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