The Chapel Area real estate market saw a decrease of almost 80 percent in the number of home sales during the month of June when compared to last year.
The Chapel Area has seen a 27.0 percent decrease in the number of homes sold for 2022 when compared to 2021.
The average home sales price saw an increase of 40.7 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 23 day increase to 83 days.
Here is an infographic with the breakdown of how the Chapel Area Real Estate Market has done during 2022.
Chapel Area 2022 Home Sales
For 2022, home sales in the Chapel Area has seen 27 sales which is a decrease of 27.0 percent when compared to the homes sales of 2021.
Homes under $500,000 have made up 0.0 percent of sales, with homes priced between $500,000 and $999,999 accounting for 11.1 percent of sales. Homes priced over $1,000,000 came in at 88.9 percent.
Chapel Area 2022 Home Sale Prices
2022 has seen the average home sale price reach, $1,665,659, in the Chapel Area which is an increase of 40.7 percent when compared to 2021.
Meanwhile, the median home sale price, $1,425,000, increased 54.1 percent during the same time period.
Chapel Area 2022 Days on Market and Absorption Rate
The inventory of available homes for sale in the Chapel Area is low as 2022 is currently at 3.8 months. The number of new listings (33) for the year is 11 less than there were in 2021.
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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