The Chapel Area real estate market presents unique challenges and opportunities for both buyers and sellers.
Currently, the inventory levels in the Chapel area remain low, with the number of homes coming on the market barely exceeding the number of home sales.
If you’re considering selling your home in the Chapel area, it’s important to make sure you’re pricing your home competitively and being patient.
Despite the low inventory and extended time homes are spending on the market, we are seeing an increase in demand for homes in the Chapel area.
On the other hand, if you’re looking to buy a home in the Chapel area, especially in the higher price range, you’ll want to be prepared to act quickly and make competitive offers on the home you’re interested in.
Homes in this area tend to go quickly, so it’s important to move fast if you see something you like.
The Chapel Area has seen a 35.3 percent decrease in the number of homes sold for 2023 when compared to 2022.
The average home sales price saw a decrease of 24.2 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 90 day increase to 173 days.
Here is an infographic with the breakdown of how the Chapel Area Real Estate Market has done during 2023.
Chapel Area 2023 Home Sales
For 2023, home sales in the Chapel Area has seen 11 sales which is a decrease of 35.3 percent when compared to the homes sales of 2022.
Homes under $500,000 have made up 0.0 percent of sales, with homes priced between $500,000 and $999,999 accounting for 54.5 percent of sales. Homes priced over $1,000,000 came in at 45.5 percent.
Chapel Area 2023 Home Sale Prices
2023 has seen the average home sale price drop to, $1,037,727, in the Chapel Area which is a decrease of 24.2 percent when compared to 2022.
Meanwhile, the median home sale price, $949,000, decreased 30.3 percent during the same time period.
Chapel Area 2023 Days on Market and Absorption Rate
The inventory of available homes for sale in the Chapel Area is neutral as 2023 is currently at 5.5 months. The number of new listings (17) for the year is 2 less than there were in 2022.
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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