Curious about the latest trends in the Oak Creek Canyon real estate market?
Whether you’re a buyer, seller, or investor, understanding these trends can help you make informed decisions and seize opportunities in the beautiful Oak Creek area.
Explore the details to stay informed and make the best decisions in the charming Oak Creek area.
A Quick Look at the Numbers
Active Listings:
In July 2024, there were 3 active listings in the Oak Creek area, compared to 5 in June 2024, marking a month-over-month decrease of 40%. Compared to July 2023, which had 4 active listings, this is a year-over-year decrease of 25%.
New Listings:
There were no new listings in July 2024, down from 1 in June 2024. Compared to July 2023, which also had no new listings, there is no year-over-year change.
Pending Listings:
The number of pending listings was 1 in July 2024, up from 0 in June 2024. Compared to July 2023, which also had no pending listings, this indicates a minor increase.
Sold Listings:
July 2024 recorded no sold listings, similar to June 2024. Compared to July 2023, which also had no sold listings, there is no change.
Active Average List Price:
The average list price for active listings was $1,608,000 in July 2024, compared to $1,811,800 in June 2024, marking a month-over-month decrease of 11.23%. Compared to July 2023, when the average list price was $913,875, this represents a year-over-year increase of 75.93%.
Active Median List Price:
The median list price stood at $935,000 in July 2024, the same as in June 2024. Compared to July 2023, which had a median list price of $798,500, this shows a year-over-year increase of 17.12%.
New Average List Price:
There were no new listings in July 2024, so there is no data for average list price. In June 2024, the average list price for new listings was $3,200,000.
New Median List Price:
Similarly, no new listings in July 2024 means no data for median list price. The median list price in June 2024 was $3,200,000.
Pending Average List Price:
Pending listings had an average list price of $935,000 in July 2024. There is no comparable data from June 2024 as there were no pending listings.
Pending Median List Price:
The median list price for pending listings in July 2024 was $935,000. As with the average, there is no comparable data from June 2024.
Sold Average Sale Price:
There were no sold listings in July 2024, hence no data for average sale price. Similarly, there were no sales in June 2024 or July 2023.
Sold Median Sale Price:
As there were no sales in July 2024, there is no median sale price data. The same applies to June 2024 and July 2023.
Average Days on Market (ADOM):
Due to no sold listings in July 2024, there is no data for average days on market. This is consistent with the lack of sales in June 2024 and July 2023.
What Do They Mean?
Inventory Levels
The decrease in active listings and absence of new listings indicate a tightening market in Oak Creek. The year-over-year decrease in active listings suggests limited availability, which typically benefits sellers by reducing competition. However, the market dynamics can shift if inventory remains low for an extended period.
Sales Activity
The number of pending and sold listings remains minimal, indicating subdued buyer interest or potential transaction delays. The lack of sales activity over consecutive months may point to a need for price adjustments or changes in marketing strategies by sellers.
Pricing Stability
The significant month-over-month decrease in the average and median list prices for active listings suggests sellers are adjusting expectations. The year-over-year increase in list prices indicates that despite recent adjustments, sellers remain optimistic about the market’s long-term potential.
Looking Ahead
Price Projections
If the trend of limited new listings and low sales activity continues, there could be pressure on prices to stabilize or even decrease further. Buyers in the higher price ranges may find more opportunities for negotiation as sellers become more flexible.
Economic Indicators
Broader economic factors, including interest rates and employment rates, will significantly influence the market. Rising interest rates could dampen buyer demand, potentially leading to price adjustments. Conversely, strong employment rates might boost buyer confidence and market activity.
Seasonal Trends
The upcoming months will be crucial in determining market direction. Typically, real estate activity increases in the summer, which could help balance the current low inventory levels and provide more opportunities for transactions.
What Type of Market Are We In?
Based on the current data, the Oak Creek area appears to be experiencing a challenging market with low inventory and limited sales activity. This situation may present more opportunities for buyers if sellers adjust their expectations, potentially leading to a buyer’s market in the near future.
How Does This Affect You?
For Buyers
More Options: As inventory remains low, buyers may have limited choices but could benefit from potential price reductions if the trend continues.
Negotiation Leverage: Buyers might gain more negotiating power if the market shifts further in their favor, allowing for better deals or favorable terms.
Market Timing: Acting soon could be beneficial as the market may present better opportunities before any potential uptick in activity.
For Sellers
Pricing Strategy: Competitive pricing is crucial given the low sales activity. Sellers should consider recent comparable sales and market conditions when setting their asking prices.
Property Presentation: Enhancing property appeal through staging, repairs, and marketing can attract buyers. Professional photography and virtual tours can make properties stand out.
Flexibility: Being open to negotiations and flexible with terms can facilitate quicker sales in a challenging market. Sellers should consider buyer requests seriously to avoid prolonged market time.
For Investors
Opportunities: The current market conditions might present opportunities to acquire properties at favorable prices. Investors looking for rental properties or fix-and-flip opportunities might find advantageous deals.
Long-term Perspective: Focusing on long-term potential and areas with strong growth prospects can yield significant returns. Evaluating local economic indicators and developments can help identify promising investments.
Market Monitoring: Staying informed about market trends and economic indicators is crucial for making timely and profitable investment decisions. Regularly reviewing market reports and local real estate news provides valuable insights.
Reach out to me today to discuss your goals and explore how we can achieve them together. Let’s turn your real estate dreams into reality in the picturesque Oak Creek area of Sedona!
For more information on how these numbers are affecting you or for a specific neighborhood, contact me for free information.
Oak Creek Canyon Current Listings
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