While the median home sales price for the Red Rock Loop real estate market has seen a slight dip, both home sales and the average home sales price have seen a significant drop for the year.
Red Rock Loop has seen a decrease of 3 homes in the number of homes sold for 2018 when compared to 2017.
The average home sales price has seen a decrease of 29.3 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 45 day increase to 410 days.
Here is an infographic with the breakdown of how the Red Rock Loop Real Estate Market did during 2018.
Red Rock Loop 2018 Home Sales
For 2018, home sales in Red Rock Loop has seen 8 sales which is a 27.3 percent decrease when compared to the homes sales of 2017.
Homes under $500,000 have made up 37.5 percent of sales, with homes priced between $500,000 and $999,999 accounting for 37.5 percent of sales. Homes priced over $1,000,000 have come in at 25 percent.
Red Rock Loop 2018 Home Sale Prices
2018 saw the average home sale price reach $744,750 in Red Rock Loop which was a decrease of 29.3 percent when compared to 2017.
Meanwhile, the median home sale price, $610,000, decreased 7.5 percent during the same time period.
Red Rock Loop 2018 Days on Market and Absorption Rate
The inventory of available homes for sale in Red Rock Loop remains high as 2018 remains at 17.3 months. The number of new listings (17) for the year is 2 more 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.
Red Rock Loop Current Listings
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