The Red Rock Loop real estate market has seen both home sales and home sale prices drop by more than 30 percent for the year.
Red Rock Loop has seen a decrease of 33.3 percent in the number of homes sold for 2020 when compared to 2019.
The average home sales price has seen a decrease of 30.6 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 77 day increase to 217 days.
Here is an infographic with the breakdown of how the Red Rock Loop Real Estate Market did during 2020.
Red Rock Loop 2020 Home Sales
For 2020, home sales in Red Rock Loop has seen 4 sales which is a 33.3 percent decrease when compared to the homes sales of 2019.
Homes under $500,000 have made up 50 percent of sales, with homes priced between $500,000 and $999,999 accounting for 25 percent of sales. Homes priced over $1,000,000 have come in at 25 percent.
Red Rock Loop 2020 Home Sale Prices
2020 saw the average home sale price drop to $727,500 in Red Rock Loop which was a decrease of 30.6 percent when compared to 2019.
Meanwhile, the median home sale price, $480,000, decreased 32.9 percent during the same time period.
Red Rock Loop 2020 Days on Market and Absorption Rate
The inventory of available homes for sale in Red Rock Loop remains high as 2020 remains at 18.0 months. The number of new listings (11) for the year is 3 less than there were in 2019.
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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