The month of April saw the same number of home sales for the Red Rock Loop real estate market as last April while the number of homes coming on the market were less than half what we saw during the same time period.
The high inventory of available homes for sale and the decrease in average and median home sale prices may mean that you can purchase a property at a more reasonable price than in previous years.
It’s also worth noting that the longer days on the market for homes could provide an opportunity for you to negotiate a better deal. If a property has been on the market for a while, the owners may be more willing to accept a lower offer in order to close the sale.
If you are looking to sell your home in Red Rock Loop, the current market conditions may require some adjustments to your pricing expectations. With a decrease in average and median home sale prices, you may need to price your property more competitively in order to attract buyers.
The high inventory of available homes for sale could also mean that there is more competition in the market. Finally, the longer days on the market mean that you may need to be patient and prepared for your home to take longer to sell.
Red Rock Loop saw a 42.9 percent drop in the number of homes sold for 2023 when compared to 2022.
The average home sales price has seen a decrease of 11.7 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 206 day increase to 296days.
Here is an infographic with the breakdown of how the Red Rock Loop Real Estate Market did during 2023.
Red Rock Loop 2023 Home Sales
For 2023, home sales in Red Rock Loop has seen 4 home sale which is down 42.9 percent when compared to the homes sales of 2022.
Homes under $500,000 have made up 0 percent of sales, with homes priced between $500,000 and $999,999 accounting for 50 percent of sales. Homes priced over $1,000,000 have come in at 50 percent.
Red Rock Loop 2023 Home Sale Prices
2023 has seen the average home sale price drop to $1,437,166 in Red Rock Loop which was a decrease of 11.7 percent when compared to 2022.
Meanwhile, the median home sale price, $810,000, decreased 47.7 percent during the same time period.
Red Rock Loop 2023 Days on Market and Absorption Rate
The inventory of available homes for sale in Red Rock Loop is extremely high as 2023 is at 11 months. The number of new listings (7) for the year is four 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.
Red Rock Loop Current Listings
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