The Red Rock Loop real estate market saw it’s first home sale of the year and it was a multi-million dollar home.
Red Rock Loop saw a 50.0 percent drop in the number of homes sold for 2023 when compared to 2022.
The average home sales price has seen a decrease of 2.9 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 86 day increase to 160 days.
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 1 home sale which is down 50.0 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 0 percent of sales. Homes priced over $1,000,000 have come in at 100 percent.
Red Rock Loop 2023 Home Sale Prices
2023 has seen the average home sale price drop to $2,300,000 in Red Rock Loop which was a decrease of 2.9 percent when compared to 2022.
Meanwhile, the median home sale price, $2,300,000, increased 36.5 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 18 months. The number of new listings (4) for the year is two 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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