The Sedona real estate market is shifting—more homes are coming on the market, and prices are starting to adjust.
This means there’s more choices out there, but also more competition if you’re thinking about selling.
Even though homes are taking a little longer to sell, prices are holding steady.
It’s an interesting time, and knowing what’s happening can really help you make the right move.
A Quick Look at the Numbers
Active Listings:
In September 2024, there were 279 active listings in Sedona, up from 237 in August 2024, marking a month-over-month increase of 17.7%. Compared to September 2023, which had 210 active listings, this represents a year-over-year increase of 32.9%.
New Listings:
There were 89 new listings in September 2024, up from 62 in August 2024, a month-over-month increase of 43.5%. Compared to September 2023, which had 75 new listings, this represents an increase of 18.7% year-over-year.
Pending Listings:
The number of pending listings decreased to 29 in September 2024 from 39 in August 2024, a month-over-month decrease of 25.6%. Compared to September 2023, which had 32 pending listings, this is a year-over-year decrease of 9.4%.
Sold Listings:
September 2024 recorded 30 sold listings, down from 38 in August 2024, a month-over-month decrease of 21.1%. Compared to September 2023, which had 35 sold listings, this represents a year-over-year decrease of 14.3%.
Sold Average Sale Price:
The average sale price for sold properties in September 2024 was $1,188,973, up from $1,105,626 in August 2024, a month-over-month increase of 7.5%. Compared to September 2023, with an average sale price of $858,651, this represents a significant year-over-year increase of 38.4%.
Sold Median Sale Price:
The median sale price for sold properties was $967,500 in September 2024, up from $887,500 in August 2024, a month-over-month increase of 9%. Compared to September 2023, which had a median sale price of $773,700, this is a year-over-year increase of 25.1%.
Average Days on Market:
Sold properties had an average DOM of 124 days in September 2024, slightly down from 125 days in August 2024, a month-over-month decrease of 0.8%. Compared to September 2023, which had an average DOM of 131 days, this represents a year-over-year decrease of 5.3%.
What Do They Mean?
Inventory Levels
The number of active listings increased by 17.7% from August to September 2024 and 32.9% year-over-year, indicating more homeowners are listing their properties. This surge in new listings and overall inventory could signal a shift toward a buyer’s market, as more options become available.
For buyers, this is an opportunity to explore more choices and negotiate better deals. Sellers, on the other hand, may need to price competitively as the increased inventory creates more competition.
Sales Activity
The number of sold listings decreased by 21.1% from August to September 2024, and by 14.3% year-over-year. This could indicate that while more properties are being listed, fewer are selling, potentially due to price sensitivity or economic uncertainty. The drop in pending listings further suggests a cooling off in buyer activity, possibly related to the time of year or shifting economic conditions.
For sellers, the declining number of sold listings means that homes might sit on the market longer unless priced strategically. Buyers, on the other hand, might benefit from a less competitive environment.
Pricing Stability
The average and median sale prices have both increased, with the average sale price rising by 7.5% month-over-month and 38.4% year-over-year. Similarly, the median sale price has seen a 9% monthly increase and a 25.1% increase year-over-year. These price increases suggest that while fewer homes are selling, those that do are commanding higher prices, possibly due to quality or location factors.
Sellers should note that while prices are rising, overpricing could still lead to extended days on market, especially with the increasing inventory. Buyers might find value in homes that have been on the market longer, potentially negotiating for better terms.
Looking Ahead
Price Projections
If inventory continues to rise, we may see downward pressure on prices, especially in the higher-priced segments where demand is more sensitive to economic conditions. However, the significant price increases seen year-over-year suggest that demand, particularly for mid- to high-end properties, remains strong.
Economic Indicators
Interest rates and broader economic factors such as employment rates will continue to influence the market. If interest rates stabilize or decrease, we may see an uptick in buyer activity, which could support pricing. On the other hand, if rates increase, it could dampen demand, leading to more extended time on the market for homes.
Seasonal Trends
As we move into the fall and winter months, activity may naturally slow down. However, with the rise in new listings and relatively stable pricing, early fall could still present opportunities for both buyers and sellers to capitalize on current market conditions before the traditional seasonal slowdown occurs.
What Type of Market Are We In?
With increasing inventory and stable but high pricing, Sedona seems to be shifting toward a more balanced market. Buyers are gaining negotiating power, especially with homes that have been listed for longer. Sellers need to remain competitive with pricing and be prepared for extended days on market.
How Does This Affect You?
For Buyers
With more listings and stable pricing, buyers have more options and negotiating power. The rising inventory gives buyers more time to make decisions without feeling pressured, but they should act before any further price increases.
For Sellers
Sellers should be cautious of the rising inventory and price their homes competitively to attract buyers. Extended days on market could become a concern if homes are overpriced or not marketed effectively. Offering incentives, such as repairs or closing cost assistance, could make a listing stand out.
For Investors
Investors should watch for opportunities in properties that have been on the market for longer periods. With rising inventory and stable pricing, there could be opportunities to acquire properties at a discount, particularly if the broader economic conditions continue to soften.
If you have any questions or need personalized advice, don’t hesitate to reach out. Whether you’re looking to buy, sell, or invest, I’m here to help you navigate the Sedona real estate market successfully.
For more information on how these numbers are affecting you or for a specific neighborhood analysis, contact me today for a free consultation!
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