Sedona 2024 Real Estate Housing Market Statistics and Numbers

Wondering what’s happening in the Sedona real estate market right now?

Things are shifting—more homes are available, and prices are adjusting, which could open up new opportunities.

If you’re thinking about making a move or just curious about what’s next, understanding these trends could really help.

Let’s take a closer look at what the numbers are saying and what they might mean for you.

It’s always good to stay ahead of the curve, right?

A Quick Look at the Numbers

Active Listings:

In August 2024, there were 236 active listings in Sedona, down from 239 in July 2024, marking a month-over-month decrease of 1.3%. Compared to August 2023, which had 204 active listings, this represents a year-over-year increase of 15.7%.

New Listings:

There were 61 new listings in August 2024, significantly up from 39 in July 2024, a month-over-month increase of 56.4%. Compared to August 2023, which had 44 new listings, this represents a year-over-year increase of 38.6%.

Pending Listings:

The number of pending listings increased to 36 in August 2024 from 28 in July 2024, a month-over-month increase of 28.6%. Compared to August 2023, which had 30 pending listings, this is a year-over-year increase of 20%.

Sold Listings:

August 2024 recorded 38 sold listings, up from 35 in July 2024, a month-over-month increase of 8.6%. Compared to August 2023, which had 40 sold listings, this represents a slight year-over-year decrease of 5%.

Sold Average Sale Price:

The average sale price for sold properties in August was $1,105,626, up from $1,054,946 in July 2024, a month-over-month increase of 4.8%. Compared to August 2023, with an average sale price of $1,062,838, this represents a year-over-year increase of 4%.

Sold Median Sale Price:

The median sale price for sold properties was $887,500, up from $849,000 in July 2024, a month-over-month increase of 4.5%. Compared to August 2023, which had a median sale price of $875,000, this is a year-over-year increase of 1.4%.

Average Days on Market:

Sold properties had an average DOM of 125 days in August 2024, up from 115 days in July 2024, a month-over-month increase of 8.7%. Compared to August 2023, which had an average DOM of 120 days, this represents a year-over-year increase of 4.2%.

What Do They Mean?

Inventory Levels

The number of active listings saw a slight month-over-month decrease of 1.3%, but compared to August 2023, there has been a significant increase of 15.7%. This suggests that more homeowners are listing their properties, potentially driven by changing economic conditions or anticipation of seasonal demand.

The rise in new listings by 56.4% from July to August 2024 reinforces this idea. The increase in inventory is beneficial for buyers, as it provides more choices and reduces competition for individual properties. However, sellers may need to be more strategic in pricing and marketing to stand out in a more crowded market.

Sales Activity

While there was a slight uptick in the number of sold listings in August 2024 (up by 8.6% from July), the year-over-year decrease of 5% in sold properties shows a cooling trend in demand. However, the increase in pending listings by 28.6% from July to August 2024 indicates that buyers may be returning to the market.

This rebound could be linked to factors such as seasonal activity or slightly improved economic conditions. Sellers should note that even though more listings are being sold, homes are staying on the market longer, with the average days on market (ADOM) increasing to 125 days in August 2024 from 115 days in July.

Pricing Stability

Both the average and median sale prices saw modest increases between July and August 2024, with the average sale price rising by 4.8% and the median sale price increasing by 4.5%. These numbers indicate that while demand may have softened slightly compared to last year, pricing remains relatively stable.

Year-over-year, both average and median prices show modest growth, which could signal that the market has reached a price equilibrium, balancing supply and demand. Sellers should keep this in mind, as overpricing could lead to longer days on market, particularly with the increasing inventory levels.

Looking Ahead

Price Projections

If the current trend of increasing inventory continues into the fall, it’s possible we will see further downward pressure on prices, particularly at the higher end of the market.

However, the modest increases in average and median sale prices between July and August 2024 suggest that demand is still holding strong, particularly in the mid-market price points. Buyers may find opportunities for better deals as inventory continues to rise, while sellers might need to adjust pricing expectations to remain competitive.

Economic Indicators

Key economic factors such as interest rates and employment will continue to shape the Sedona real estate market. If interest rates remain stable or decrease slightly, we could see more buyers entering the market, which would support pricing and potentially shorten days on market.

On the other hand, any increase in interest rates could dampen demand and further drive down prices, particularly in the higher-priced segments of the market.

Seasonal Trends

As we move toward the fall and winter months, market activity typically slows. However, with the rise in new and pending listings between July and August 2024, we may see continued momentum in early fall.

Buyers should be aware of potential seasonal slowdowns, which could create opportunities for negotiations, while sellers should act quickly to capitalize on the current demand before the market slows further.

What Type of Market Are We In?

Based on the current data, Sedona appears to be moving towards a more balanced market. The increase in inventory and the relatively stable pricing indicate that supply and demand are coming into alignment.

However, with the rising days on market and increased listings, buyers have more negotiating power, and sellers may need to make concessions to close deals.

For properties priced under $1 million, the market is still competitive, but the higher end of the market may be showing early signs of softening, particularly if inventory continues to grow.

How Does This Affect You?

For Buyers

With inventory levels rising, buyers have more options to choose from, which reduces the pressure to make quick decisions. This allows for more negotiating power, particularly on properties that have been on the market for a longer period. It may be a good time to secure a home before any potential price increases, particularly if interest rates remain stable.

For Sellers

Sellers should be aware that while the market is still relatively stable, rising inventory and longer days on market mean that it’s crucial to price homes competitively. Overpricing could lead to extended time on the market, and with more choices available for buyers, sellers may need to offer additional incentives such as repairs or closing cost contributions to stand out.

For Investors

Investors should look for opportunities in properties that have been on the market for a longer time, as sellers may be more willing to negotiate. With the market trending toward a balanced state, there may be opportunities to purchase properties at a discount, particularly if inventory continues to rise. However, keeping an eye on broader economic indicators such as interest rates will be essential to make informed decisions about future investments.

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!