As we navigate through 2024, the dynamics of the Sedona real estate market continue to evolve, presenting both opportunities and challenges.
Whether you’re a prospective buyer, a current homeowner considering selling, or an investor looking to capitalize on market trends, you need market insights to make informed decisions.
Discover the latest trends, price movements, and strategic advice tailored to the unique Sedona real estate market.
A Quick Look at the Numbers
Active Listings:
In June 2024, there were 250 active listings, down from 272 in May 2024, showing a month-over-month decrease of 8.1%. Compared to June 2023, which had 213 active listings, this represents a year-over-year increase of approximately 17.4%. Year-to-date, the average number of active listings in 2024 is 238.8, compared to 205.1 for the same period in 2023, marking a 16.44% increase.
New Listings:
There were 38 new listings in June 2024, a significant decrease from 85 new listings in May 2024, marking a 55.3% month-over-month decline. Compared to 58 new listings in June 2023, there is a year-over-year decrease of about 34.5%. Year-to-date, new listings have averaged 70.6 per month in 2024, compared to 52.9 in 2023, showing a 33.42% increase.
Pending Listings:
June 2024 saw 35 pending listings, down from 47 in May 2024, a decrease of about 25.5%. This is also lower than the 50 pending listings in June 2023, indicating a year-over-year decrease of approximately 30%. Year-to-date, pending listings averaged 44 in 2024, compared to 37.4 in 2023, reflecting a 17.59% increase.
Sold Listings:
In June 2024, there were 42 sold listings, down from 53 in May 2024, showing a 20.8% month-over-month decrease. Compared to June 2023, which had 47 sold listings, this represents a year-over-year decrease of approximately 10.6%. Year-to-date, sold listings in 2024 have averaged 41.6, compared to 38.8 in 2023, indicating a 7.35% increase.
Active Average List Price:
The average list price for active listings was $1,587,405 in June 2024, down from $1,666,519 in May 2024, a month-over-month decrease of 4.8%. Compared to June 2023, when the average list price was $1,690,000, this represents a year-over-year decrease of 6.1%. Year-to-date, the average list price for 2024 is $1,630,000, compared to $1,570,000 in 2023, a year-to-date increase of 3.82%.
Active Median List Price:
The median list price stood at $1,075,000 in June 2024, down from $1,100,000 in May 2024, a month-over-month decrease of 2.2%. Compared to June 2023, which had a median list price of $989,000, this is a year-over-year increase of 8.7%. Year-to-date, the median list price for 2024 is $1,090,000, up from $1,030,000 in 2023, an increase of 5.83%.
New Average List Price:
New listings had an average list price of $1,434,239 in June 2024, up from $1,158,905 in May 2024, a month-over-month increase of 23.8%. Compared to June 2023, with an average list price of $1,094,600, this represents a year-over-year increase of 31.1%. Year-to-date, the average list price for new listings in 2024 is $1,160,000, up from $1,120,000 in 2023, an increase of 3.57%.
New Median List Price:
The median list price for new listings was $1,099,000 in June 2024, up from $899,000 in May 2024, a month-over-month increase of 22.2%. Compared to June 2023, which had a median list price of $914,000, this is a year-over-year increase of 20.2%. Year-to-date, the median list price for new listings in 2024 is $885,000, up from $860,000 in 2023, an increase of 2.91%.
Pending Average List Price:
Pending listings had an average list price of $1,247,122 in June 2024, up from $1,174,750 in May 2024, a month-over-month increase of 6.2%. Compared to June 2023, with an average list price of $1,182,000, this is a year-over-year increase of 5.5%. Year-to-date, the average list price for pending listings in 2024 is $1,160,000, up from $1,120,000 in 2023, an increase of 3.57%.
Pending Median List Price:
The median list price for pending listings was $1,139,000 in June 2024, up from $849,000 in May 2024, a month-over-month increase of 34.2%. Compared to June 2023, which had a median list price of $899,000, this is a year-over-year increase of 26.8%. Year-to-date, the median list price for pending listings in 2024 is $830,000, up from $810,000 in 2023, an increase of 2.47%.
Sold Average Sale Price:
The average sale price for sold properties was $1,209,573 in June 2024, up from $1,195,734 in May 2024, a month-over-month increase of 1.2%. Compared to June 2023, with an average sale price of $1,104,000, this represents a year-over-year increase of 9.5%. Year-to-date, the average sale price for sold properties in 2024 is $1,190,000, up from $1,160,000 in 2023, an increase of 2.59%.
Sold Median Sale Price:
The median sale price for sold properties was $1,060,000 in June 2024, up from $859,000 in May 2024, a month-over-month increase of 23.4%. Compared to June 2023, which had a median sale price of $825,000, this is a year-over-year increase of 28.5%. Year-to-date, the median sale price for sold properties in 2024 is $847,000, up from $820,000 in 2023, an increase of 3.29%.
Average Days on Market (ADOM):
Sold properties had an average DOM of 104 days in June 2024, up from 95 days in May 2024, a month-over-month increase of 9.5%. Compared to June 2023, which had an average DOM of 116 days, this represents a year-over-year decrease of 10.3%. Year-to-date, the average DOM for 2024 is 63 days, down from 68 days in 2023, a decrease of 7.35%.
What Do They Mean?
Analyzing these numbers reveals several insights into the current market conditions:
Inventory Levels
The decrease in active listings month-over-month indicates a reduction in available inventory, suggesting an increasing absorption rate. However, the year-over-year increase suggests that there are still more properties on the market compared to the previous year, signaling a potential oversupply that could benefit buyers.
Sales Activity
The fluctuations in pending and sold listings indicate variable buyer demand, potentially influenced by economic conditions, interest rates, or seasonal trends. Sellers may need to adjust their strategies to attract buyers in this competitive market.
Pricing Stability
The average and median prices for active and sold listings have displayed relative stability. This indicates that while demand has softened, sellers are maintaining their price points, potentially anticipating more favorable market conditions ahead.
Looking Ahead
Price Projections
If the current trend of high inventory and moderated demand continues, we may see further stabilization or even slight decreases in prices, especially in higher price brackets above $1 million. Buyers in lower price ranges might find more opportunities for negotiation and better deals. Conversely, if demand picks up, we could see a stabilization or even a slight increase in prices.
Economic Indicators
Broader economic factors, such as changes in interest rates and employment levels, will significantly influence the market’s trajectory. An increase in interest rates could suppress demand, leading to potential price reductions. On the other hand, stable or improving employment rates could enhance buyer confidence and stimulate market activity.
Seasonal Trends
As we transition into the summer months, the real estate market traditionally sees increased activity. This seasonal boost could help balance the high inventory levels, providing more opportunities for both buyers and sellers. However, it is crucial to observe how economic conditions interact with these seasonal trends.
What Type of Market Are We In?
Based on the current data, the Sedona area is showing signs of transitioning towards a balanced market with a slight lean towards a buyer’s market. The high inventory levels and stable sales activity indicate this trend. However, market conditions can vary significantly across different price points and property types, so staying informed about specific market segments is essential.
How Does This Affect You?
For Buyers
Increased Choices: With higher inventory levels, buyers have a broader selection of properties to choose from, enhancing the likelihood of finding a property that meets their preferences and needs.
Negotiation Power: Buyers may find themselves in a stronger negotiating position, potentially securing more favorable deals or terms.
Market Timing: Given the current trends, acting sooner rather than later might be advantageous for buyers to capitalize on the available inventory before any potential market shifts.
For Sellers
Competitive Pricing: It is crucial for sellers to price their properties competitively in a market with high inventory. Overpricing may lead to longer times on market and potential price reductions.
Enhanced Presentation: Improving property appeal through staging, repairs, and effective marketing can significantly attract buyers.
Flexibility: Being open to negotiations and adaptable with terms can expedite sales in a buyer-leaning market.
For Investors
Investment Opportunities: The current market conditions might offer opportunities to acquire properties at attractive prices, especially if the trend towards a buyer’s market persists.
Long-term Potential: Investors should focus on the long-term potential of properties, particularly in areas with strong growth prospects and consistent demand.
Market Vigilance: Keeping a close watch on market trends and economic indicators will be crucial for making informed and profitable investment decisions.
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 am here to help you navigate the Sedona real estate market successfully. Contact me today to get started on your real estate journey in this beautiful community!
For more information on how these numbers affected you or for a specific neighborhood, contact me for free information.
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