West Sedona 2024 Real Estate Housing Market Statistics and Numbers

Curious about what’s happening in the West Sedona real estate market?

With a surge in listings and prices starting to shift, opportunities are opening up for both buyers and sellers.

Whether you’re dreaming of a new home or considering selling, now could be the perfect time to act.

The market is changing fast, and staying ahead of the curve could be your secret to success.

Let’s take a closer look at the trends shaping West Sedona and how they might impact your next move.

A Quick Look at the Numbers

Active Listings:

In September 2024, there were 111 active listings in West Sedona, up from 90 in August 2024, marking a month-over-month increase of 23.3%. Compared to September 2023, which had 83 active listings, this represents a year-over-year increase of 33.7%.

New Listings:

There were 31 new listings in September 2024, up from 22 in August 2024, a month-over-month increase of 40.9%. Compared to September 2023, which had 23 new listings, this represents a year-over-year increase of 34.8%.

Pending Listings:

The number of pending listings decreased to 9 in September 2024 from 11 in August 2024, a month-over-month decrease of 18.2%. Compared to September 2023, which had 11 pending listings, this is also a year-over-year decrease of 18.2%.

Sold Listings:

September 2024 recorded 10 sold listings, up from 9 in August 2024, a month-over-month increase of 11.1%. However, compared to September 2023, which had 13 sold listings, this represents a year-over-year decrease of 23.1%.

Sold Average Sale Price:

The average sale price for sold properties in September was $1,302,500, down from $1,735,000 in August 2024, a month-over-month decrease of 24.9%. However, compared to September 2023, with an average sale price of $975,000, this represents a year-over-year increase of 33.4%.

Sold Median Sale Price:

The median sale price for sold properties was $1,050,000, down from $1,635,000 in August 2024, a month-over-month decrease of 35.7%. Compared to September 2023, which had a median sale price of $799,000, this is a year-over-year increase of 31.3%.

Average Days on Market:

Sold properties had an average DOM of 128 days in September 2024, down from 208 days in August 2024, a month-over-month decrease of 38.5%. Compared to September 2023, which had an average DOM of 96 days, this represents a year-over-year increase of 33.3%.

What Do They Mean?

Inventory Levels

The number of active listings saw a substantial month-over-month increase of 23.3%, with a significant year-over-year growth of 33.7%. This increase in inventory suggests that more homeowners are opting to list their properties. It also gives buyers more options, which could decrease competition among buyers.

The rise in new listings by 40.9% from August to September 2024 further emphasizes this growing inventory. This increase in supply could create opportunities for buyers to negotiate better deals, though sellers may need to adjust their pricing strategies to compete in a market with more options.

Sales Activity

While the number of sold listings rose by 11.1% month-over-month, the year-over-year decrease of 23.1% in sold properties indicates a cooling trend in overall sales volume. This decline could be attributed to higher prices, longer time on market, or shifting economic conditions.

The drop in pending listings both month-over-month (18.2%) and year-over-year (18.2%) suggests buyers may be slowing their decision-making processes, possibly due to rising interest rates or concerns over affordability.

Pricing Stability

Both the average and median sale prices experienced a sharp decline from August to September 2024, with the average sale price dropping by 24.9% and the median sale price decreasing by 35.7%. Despite this, year-over-year data shows strong price growth, with the average sale price up 33.4% and the median sale price up 31.3% compared to September 2023.

The significant fluctuations between month-over-month and year-over-year numbers suggest that while prices are generally appreciating, the market could be experiencing some short-term volatility. Sellers should be cautious with pricing, as overpricing could lead to extended days on market.

Looking Ahead

Price Projections

If inventory levels continue to increase, it’s possible we could see some downward pressure on prices, particularly at the higher end of the market. The recent drop in the average and median sale prices between August and September suggests that demand may be softening in response to rising inventory and economic uncertainty.

That said, the strong year-over-year price increases indicate that demand is still healthy, particularly in lower price brackets. Buyers may find opportunities as inventory rises, while sellers will need to remain competitive.

Economic Indicators

Economic factors such as interest rates and employment will continue to play a significant role in shaping the West Sedona real estate market. If interest rates rise further, demand could soften, especially at higher price points. Stable or decreasing interest rates could lead to more buyer activity and help support pricing stability.

Seasonal Trends

As we approach the fall and winter months, market activity typically slows. However, with new and active listings rising, we could see momentum continuing into early fall. Buyers should watch for seasonal slowdowns, which could create negotiation opportunities, while sellers may need to act swiftly to capitalize on current demand before the market cools further.

What Type of Market Are We In?

Based on current data, West Sedona is moving toward a more balanced market. The increase in active listings and stable price growth suggests that supply and demand are aligning. However, with the rise in days on market and decreasing pending listings, buyers are gaining more negotiating power, especially in the higher-end segments where pricing is showing some volatility.

How Does This Affect You?

For Buyers

With more inventory available, buyers have more options and may be able to negotiate better deals, particularly on properties that have been on the market longer. This could be a good time to make a move before interest rates potentially rise or inventory declines.

For Sellers

Sellers need to be strategic with pricing, as overpricing could lead to extended days on market. With more options available to buyers, sellers may also need to offer concessions such as repairs or closing cost contributions to stand out.

For Investors

Investors should look for properties that have been on the market for an extended period. The growing inventory and potential price adjustments could present opportunities to acquire properties at favorable prices. Keeping an eye on broader economic trends will be crucial for making informed 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’m here to help you navigate the West 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!