Chapel Area 2017 Real Estate Housing Market Statistics and Numbers

The Chapel Area real estate market saw large gains in both home sales and home sale prices for the year over those seen in 2016.

Chapel Area has seen an increase of 21.2 percent in the number of homes sold for 2017 when compared to 2016.

The average home sales price saw an improvement during the month and has seen an increase of 14.6 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 34 day decrease to 146 days.

Here is an infographic with the breakdown of how the Chapel Area Real Estate Market has done during 2017.

Chapel Area 2017 Home Sales

For 2017, home sales in Chapel Area has seen 63 sales which is a 21.2 percent increase when compared to the homes sales of 2016.

Homes under $500,000 have made up 41.3 percent of sales, with homes priced between $500,000 and $999,999 accounting for 42.8 percent of sales. Homes priced over $1,000,000 have come in at 15.9 percent.

Chapel Area 2017 Home Sale Prices

2017 saw the average home sale price in 2017 reach, $688,357, in Chapel Area which is an increase of 14.6 percent when compared to 2016.

Meanwhile, the median home sale price, $560,000, also increased 17.9 percent during the same time period.

Chapel Area 2017 Days on Market and Absorption Rate

The inventory of available homes for sale in Chapel Area remains low as 2017 finished at 4.38 months. The number of new listings (76) by the end of the year is 1 more than there were in 2016.

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.