Chapel Area 2024 Real Estate Housing Market Statistics and Numbers

Sedona’s Chapel Area Real Estate Market is experiencing significant changes, creating exciting opportunities for anyone interested in this dynamic region.

Whether you’re looking to find your dream home, maximize your property’s value, or capitalize on investment opportunities, understanding the latest trends and data is key.

Discover valuable insights and make well-informed decisions in this evolving market.

A Quick Look at the Numbers

Active Listings:

In July 2024, there were 22 active listings in the Chapel area, down from 25 in June 2024. This represents a month-over-month decrease of 12%. Compared to July 2023, which had 16 active listings, this represents a year-over-year increase of 37.5%. Year-to-date (YTD) for 2024 is 180 active listings, compared to 108 for the same period in 2023, showing a YTD increase of 66.67%.

New Listings:

There were 2 new listings in July 2024, up from 0 in June 2024. This represents a significant change month-over-month. Compared to July 2023, which also had 2 new listings, there is no year-over-year change. YTD new listings for 2024 are 39, compared to 28 in 2023, a YTD increase of 39.29%.

Pending Listings:

The number of pending listings remained the same at 4 in July 2024 compared to June 2024. Compared to July 2023, which had 3 pending listings, this is a year-over-year increase of 33.33%. YTD pending listings for 2024 are 31, up from 22 in 2023, a YTD increase of 40.91%.

Sold Listings:

July 2024 recorded 4 sold listings, the same as in June 2024, indicating no month-over-month change. Compared to July 2023, which also had 4 sold listings, there is no year-over-year change. YTD sold listings for 2024 are 30, compared to 22 in 2023, a YTD increase of 36.36%.

Active Average List Price:

The average list price for active listings was $2,172,763 in July 2024, up from $2,065,131 in June 2024, a month-over-month increase of 5.21%. Compared to July 2023, when the average list price was $1,666,798, this represents a year-over-year increase of 30.44%. YTD average list price for 2024 is $1,296,478, up from $1,184,473 in 2023, a YTD increase of 9.46%.

Active Median List Price:

The median list price stood at $1,562,500 in July 2024, up from $1,525,000 in June 2024, a month-over-month increase of 2.46%. Compared to July 2023, which had a median list price of $1,248,000, this is a year-over-year increase of 25.10%. YTD median list price for 2024 is $979,625, compared to $964,650 in 2023, a YTD increase of 1.55%.

New Average List Price:

New listings had an average list price of $1,285,433 in July 2024. There is no comparable month-over-month data as there were no new listings in June 2024. Compared to July 2023, with an average list price of $774,929, this represents a year-over-year increase of 65.86%. YTD average list price for new listings in 2024 is $911,536, up from $883,842 in 2023, an increase of 3.13%.

New Median List Price:

The median list price for new listings was $1,285,433 in July 2024. Similar to the average list price, there is no comparable month-over-month data. Compared to July 2023, which had a median list price of $774,929, this is a year-over-year increase of 65.86%. YTD median list price for new listings in 2024 is $831,543, compared to $816,890 in 2023, an increase of 1.79%.

Pending Average List Price:

Pending listings had an average list price of $1,649,975 in July 2024, up from $1,181,625 in June 2024, a month-over-month increase of 39.64%. Compared to July 2023, with an average list price of $1,290,612, this is a year-over-year increase of 27.84%. YTD average list price for pending listings in 2024 is $945,957, down from $1,017,135 in 2023, a decrease of 7%.

Pending Median List Price:

The median list price for pending listings was $1,512,500 in July 2024, up from $1,043,250 in June 2024, a month-over-month increase of 44.98%. Compared to July 2023, which had a median list price of $1,229,993, this is a year-over-year increase of 23.07%. YTD median list price for pending listings in 2024 is $911,875, down from $982,050 in 2023, a decrease of 7.15%.

Sold Average Sale Price:

The average sale price for sold properties was $1,371,000 in July 2024, up from $1,079,417 in June 2024, a month-over-month increase of 27.04%. Compared to July 2023, with an average sale price of $1,676,750, this represents a year-over-year decrease of 18.24%. YTD average sale price for sold properties in 2024 is $892,035, down from $969,125 in 2023, a decrease of 7.95%.

Sold Median Sale Price:

The median sale price for sold properties was $1,287,500 in July 2024, up from $1,080,750 in June 2024, a month-over-month increase of 19.12%. Compared to July 2023, which had a median sale price of $1,468,123, this is a year-over-year decrease of 12.29%. YTD median sale price for sold properties in 2024 is $866,825, compared to $912,950 in 2023, a decrease of 5.05%.

Average Days on Market (ADOM):

Sold properties had an average DOM of 154 days in July 2024, up from 140 days in June 2024, a month-over-month increase of 10%. Compared to July 2023, which had an average DOM of 133 days, this represents a year-over-year increase of 15.79%. YTD average DOM for 2024 is 637 days, down from 749 days in 2023, a decrease of 14.95%.

What Do They Mean?

Inventory Levels

The slight decrease in active listings and the significant drop in new listings indicate a potential cooling in market activity. The inventory levels have increased year-over-year, suggesting that the market is currently oversupplied. This typically benefits buyers, giving them more choices and potentially more negotiating power.

Sales Activity

The number of pending and sold listings has remained relatively stable, indicating a steady demand. However, the increase in active listings without a corresponding increase in sales might suggest a shift towards a buyer’s market. Sellers may need to adjust their strategies to attract buyers in this competitive market.

Pricing Stability

Despite fluctuations in listing and sales volumes, the average and median prices for active, new, and pending listings have shown some stability with slight increases month-over-month. This suggests that while demand has softened, sellers are maintaining their price points, possibly waiting for more favorable market conditions. The year-over-year increase in list prices for new listings indicates that sellers remain optimistic about the market’s potential.

Looking Ahead

Price Projections

If the trend of increasing inventory and moderated demand continues, we may see downward pressure on prices, particularly in higher price points above $1 million. Buyers in lower price ranges might find more opportunities for negotiation and better deals.

Economic Indicators

Broader economic factors such as interest rates and employment rates will play a significant role in shaping the market. Rising interest rates could further dampen demand, leading to potential price corrections. Conversely, stable or improving employment rates could boost buyer confidence and market activity.

Seasonal Trends

As we move into the summer months, the real estate market typically experiences increased activity. This seasonal uptick could help balance the current high inventory levels, providing more opportunities for both buyers and sellers.

What Type of Market Are We In?

Based on the current data, the Chapel area of Sedona appears to be transitioning towards a buyer’s market. The high inventory levels and lower sales activity support this assessment. However, market conditions can vary across different price points and property types.

How Does This Affect You?

For Buyers

More Options: With higher inventory levels, buyers have a greater selection of properties to choose from, increasing the likelihood of finding a property that fits their needs and preferences.

Negotiation Leverage: Buyers may have more negotiating power, potentially securing better deals or favorable terms.

Market Timing: Considering the current market trends, buyers might benefit from acting sooner to take advantage of the high inventory before any potential market corrections.

For Sellers

Pricing Strategy: It’s crucial for sellers to price their properties competitively, given the high inventory levels. Overpriced homes may sit on the market longer, resulting in potential price reductions. Sellers should consider recent comparable sales and market conditions when setting their asking price.

Property Presentation: Enhancing the appeal of the property through staging, repairs, and marketing can make a significant difference in attracting buyers. Investing in professional photography, virtual tours, and home staging can highlight the property’s best features and make it stand out in a crowded market.

Flexibility: Being open to negotiations and flexible with terms can help facilitate quicker sales in a buyer-dominated market. Sellers should be prepared for potential buyers to ask for concessions or improvements and consider these requests seriously to avoid prolonged time on the market.

For Investors

Opportunities: The current market conditions might present opportunities to acquire properties at favorable prices, especially if the trend towards a buyer’s market continues. Investors looking for rental properties or fix-and-flip opportunities might find advantageous deals in this environment.

Long-term Perspective: Investors should consider the long-term potential of properties, focusing on areas with strong growth prospects and demand. Evaluating local economic indicators, infrastructure developments, and population growth can help identify promising investment opportunities.

Market Monitoring: Staying informed about market trends and economic indicators will be crucial in making timely and profitable investment decisions. Regularly reviewing market reports, economic forecasts, and local real estate news can provide valuable insights for strategic planning.

Reach out to me today to discuss your goals and explore how we can achieve them together. Let’s turn your real estate dreams into reality in the picturesque Chapel area of Sedona!

For more information on how these numbers are affecting you or for a specific neighborhood, contact me for free information.