Red Rock Loop 2024 Real Estate Housing Market Statistics and Numbers

Curious about the latest real estate trends in Sedona’s picturesque Red Rock Loop real estate market?

Uncover key insights, trends, and strategic advice that will help you navigate the evolving landscape of the residential market in the Red Rock Loop area of Sedona.

Discover how these trends could impact your next move and what opportunities lie ahead!

A Quick Look at the Numbers

Active Listings:

In July 2024, there were 11 active listings in the Red Rock Loop area, up from 9 in June 2024. This is a month-over-month increase of 22.22%. Compared to July 2023, which had 10 active listings, this represents a year-over-year increase of 10%. Year-to-date (YTD) for 2024 is 78 active listings, compared to 85 for the same period in 2023, showing a YTD decrease of 8.24%.

New Listings:

There was 1 new listing in July 2024, unchanged from June 2024. Compared to July 2023, which also had 1 new listing, there is no year-over-year change. YTD new listings for 2024 are 20, compared to 25 in 2023, a YTD decrease of 20%.

Pending Listings:

The number of pending listings remained at 0 in July 2024, unchanged from June 2024. Compared to July 2023, which had 2 pending listings, this is a year-over-year decrease of 100%. YTD pending listings for 2024 are 12, down from 18 in 2023, a YTD decrease of 33.33%.

Sold Listings:

July 2024 recorded 0 sold listings, unchanged from June 2024. Compared to July 2023, which had 1 sold listing, this represents a year-over-year decrease of 100%. YTD sold listings for 2024 are 8, compared to 15 in 2023, a YTD decrease of 46.67%.

Active Average List Price:

The average list price for active listings was $3,819,100 in July 2024, up from $3,272,200 in June 2024, a month-over-month increase of 16.72%. Compared to July 2023, when the average list price was $2,875,000, this represents a year-over-year increase of 32.85%. YTD average list price for 2024 is $3,417,375, compared to $3,042,500 in 2023, a YTD increase of 12.32%.

Active Median List Price:

The median list price stood at $3,819,100 in July 2024, up from $3,272,200 in June 2024, a month-over-month increase of 16.72%. Compared to July 2023, which had a median list price of $2,875,000, this is a year-over-year increase of 32.85%. YTD median list price for 2024 is $3,417,375, up from $3,042,500 in 2023, an increase of 12.32%.

New Average List Price:

New listings had an average list price of $2,800,000 in July 2024, up from $2,669,000 in June 2024, a month-over-month increase of 4.91%. Compared to July 2023, with an average list price of $2,500,000, this represents a year-over-year increase of 12%. YTD average list price for new listings in 2024 is $2,728,333, up from $2,500,000 in 2023, an increase of 9.13%.

New Median List Price:

The median list price for new listings was $2,800,000 in July 2024, up from $2,669,000 in June 2024, a month-over-month increase of 4.91%. Compared to July 2023, which had a median list price of $2,500,000, this is a year-over-year increase of 12%. YTD median list price for new listings in 2024 is $2,728,333, up from $2,500,000 in 2023, an increase of 9.13%.

Pending Average List Price:

Since there were no pending listings in July 2024, there is no average list price for pending listings. In June 2024, the average list price for pending listings was not available due to no pending listings. Compared to July 2023, with an average list price of $2,700,000, this represents a year-over-year decrease of 100%. YTD average list price for pending listings in 2024 is not available due to the lack of data, down from $2,800,000 in 2023, a YTD decrease of 100%.

Sold Average Sale Price:

Since there were no sold listings in July 2024, there is no average sale price for sold properties. In June 2024, the average sale price for sold properties was $1,732,500. Compared to July 2023, with an average sale price of $1,750,000, this represents a year-over-year decrease of 100%. YTD average sale price for sold properties in 2024 is $2,132,500, up from $1,950,000 in 2023, an increase of 9.36%.

Sold Median Sale Price:

Since there were no sold listings in July 2024, there is no median sale price for sold properties. In June 2024, the median sale price for sold properties was $1,732,500. Compared to July 2023, which had a median sale price of $1,750,000, this is a year-over-year decrease of 100%. YTD median sale price for sold properties in 2024 is $2,132,500, up from $1,950,000 in 2023, an increase of 9.36%.

Average Days on Market (ADOM):

Since there were no sold properties in July 2024, there is no average DOM for sold properties. In June 2024, the average DOM for sold properties was 94 days. Compared to July 2023, which had an average DOM of 100 days, this represents a year-over-year decrease of 100%. YTD average DOM for 2024 is 128 days, up from 102 days in 2023, an increase of 25.49%.

What Do They Mean?

Inventory Levels

The increase in active listings month-over-month indicates a growth in available inventory, which could suggest a slowing 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 absence of pending and sold listings indicates a potential softening in 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

Despite fluctuations in listing and sales volumes, the average and median prices for active and new listings have shown relative stability. This suggests that while demand has softened, sellers are maintaining their price points, possibly in anticipation of more favorable market conditions.

Looking Ahead

Price Projections

If the trend of increasing inventory and moderated demand continues, we may see further stabilization in prices, particularly in higher price points above $2 million. Buyers in lower price ranges might find more opportunities for negotiation and better deals. However, if the market stabilizes or demand picks up, prices may stabilize or even rise slightly.

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. However, it is essential to monitor if the economic conditions align with seasonal expectations.

What Type of Market Are We In?

Based on the current data, the Red Rock Loop area of Sedona appears to be transitioning towards a balanced market with a slight tilt towards a buyer’s market. The high inventory levels and stable sales activity support this assessment. However, market conditions can vary across different price points and property types, making it essential for both buyers and sellers to stay informed about specific market segments.

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.

Property Presentation: Enhancing the appeal of the property through staging, repairs, and marketing can make a significant difference in attracting buyers.

Flexibility: Being open to negotiations and flexible with terms can help facilitate quicker sales in a buyer-dominated 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.

Long-term Perspective: Investors should consider the long-term potential of properties, focusing on areas with strong growth prospects and demand.

Market Monitoring: Staying informed about market trends and economic indicators will be crucial in making timely and profitable investment decisions.

By staying informed about market trends and economic indicators, you can make strategic decisions that align with your real estate goals. Whether you’re looking to purchase, sell, or invest, understanding the current market dynamics in the Red Rock Loop area will be key to your success.

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