Uptown Sedona 2024 Real Estate Housing Market Statistics and Numbers

Uncover the secrets to navigating the Uptown Sedona real estate market with insights to help guide your decisions.

Whether you’re contemplating purchasing a home, selling your home, or looking into investment opportunities, having a deep understanding of market trends can be your greatest advantage.

Catch up on crucial information and practical advice that can make a significant difference in your real estate journey and leverage current market conditions to meet your personal goals.

A Quick Look at the Numbers

Active Listings:

In July 2024, there were 21 active listings in the Uptown area, down from 25 in June 2024. This is a month-over-month decrease of 16%. Compared to July 2023, which had 12 active listings, this represents a year-over-year increase of 75%. Year-to-date (YTD) for 2024 is 179 active listings, compared to 134 for the same period in 2023, showing a YTD increase of 33.58%.

New Listings:

There were 2 new listings in July 2024, down from 5 in June 2024, marking a month-over-month decrease of 60%. Compared to July 2023, with 3 new listings, this is a year-over-year decrease of 33.33%. YTD new listings for 2024 are 60, compared to 49 in 2023, a YTD increase of 22.45%.

Pending Listings:

The number of pending listings decreased to 1 in July 2024 from 6 in June 2024, a month-over-month decrease of 83.33%. Compared to July 2023, which had 0 pending listings, this is a year-over-year increase (though no specific percentage can be calculated from zero). YTD pending listings for 2024 are 42, compared to 40 in 2023, a YTD increase of 5%.

Sold Listings:

July 2024 recorded 3 sold listings, down from 4 in June 2024, a month-over-month decrease of 25%. Compared to July 2023, which had 2 sold listings, this represents a year-over-year increase of 50%. YTD sold listings for 2024 are 39, compared to 31 in 2023, a YTD increase of 25.81%.

Active Average List Price:

The average list price for active listings was $2,746,137 in July 2024, down from $2,951,916 in June 2024, a month-over-month decrease of 6.97%. Compared to July 2023, when the average list price was $2,460,663, this represents a year-over-year increase of 11.61%. YTD average list price for 2024 is $2,674,500, compared to $2,509,675 in 2023, a YTD increase of 6.56%.

Active Median List Price:

The median list price stood at $1,420,000 in July 2024, down from $1,500,000 in June 2024, a month-over-month decrease of 5.33%. Compared to July 2023, which had a median list price of $1,350,000, this is a year-over-year increase of 5.19%. YTD median list price for 2024 is $1,450,000, up from $1,350,000 in 2023, an increase of 7.41%.

New Average List Price:

New listings had an average list price of $674,500 in July 2024, down from $993,476 in June 2024, a month-over-month decrease of 32.12%. Compared to July 2023, with an average list price of $746,333, this represents a year-over-year decrease of 9.63%. YTD average list price for new listings in 2024 is $812,750, up from $773,250 in 2023, an increase of 5.10%.

New Median List Price:

The median list price for new listings was $665,000 in July 2024, down from $925,000 in June 2024, a month-over-month decrease of 28.11%. Compared to July 2023, which had a median list price of $721,000, this is a year-over-year decrease of 7.77%. YTD median list price for new listings in 2024 is $720,000, up from $710,000 in 2023, an increase of 1.41%.

Pending Average List Price:

Pending listings had an average list price of $544,000 in July 2024, down from $974,167 in June 2024, a month-over-month decrease of 44.14%. Compared to July 2023, with an average list price of $634,500, this is a year-over-year decrease of 14.27%. YTD average list price for pending listings in 2024 is $762,850, up from $728,000 in 2023, an increase of 4.79%.

Sold Average Sale Price:

The average sale price for sold properties was $1,038,000 in July 2024, up from $971,000 in June 2024, a month-over-month increase of 6.90%. Compared to July 2023, with an average sale price of $857,500, this represents a year-over-year increase of 21.03%. YTD average sale price for sold properties in 2024 is $986,500, up from $875,000 in 2023, an increase of 12.74%.

Sold Median Sale Price:

The median sale price for sold properties was $1,020,000 in July 2024, up from $950,000 in June 2024, a month-over-month increase of 7.37%. Compared to July 2023, which had a median sale price of $840,000, this is a year-over-year increase of 21.43%. YTD median sale price for sold properties in 2024 is $970,000, up from $865,000 in 2023, an increase of 12.14%.

Average Days on Market (ADOM):

Sold properties had an average DOM of 67 days in July 2024, down from 117 days in June 2024, a month-over-month decrease of 42.74%. Compared to July 2023, which had an average DOM of 73 days, this represents a year-over-year decrease of 8.22%. YTD average DOM for 2024 is 78 days, down from 90 days in 2023, a decrease of 13.33%.

What Do They Mean?

Inventory Levels

The recent decrease in active listings and new listings, along with fluctuating pending listings, suggests a market adjusting to both seasonal and economic factors. While the months of inventory remain relatively high, this typically benefits buyers by providing more choices and potentially more negotiating power.

Sales Activity

The fluctuating number of pending and sold listings suggests variable buyer demand. This variability can be influenced by several factors, including broader economic conditions, interest rates, and seasonal trends. Sellers may need to adjust their strategies to attract buyers in this competitive market, focusing on competitive pricing and property presentation.

Pricing Stability

The average and median prices for active and sold listings have shown significant movement, indicating adjustments in seller expectations. This suggests that while demand may be softening, sellers are adjusting their price points to be more competitive, likely due to higher inventory levels and longer days on market.

Looking Ahead

Price Projections

If the trend of increasing inventory and moderated demand continues, we may see further 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. However, if the market stabilizes or demand picks up, prices may stabilize as well.

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 Uptown area of Sedona appears to be transitioning towards a buyer’s market. The high inventory levels and fluctuating 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. An attractive initial price can generate more interest and potentially lead to quicker sales.

Property Presentation: Enhancing the appeal of the property through staging, repairs, and marketing can make a significant difference in attracting buyers. Well-presented homes are more likely to stand out in a competitive market, leading to more offers and potentially higher sale prices.

Flexibility: Being open to negotiations and flexible with terms can help facilitate quicker sales in a buyer-dominated market. This might include considering offers with contingencies or being willing to make minor repairs or concessions.

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 can look for properties that have been on the market for longer periods, which might be available at discounted prices.

Long-term Perspective: Investors should consider the long-term potential of properties, focusing on areas with strong growth prospects and demand. Even if the short-term market conditions are challenging, properties in desirable locations can yield significant returns over time.

Market Monitoring: Staying informed about market trends and economic indicators will be crucial in making timely and profitable investment decisions. Regularly reviewing market data and being aware of broader economic factors can help investors identify the best times to buy or sell.

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 Uptown Sedona real estate market successfully.

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