The West Sedona real estate market finished up 2023 with the same percentage decrease in home sales as the number of homes coming on the market.
If you’re on the lookout to buy a home in West Sedona, be ready to decide fast. The market’s seen fewer homes available, so options might be limited.
It’s best to act swiftly when you find one you like.
On the other hand, if you’re selling your home, now is a great time to do so.
Prices are holding steady at over $1.1 million. Make your home stands out by pricing it right and ensuring it’s move-in ready.
Despite fewer home sales, the average home sales price went up by 4.2 percent – something to keep in mind.
West Sedona has seen a 19.5 percent decrease in the number of homes sold for 2023 when compared to 2022.
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 61 day increase to 172 days.
Here is an infographic with the breakdown of how the West Sedona Real Estate Market has done during 2023.
West Sedona 2023 Home Sales
For 2023, home sales in West Sedona saw 169 sales which is a decrease of 19.5 percent when compared to the homes sales of 2022.
Homes under $500,000 have made up 4.2 percent of sales, with homes priced between $500,000 and $999,999 accounting for 47.9 percent of sales. Homes priced over $1,000,000 have come in at 47.9 percent.
West Sedona 2023 Home Sale Prices
2023 saw the average home sale price reach $1,184,771, in West Sedona which was an increase of 4.2 percent when compared to 2022.
Meanwhile, the median home sale price, $950,000, finished up 2.7 percent from the same time period.
West Sedona 2023 Days on Market and Absorption Rate
The inventory of available homes for sale in West Sedona was down as 2023 finished at 4.5 months. The number of new listings (227) for the year was 55 less than there were in 2022.
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.
West Sedona Current Listings
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