Summer Roundup
By: Victoria Wylde, MSE
As seen in Sedona Monthly
Giddy up! We have Sedona housing data hot off the press, and our thorough statistical analysis paints an intriguing picture of where the Sedona market has been, what’s happening now, and where we are headed. Buckle up, this is going to be a fun one!
Essentially, the data are telling us this: Sedona single-family home (SFH) prices have held strong through the summer and significantly rebounded from a decline in 2023, though buyer activity has been tempered this summer due to a myriad of factors.
The median recorded sales price (MRSP) is 9.6 percent higher in 2024 compared to 2023 ($1,094,500 versus $999,000), which at a glance seems like great news. However, it is important to take into account that the MRSP is still clawing its way back to our spring 2022 market peak. In the summer of 2022, Sedona’s MRSP was $1,120,000—2.3 percent higher than our 2024 figure. That said, the housing market has remained resilient and Sedona’s popularity is ever-growing on account of its magnetic charm and enchanting quality of life that residents enjoy.
In terms of sales volume, there has been a 5.5 percent increase in the total number of SFH sales in 2024 compared to the rather slow 2023 market (232 closed sales year to date versus 220 closed sales at this time last year). However, the 2024 summer market has been more tepid than last year. This can be attributed to persistently high interest rates, the upcoming election, and a return to the characteristically slow summers that were common prior to the COVID-19 years.
In June and July of 2023, there were a total of 64 closed sales; this year there have been 58 closed sales—a 9.4 percent decline in summer closed sales volume. During this same period, inventory has increased dramatically. At the time of this writing, there are 148 active SFH listings; in 2023 at the same time last year, there were 96 active listings. That’s a 54 percent increase in active listings this year. This means buyers have more choices (and sellers have way more competition) and the potential to negotiate a good deal before our busy fall market picks up.
If you are considering buying a home in Sedona, now could be a great time to climb up into the saddle and start your search. You will have more home choices with the amount of inventory available and reduced buyer competition due to the slower summer market. Interest rates are forecasted to go down later this year, and when they do, we anticipate more buyers returning to the market—which could potentially fuel further price increases.
