Sedona Real Estate Market Overview - Mid-March 2024

The Sedona real estate market has shown significant growth and activity in the first quarter of 2024 compared to the same period in 2023. My analysis focuses on residential properties, particularly single-family residences, revealing key trends in  homes for sale in Sedona, AZ.

Active Listings and New Listings - Sedona Houses For Sale

• The total active listings for homes for sale in Sedona, AZ, have seen a +31% increase, with particular areas like Little Horse Park and RR Loop/Outlying experiencing substantial growth. This rise from 218 to 286 listings indicates a larger inventory of Sedona properties available for prospective buyers.
• New listings have surged by +50%, from 93 to 140, demonstrating a vibrant market with more Sedona houses for sale entering the market, significantly in Uptown Sedona and Little Horse Park.

Sales Dynamics

• The Sedona real estate market is more dynamic, with an +23% increase in properties under contract and a +19% rise in the number of properties sold. This indicates stronger market absorption and higher demand for Sedona AZ luxury homes for sale and other residential properties.
• The sold volume has escalated by +36%, highlighting an uptrend in sales activity. This is coupled with a +13% increase in average sale price, showcasing a robust appreciation in Sedona home prices.

Pricing Trends

• Sedona home prices have shown a positive trajectory, with the average sale price for Sedona Arizona real estate rising across all areas. The notable increases in specific areas like West Sedona and RR Loop/Outlying reflect the high demand for luxury and residential homes.
• The percent of list price received has improved to 98% from 95%, suggesting that homes for sale in Sedona, AZ, are selling closer to their asking prices, a trend that benefits sellers while indicating a competitive market for buyers.

Market Outlook

The analysis of the Sedona Arizona real estate market indicates a strong upward trend in both the activity levels and prices of residential properties. With more Sedona houses for sale and an increase in Sedona AZ luxury homes for sale, the market is bustling with opportunities for both buyers and sellers. The rise in average sale prices and the closer alignment of sale prices to list prices underscore a healthy, growing market.

This year-over-year comparison underscores the vitality and growth of the Sedona real estate market, making it an opportune time for stakeholders to engage with the market, whether for buying, selling, or investing in Sedona properties.

Regarding the Federal Reserve's meeting on Wednesday, the focus was on evaluating the current economic landscape to make informed decisions about interest rates. Moving forward, the anticipation around these decisions indicates a potential for fluctuation in interest rates which could influence buyer activity and affordability in the Sedona real estate market. Investors and potential homeowners in Sedona should stay attentive to these developments, as changes in interest rates could impact borrowing costs and, subsequently, the overall demand for homes for sale in Sedona, AZ.

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