Slow beginning to 2024?

Before the rush of homes hits the market in the next few months, it feels like we’ve got a brief pause happening in the local market. Likely due to the lack of inventory – as I type this there are only 137 residential properties on the market actively for sale. Anecdotal evidence shows that STR’s are trickling back onto the market, but most come available and are sold in a matter of days. The ability to short term rent a property is still a major driver for the Sedona marketplace.

There’s only 60 properties for sale under $1 million – and of those 60, only 35 are single-family residences – the rest are condos townhomes and manufactured homes. There’s still a price delta between the prices in town and in the VOC – somewhere around 25% – but the lawsuit mentioned in the Sedona Red Rock News’ Nov. 29 [“Arizona Court of Appeals rejects Village of Oak Creek STR ban”] might have an effect on this moving forward.

Compiling stats for the currently listed single family homes in Sedona we find that the average price per square foot is $633 and the average time on market for these homes is 126 days. If we flip it and use sold homes over the last 6 months in Sedona – we see a lower price per squre foot – only $547 – but the market time is almost identical – 124 days. Obviously these are averages, so if your home is average you can expect this… but who’s house is average? Not funny… OK.

People always ask – so here are some factors that increase value: U.S. Forest Service boundary, VIEWS, Newer Construction, Secluded Neighborhood, STR potential