While the media is certainly sensationalizing the rate of the increasing inventory nationwide, we are still well below Pre-Pandemic levels of listed homes in Sedona. Today there are 96 single-family homes available in Sedona (including the Village of Oak Creek). Last year at this time we had fewer than 30 homes on the market, which was a terribly low level.  It instigated huge bidding wars which hiked up prices.  So, while it is true that inventory in Sedona has increased 220% over last year, this is something that needed to happen.  Before the Pandemic, in January of 2020, we had 182 homes on the market, and we were complaining about how low that inventory was at that time.

The interesting fact is that prices have stayed relatively high despite the rising inventory.  Last February the average price per square foot was $493 and now it is down to $461.  Average prices have actually increased from approximately $1.2M last February to $1.4M this year. This is due primarily because of more luxury homes selling. Ten of the fifteen homes that sold in February were over $900,000.

Can you believe there is actually a home listed in Sedona for $25 Million dollars!  Here is the link to view it if you are curious:

$25 Million Dollar Home in Sedona!

The market has been staying in check because buyer activity has slowed down quite a bit since last year.  Even though our inventory is almost 50% below our Pre-Pandemic levels, the market is considered balanced.  This means the buyer activity matches the available inventory.

In the Springtime Sedona typically sees an increase in buyer activity. March, April, and May historically have the largest number of sales.  This is also when we see more listings come on the market, too. If buyer activity and new listings increase at the same rate, the market will stay balanced.  If one increases significantly more than the other, Sedona's market will shift again.

We just received multiple offers on one of our listings which made the contract price go over the listing price. Could this be the start of the shift.......????