As we wrap up the 3rd quarter of 2024, the Sedona real estate market is making headlines with some interesting trends! We’ve officially set a new record for low sales. In 2022, we hit the lowest 3rd quarter sales in over 30 years at 79 homes sold. This year we missed that mark by just one. We closed the quarter with 78 sales, putting the 3rd quarter of 2024 in the record books!

What’s particularly interesting is that despite the slow sales, home prices have remained stable. The median price for a single-family home in Sedona is still holding strong at $1,090,000. Most of our sales have been in the $1M to $2M price range. This range also has the highest inventory with 60 homes on the market. With fewer homes selling, inventory continues to grow, creating more options for buyers in the luxury market.

Many buyers are hitting pause right now. It seems everyone is waiting to see what happens with the upcoming election, which is pretty typical for election years. People also want to see if interest rates will come down before they jump in. Some buyers I’ve worked with have expressed frustration with home prices, feeling they can’t find what they want within their budget. Only 34 homes are currently available under $800k. Because Sedona is largely a 2nd home and retirement community, some buyers are looking to other more affordable areas.

All these factors have contributed to our low buyer activity. I also believe we’re still in a period of market adjustment. Prices surged quickly in the post-pandemic era, and it’s natural for the market to take time to find its balance. This is actually a good thing—slow, steady change is much healthier than the extreme ups and downs of a roller-coaster market.

There may be a surge of buyers after the election, but it won't last long as the holidays and the cold winter will be upon us soon after. Because buyers are being very 'picky', homes that are competitively priced, nicely updated, and move-in ready with a red rock view will sell quickly. If a home lacks 1 or more of these things, the seller will need to be more patient.

I've been a top Realtor in this area since 2008 and have seen many changes in the market. Some are more challenging than others, but I'm always here to help you navigate through them. Please don't hesitate to reach out at any time.