Here's the current market update for Sedona:
"This week the median list price for Sedona, AZ is $1,298,000 with the market action index hovering around 33. This is less than last month's market action index of 36. Inventory has increased to 111.
Market Action Index
Slight Seller's Advantage
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices."
What is the Market Action Index?
The Market Action Index (MAI) in real estate is a measurement that indicates whether a particular real estate market is favoring buyers, sellers, or is in a state of balance. It is calculated based on factors like supply and demand dynamics, the number of properties available for sale, and the rate at which properties are being sold.
An MAI value of 30 or higher indicates a seller's market, meaning that there are more buyers than sellers and homes are selling quickly. An MAI value of 20 or lower indicates a buyer's market, meaning that there are more sellers than buyers and homes are taking longer to sell.
The MAI is a useful tool for both buyers and sellers. Buyers can use it to determine if it is a good time to buy, while sellers can use it to set a realistic asking price for their home.
The MAI is typically calculated monthly, but it can also be calculated on a quarterly or annual basis.
The MAI is a good indicator of the current state of the real estate market, but it is important to remember that it is just one metric. Other factors, such as interest rates and economic conditions, can also affect the market.
What Does This Mean for Me?
As a Seller, you will find a slight advantage in this market. Be sure to prepare your home for the market and price it appropriately. As a Buyer, you may find leverage in homes that have been on the market for a longer period of time. Keep your options open!
Whether you are buying or selling, understanding current market conditions is vital! Having a great Realtor on your side has never been more important. Call me today to discuss your situation and real estate goals.
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