If you’ve been watching Sedona real estate lately, the most recent numbers tell an interesting story — and it’s a different story depending on which zip code you’re in.

Let’s start with 86336, the city of Sedona. The average sales price jumped to $1.58 million for the May 15–June 15 period, up 6% from the month before and actually 10% above where we stood at this time last year. The median list price came in at $1.5 million, up a healthy 15% year-over-year. Those are real numbers, not statistical noise. Sellers in the city limits are in decent shape right now.

But here’s what I want to draw your attention to in the first chart above: the price gap between Sedona proper and the Village of Oak Creek (unincorporated Sedona) widened considerably this period. The Village (86351) saw its average sales price drop to $852K — down 4% from the prior month. That’s still a functioning market, but it’s a very different conversation than what’s happening on the Sedona side. Part of that is simply the mix of what sold, but part of it reflects the reality that these two zip codes have never been more different in character and price point than they are right now.

Now look at the second chart — months of inventory. This is where things get interesting heading into summer.

The Village of Oak Creek is sitting at just under four months of supply. That’s a seller’s market. Buyers shopping in the VOC don’t have a ton to choose from, and the 40% increase in properties sold year-over-year tells you demand is alive and well down there. With a 96.9% sales price to list price ratio, sellers aren’t giving much away either.

Sedona proper, on the other hand, has climbed to 5.22 months of supply — up 15% from last month. That’s still technically a seller’s market (six months is the equilibrium point), but it’s creeping toward balanced territory. Sellers in 86336 had 21% fewer properties go under contract this period than last year. That’s a notable shift. It doesn’t mean the market is soft — the price performance says otherwise — but it does mean buyers have a little more breathing room than they did six months ago.

A few other things caught my eye. The sales price to list price ratio in 86336 actually ticked up slightly to 96.8% — so buyers aren’t extracting big discounts when they do engage.

The bottom line for buyers: if you’ve been waiting for Sedona to soften a bit, 86336 is showing the most flexibility it’s shown in a while — though “flexible” is relative at $1.5 million median. For sellers: the VOC right now may actually have the tighter market of the two, with fewer months of supply and a big jump in transactions. Don’t mean to pat myself on the back but I predicted this a month or more ago in one of my last posts.

Summer real estate in Sedona tends to quiet down as the heat rolls in. We’ll see if July brings more of the same or if inventory continues to build. I’ll have the next set of numbers in a few weeks.