Sedona Real Estate August 1, 2020

Dated: 08/01/2020

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Weekly Update. August 1st, 2020.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 177,002 with 3,747 deaths. That is approximately an 11% and a 14% increase, respectively. The percentage continues to decline over the weeks.

The age balance remains the same in both confirmed cases and deaths with the up to 54 age bracket accounting for 77% of confirmed cases, and the 55 and over bracket accounting for 23%. In the death column, the numbers remain at 13% and 87%, respectively. In Arizona, the number of Confirmed cases is marginally higher at approximately 2.4% of the population, while the number of deaths remains at approximately 0.05%.

As of yesterday,
Yavapai County Community Health Services said the number of tests was 28,508 with 26,740 testing negative, which is 93.8%. The number of tests is approximately 12.5% of the County’s population. The number of deaths is currently approximately 0.03% of the County’s population.

Maricopa County accounts for 119,295 of confirmed cases and 2,089 of deaths. The figures for Yavapai County are 1,778 and 60, and for Coconino County are 2,964 and 117, respectively.

A chart of the daily increase in confirmed cases in Arizona is below. There remains volatility in the numbers, however the 14 day moving average suggest that things may be levelling off. This is contrary to the numbers of new cases reported in the world population.

                                     

 

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Moving Averages are for 1 year. This week's numbers are,

New Listings

19

MAV

17.7

New Listings; Back on Market

Under Contract

33

MAV

23.4

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

25

MAV

9.7

Sold; Closed Escrow

Off Market

4

MAV

5.8

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

3

MAV

9.8

 

Price Increases

0

MAV

0.7

 


Only 19 new Listings, with 33 under contract and 25 Closings, the inventory shrinks further.
If you’re looking to sell your house, this is a great opportunity, but you need to move now while the market is I this frame of mind.

Contract Ratio:  The Contract Ratio is slightly lower at 91.30. The average over the last year is 39.50.

The Average Price per Square Foot of homes that are Under Contract was $320.70 per square foot. The yearly moving average is $301.83 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $287.18 per square foot.

MARKET WATCH.

This Table contrasts the real estate activity in Sedona over the last 3 months with the prior 3 months.

WEST SEDONA.

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

95

67

Absorption Rate (Sales/Months).

31.67

22.33

Months of Housing Supply (Listings/Ab Rate).      

3.95

5.55

Median Comparable Sales price.

585,000

670,000

Median Comparable Sales Days On Market.

82

110

Median Sales price as % of List Price.

97.00%

97.00%

 

VILLAGE of OAKCREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

45

41

Absorption Rate (Sales/Months).

15.00

13.67

Months of Housing Supply (Listings/Ab Rate).      

4.47

4.46

Median Comparable Sales price.

550,000

522,000

Median Comparable Sales Days On Market.

86

110

Median Sales price as % of List Price.

98.00%

98.00%


Freddie Mac said that “Rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago. Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.

Mortgage rates eased a fraction further. Ignoring points and fees, the 30-year fixed-rate mortgage was at around 2.99%. The 15-Year fixed was at around 2.51%, and the 5/1 Year Adjustable Rate Mortgages was at around 2.94%. The Mortgage Bankers Association said that there was a decreased of 0.8% in mortgage applications from the previous week.

The U.S. stock markets was relatively steady over the week. The Dow Jones Industrial Average closed at 26,428.32 down 0.2% on the week. The S&P 500 closed at 3,271.12 up 1.7% on the week, and the Nasdaq Composite closed at 10,745.28 up 3.7% on the week.

The US Treasury yields fell across the curve. The 2-year yield was lower at around 0.11%; the 5-year was down at around 0.21%; the 10-Year was down around 0.55%; the 20-Year down around 0.98%, and the 30-Year down around 1.20%.

Sean Baguley.


Information in the post is drawn from the Sedona Verde Valley Association of Realtors Multiple Listing Service and other public sources believed to be reliable, but not guaranteed. Any opinions expressed are solely those of the author and in no way reflect the views of Better Homes and Gardens Real Estate BloomTree Realty.  

 

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