Sedona Real Estate January 23, 2021

Dated: January 23 2021

Views: 38

Weekly Update. January 23rd, 2021.

 

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 715,357 with 12,170 deaths. This is approximately a 7.3% and an 8.2% increase over the previous week.

The Fatality Rate, the number of deaths as a percentage of confirmed cases, is unchanged at 1.7%. For those up to 54 years of age the Fatality Rate is at 0.3% and for those 55 and over it is at 6.0%.

The number of cases is higher at about 9.83% of Arizona’s population, and deaths are approximately 0.17% of the population.

Maricopa County accounts for 444,431 of confirmed cases and 6,891 of deaths. This is approximately 62% and 57% of the Arizona numbers, respectively. The figures for Yavapai County are 15,601 and 356, and for Coconino County are 14,627 and 261, respectively.

In Arizona, there have been a total of 3,739,114 tests performed, which is approximately 51.4% of the population, not accounting for people who have had multiple tests. The number of those tests that have shown positive has increased from 10.4% at the beginning of December to 14.0%, as of today, although a touch lower than last week. Of the tests, approximately 89% have been Diagnostic Tests (do you currently have the virus), and 11% have been Serology Tests (do you have the antibodies).

As of yesterday,
Yavapai County Community Health Services said the number of people tested in Yavapai County was 92,425 with 76,635 testing negative, a further reduction to 82.9%. The number of tests is approximately 40.5% of the County’s population. The 343 deaths consist of 141 females and 202 males. The total is slightly higher at about 0.15% of the County’s population. The Fatality Rate is again slightly higher at about 2.17%.

 

In the Yavapai County part of Sedona (a relatively small part of Sedona is in Coconino County, for which there are no numbers), the number of confirmed cases is 671. It was 36 on June 23rd. The number of deaths totals 17.


A chart of the daily increase in confirmed cases in Arizona is below. There remains volatility in the numbers reported, which may be a timing issue.

                                         


Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings

13

MAV

17.9

New Listings; Back on Market

Under Contract

23

MAV

27.6

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

8

MAV

12.2

Sold; Closed Escrow

Off Market

3

MAV

5.0

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

3

MAV

5.7

 

Price Increases

3

MAV

0.9

 


Over the week there were 7 new Listings with 6 coming Back on Market, (total 13). There were 8 Closings, and 11 Pending Sales (total 19). Taking Pending and Closed away from New Listings gives a reduction of inventory by another 6 units.

Contract Ratio:  The Contract Ratio is 138.3. The average over the last year is 87.9.

The Average Price per Square Foot of homes that are Under Contract was $390.01 per square foot. The yearly moving average is $334.29 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $309.12 per square foot.

MARKET WATCH.

This Table contrasts the real estate activity in Sedona, and the Village of Oak Creek, 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.

105

151

Absorption Rate (Sales/Months).

35.00

50.33

Months of Housing Supply (Listings/Ab Rate).  

1.74

1.85

Median Comparable Sales price.

849,999

750,000

Median Comparable Sales Days On Market.

66

82

Median Sales price as % of List Price.

99.00%

98.00%

 

VILLAGE of OAK CREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

58

81

Absorption Rate (Sales/Months).

19.33

27.00

Months of Housing Supply (Listings/Ab Rate).  

1.50

1.56

Median Comparable Sales price.

606,500

559,000

Median Comparable Sales Days On Market.

68

83

Median Sales price as % of List Price.

100.00%

98.00%

According to the National Association of Realtors Closed Sales of existing homes in December increased 0.7% from November to a seasonally adjusted annualized rate of 6.76 million units. Sales were 22% stronger than in December 2019. After falling in March and April, sales have since improved. Total 2020 year-end sales volume ended at 5.64 million units, the highest level since 2006. Influenced by the pandemic, especially in the big cities, Buyers have shown a desire for larger, suburban homes with dedicated spaces for working and schooling.

US Treasury yields were basically unchanged on the week. The 2-year yield was unchanged at around 0.13%; the 5-year was a tic lower at around 0.44%; the 10-Year was a tic lower at around 1.10%; the 20-Year unchanged at around 1.66%, and the 30-Year also unchanged at around 1.85%.

Mortgage rates are showing some signs of fluctuation as the new Administration takes over, even though we remain at historically low rates. Ignoring points and fees, the 30-year fixed-rate mortgage was lower at around 2.77%. The 15-Year fixed was up lower at around 2.21%, and the 5/1 Year Adjustable-Rate Mortgage was also lower at around 2.80%.

The Mortgage Bankers Association said that total mortgage application volume decreased by 1.9% in the week ending January 15th. They also noted that the share of Fannie Mae and Freddie Mac loans in forbearance decreased to 3.13%, a 6-basis-point improvement. The MBA's estimates that 2.7 million homeowners are in forbearance plans.


The U.S. stock markets were stable to slightly higher. The Dow Jones Industrial Average rose 0.6% to close at 30,996.98. The S&P 500 rose 1.9% to close at 3,841.47, and the Nasdaq Composite rose 4.2% to close at 13,543.06.

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.  

 

Blog author image

Sean Baguley

I’ve been a licensed Realtor® in Sedona since 2005, having spent most of my career in the International Financial Markets, so I’m used to handling large transactions, am an excellent negotiator, ....

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