Sedona Real Estate July 4, 2020

Dated: 07/04/2020

Views: 78

Weekly Update. July 4th, 2020.

HAPPY INDEPENDENCE DAY TO EVERYONE.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 94,553, with 1,805 deaths. That is a 35% and a 14% increase, respectively, over the week. The under 55 age bracket are an increasing percentage of confirmed cases, now standing at 77% with the over 55s accounting for 23%. In the death column, the numbers are 13% and 87%, respectively. In Arizona, the number of Confirmed cases has increased to approximately 1.3%, while the number of deaths remains at 0.03% of the population.

Yavapai County were closed yesterday, so, as of Thursday, the number of tests was 19,700 with 18,847 testing negative, which is 95.7%. The number of tests is approximately 8.6% of the County’s population. The number of deaths is approximately 0.005% of the County’s population.

Maricopa County accounts for 59,829 of confirmed cases and 880 of deaths. The figures for Yavapai County are 881 and 10, and for Coconino County are 2,107 and 96, respectively.

A chart of the daily increase in confirmed cases in Arizona is below. It shows great volatility in reported new cases, which one might accredit to the timing of the reporting of data.

                               

Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings

23

MAV

17.8

New Listings; Back on Market

Under Contract

34

MAV

22.6

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

14

MAV

9.3

Sold; Closed Escrow

Off Market

7

MAV

5.9

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

8

MAV

10.0

 

Price Increases

1

MAV

0.6

 


High market activity continues, especially in West Sedona, where we have had 11 homes come on the market, and 33 Closed and Pending. This is a loss of 22 units.

Contract Ratio:  64.60. The average over the last year is 36.00.

The Average Price per Square Foot of homes that are Under Contract was $317.35 per square foot. The yearly moving average is $299.00 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $286.19 per square foot.

MARKET WATCH.

 

Here is a Table that 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.

74

74

Absorption Rate (Sales/Months).

24.67

24.67

Months of Housing Supply (Listings/Ab Rate).      

5.23

4.26

Median Comparable Sales price.

605,000

648,000

Median Comparable Sales Days On Market.

69

111

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.

30

53

Absorption Rate (Sales/Months).

10.00

17.67

Months of Housing Supply (Listings/Ab Rate).      

7.80

3.45

Median Comparable Sales price.

575,000

520,000

Median Comparable Sales Days On Market.

84

139

Median Sales price as % of List Price.

98.00%

98.00%

The Labor Department announced that Nonfarm payrolls rose by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic. This number was substantially higher than market expectations and showed a sharp increase from the 2.7 million in May, which was upwardly revised by 190,000. The June total is the largest single-month gain in U.S. history.

The Labor Department also announced that initial jobless claims rose by 1.427 million, again, higher than market expectations. The number of Americans filing for unemployment benefits for the first time rose increased due to a resurgent coronavirus tally.

The Institute for Supply Manufacturing survey showed that 52.6% of companies said their businesses are growing. This was an increase from the 43.1% in May and the low of 41.5% in April when a large part of the country’s productive capacity was taken offline.

The minutes from the Federal Reserve meeting of June 9-10 showed they intend to will continue with a policy of low but stable interest rates steady, but may consider loosening policy should the economy need it. The Open Market Committee voted to hold their benchmark short-term borrowing rate in a range of 0%-0.25%, expressing an intention to keep rates in that area until the economy showed signs of recovery.

Freddie Mac believes that mortgage rates will continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year.
Ignoring points and fees, the 30-year fixed-rate mortgage was unchanged around 3.07%. The 15-Year fixed remained around 2.56%, and the 5/1 Year Adjustable Rate Mortgages were around 3.00%.

Although closed early for the 4th July holiday, the U.S. stock markets had a better week. The Dow Jones Industrial Average closed at 25,827.36, up 3.3% on the week. The S&P 500 closed at 3,130.01, up 4.0% on the week, and the Nasdaq Composite closed at 10,207.63, up 4.6% on the week.

The US Treasury yield curve steepened fractionally as shorter yields remained steady and longer yields increased marginally. The 2-year yield was at around 0.16%; the 5-year at around 0.29%; the 10-Year at around 0.68%; the 20-Year at around 1.20%, and the 30-Year at around 1.43%.

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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