Sedona Real Estate July 11, 2020

Dated: 07/11/2020

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Weekly Update. July 11th, 2020.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 119,930 with 2,151 deaths. That is a 27% and a 19% increase, respectively, over the week. The age balance in cases remains the same with the under 55 age bracket accounting for 77% of confirmed cases, and the over 55s accounting for 23%. In the death column, the numbers remain at 13% and 87%, respectively. In Arizona, the number of Confirmed cases has increased to approximately 1.7% of the population, while the number of deaths remains at 0.03%.

According to Yavapai County, as at yesterday, the number of tests was 22,023 with 20,953 testing negative, which is 95.1%. The number of tests is approximately 9.7% of the County’s population. The number of deaths remains at approximately 0.005% of the County’s population.

Maricopa County accounts for 78,481 of confirmed cases and 1,093 of deaths. The figures for Yavapai County are 1,082 and 11, and for Coconino County are 2,427 and 98, respectively.

A chart of the daily increase in confirmed cases in Arizona is below. It shows great volatility in reported new cases, although the 14 day moving average may suggest that we are plateauing at this high daily level.

                               

Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings

20

MAV

17.7

New Listings; Back on Market

Under Contract

33

MAV

22.7

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

9

MAV

9.4

Sold; Closed Escrow

Off Market

9

MAV

5.9

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

4

MAV

9.9

 

Price Increases

5

MAV

0.7

 


The market remains hot with no increase in inventory. Indeed, five houses increased their advertised list price in response to Buyer demand.

Contract Ratio:  77.80. The average over the last year is 36.70. The Contract Ratio is the highest I have seen it since I started collecting these stats on March 3rd, 2012.

The Average Price per Square Foot of homes that are Under Contract was $326.12 per square foot. The yearly moving average is $299.88 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $286.55 per square foot.

MARKET ACTIVITY.

 

Here is a Table that contrasting the real estate activity in West Sedona over the last 6 months with the same period the previous year.

WEST SEDONA.

Closed 6 Months

Closed 6 Months

Market Segment

To July 11 2020

To July 11 2019

Single Family Residences

150

147

Condominiums/Townhouses

20

31

 

 

 

Under $250,000       

0

2

$250,000 to $400,000

24

37

$400,000 to $600,000

58

56

$600,000 to $800,000

45

33

$800,000 to $1,000,000

18

20

$1,000,000 to $1,250,000

9

15

$1,250,000 to $1,500,000

4

7

$1,500,000 to $2,000,000

9

6

$2,000,000 t0 $2,500,000

1

1

Over $2,500,000

2

1

 

 

 

Oak Creek Canyon

7

5

Uptown Sedona

18

18

West Sedona

117

118

RR Loop/Outlying

11

14

Little Horse Park

17

23

Treasury Secretary Steven Mnuchin suggested that the White House will not support a grand coronavirus relief program as in earlier bills, and will opt for more focuses aid. Congress has plans to consider various options between now and the August recess. There continues to be a chasm between the Republicans and Democrats as to the size and method of delivery any relief. The White House appears to be in favor of direct payments to individuals rather than the broad aid proposed by Democrats, which would include hazard pay for essential workers, greater unemployment benefits, mortgage and rent relief, plus support for state and local governments.

Freddie Mac says that the summer is heating up as record low mortgage rates continue to spur homebuyer demand. They are cautious as to whether that demand will continue if COVID cases rise to the point that it hinders economic growth. Ignoring points and fees, the 30-year fixed-rate mortgage was down to around 3.03%. The 15-Year fixed was down to around 2.51%, and the 5/1 Year Adjustable Rate Mortgages was marginally higher at around 3.02%.

The U.S. stock markets improved slightly over the week. The Dow Jones Industrial Average closed at 26,075.30 up 1.0% on the week. The S&P 500 closed at 3,185.04, up 1.8% on the week, and the Nasdaq Composite closed at 10,617.44, up 4.0% on the week.

The US Treasury yield curve flattened as longer yields fell slightly. The 2-year yield was unchanged at around 0.16%; the 5-year at around 0.30%; the 10-Year at around 0.65%; the 20-Year at around 1.12%, and the 30-Year at around 1.33%.

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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