Sedona Real Estate July 18, 2020

Dated: 07/18/2020

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 Weekly Update. July 18th, 2020.


At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 141,265 with 2,730 deaths. That is approximately an 18% and a 27% 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 is approximately 1.9% of the population, while the number of deaths is approximately 0.04%.

As of yesterday, Yavapai County Community Health Services said the number of tests was 24,393 with 23,064 testing negative, which is 94.6%. The number of tests is approximately 10.7% of the County’s population. The number of deaths is currently approximately 0.01% of the County’s population.

Maricopa County accounts for 93,870 of confirmed cases and 1,444 of deaths. The figures for Yavapai County are 1,335 and 37, and for Coconino County are 2,647 and 106, 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 levelling out 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

13

MAV

17.5

New Listings; Back on Market

Under Contract

31

MAV

22.8

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

11

MAV

9.4

Sold; Closed Escrow

Off Market

2

MAV

5.8

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

11

MAV

10.0

 

Price Increases

1

MAV

0.7

 


The market remains hot with no real increase in inventory. This week we had 13 new listings, while the total of “Pendings” and “Closeds” was 27.

Contract Ratio:  79.50 another high for the Contract Ratio. The average over the last year is 37.40.

The Average Price per Square Foot of homes that are Under Contract was $320.67 per square foot. The yearly moving average is $300.51 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $286.99 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.

80

69

Absorption Rate (Sales/Months).

26.67

23.00

Months of Housing Supply (Listings/Ab Rate).      

4.84

4.96

Median Comparable Sales price.

597,500

646,000

Median Comparable Sales Days On Market.

69

142

Median Sales price as % of List Price.

98.00%

97.00%

 

VILLAGE of OAKCREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

33

49

Absorption Rate (Sales/Months).

11.00

16.33

Months of Housing Supply (Listings/Ab Rate).      

6.73

4.04

Median Comparable Sales price.

550,000

530,000

Median Comparable Sales Days On Market.

91

139

Median Sales price as % of List Price.

98.00%

98.00%


Freddie Mac says that Mortgage rates fell below 3% for the first time in 50 years. The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets. However, the rise in new virus cases may cause the economic recovery to slow, which might turn many temporary layoffs into permanent job losses. Ignoring points and fees, the 30-year fixed-rate mortgage was down to around 2.98%. The 15-Year fixed was down to around 2.48%, and the 5/1 Year Adjustable Rate Mortgages was marginally higher at around 3.06%.

From November 2019, the Federal Housing Finance Agency raised the maximum conforming loan limit for a single-family property in Arizona to $510,400. Larger loans (“Jumbo” Loans) have become almost impossible to qualify for, because lenders generally can’t sell them in the secondary market and therefore must retain the risk themselves. If they become available again, borrowers will encounter stricter credit score requirements, as well as larger minimum down payments and higher cash reserves.

The U.S. stock markets improved slightly over the week. The Dow Jones Industrial Average closed at 26,671.95 up 2.3% on the week. The S&P 500 closed at 3,224.73, up 1.3% on the week, and the Nasdaq Composite closed at 10,503.19, up 4.1% on the week.

The US Treasury yields fell slightly. The 2-year yield was down to around 0.14%; the 5-year down to at around 0.29%; the 10-Year down to around 0.64%; the 20-Year down to around 1.11%, and the 30-Year unchanged 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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