Sedona Real Estate October 31, 2020

Dated: October 31 2020

Views: 90

Weekly Update. October 31st, 2020.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 245,946 with 5,979 deaths. This is approximately a 3.9% and a 1.9% increase over the previous week, respectively, and suggests the second wave apparent globally.

The age balances remain constant.

The Fatality Rate, the number of deaths as a percentage of confirmed cases, is 2.4%, a slight fall reflected in the “senior” population. For those up to 54 years of age the Fatality Rate is 0.4% and for those 55 and over it is 9.3%

Maricopa County accounts for 158,761 of confirmed cases and 3,606 of deaths. This is 65% and 60% of the Arizona numbers, respectively. The figures for Yavapai County are 3,022 and 91, and for Coconino County are 5,375 and 149, respectively.

 

In Arizona, there have been a total of 2,091,090 tests performed, which is approximately 28.7% of the population. 9.7% of those tests have shown positive. Of the tests, approximately 85% have been Diagnostic Tests (do you currently have the virus), and 15% 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 49,468 with 46,499 testing negative, which is 94.0%. The number of tests is approximately 21.7% of the County’s population. The number of deaths is currently approximately 0.04% of the County’s population and the Fatality Rate is 3.07%.

A chart of the daily increase in confirmed cases in Arizona is below. It demonstrates the upward trend seen elsewhere.

                                              


Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings

14

MAV

17.6

New Listings; Back on Market

Under Contract

14

MAV

26.6

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

16

MAV

11.4

Sold; Closed Escrow

Off Market

5

MAV

5.5

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

3

MAV

7.1

 

Price Increases

2

MAV

0.8

 


Over the week there were 9 new Listings and 5 coming Back on Market, (total 14). There were 16 Closings, and 8 Pending Sales (total 24). Taking Pending and Closed away from new Listings gives a reduction of inventory by another 10 units.

Contract Ratio:  The Contract Ratio is 128.80. The average over the last year is 65.50.

The Average Price per Square Foot of homes that are Under Contract was $344.19 per square foot. The yearly moving average is $313.12 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $295.82 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.

148

91

Absorption Rate (Sales/Months).

49.33

30.33

Months of Housing Supply (Listings/Ab Rate).  

1.95

3.76

Median Comparable Sales price.

765000

585,000

Median Comparable Sales Days On Market.

78

78

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.

76

45

Absorption Rate (Sales/Months).

25.33

15.00

Months of Housing Supply (Listings/Ab Rate).  

1.66

4.13

Median Comparable Sales price.

572,500

550,000

Median Comparable Sales Days On Market.

74

86

Median Sales price as % of List Price.

98.00%

98.00%

With the second quarter, a 31.4% fall, being the worst quarter in U.S. history, the Commerce Department announced that the U.S. economy grew at its fastest pace in U.S. history for the third quarter. The first situation is the result of the pandemic, the second as a result of the economy trying to put itself back together. According to the department’s initial estimate, this week’s announcement saw third-quarter gross domestic product, (a measure of the total goods and services produced in the July-to-September period), expand at a 33.1% annualized rate, which was better than market expectations. The previous post-World War II record was 16.7% increase in the first quarter of 1950.

The Labor Department announced that initial weekly U.S. jobless claims were 751,000 for the week ending Oct. 24, a 40,000 fall from the previous week, and slightly lower than market expectations. This was the lowest initial claims total since the 282,000 from the week of March 14.

Freddie Mac said that the record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth. Ignoring points and fees, the 30-year fixed-rate mortgage was around 2.81%. The 15-Year fixed was around 2.32%, and the 5/1 Year Adjustable Rate Mortgages was around 2.887%.

The latest Mortgage Bankers Association survey showed an increase in mortgage applications of 1.7% compared to the previous week.

The yields of US Treasuries increased slightly over the week following the GDP numbers. There was a slight steepening of the curve, as well. The 2-year yield was lower at around 0.14%; the 5-year higher at around 0.38%; the 10-Year higher at around 0.88%; the 20-Year higher at around 1.43%, and the 30-Year also higher at around 1.65%.

With election next week, nervousness saw the U.S. stock markets closed significantly lower on the week. The Dow Jones Industrial Average was down 6.5%, closing at 26,501.60. The S&P 500 was down 5.6% to close at 3,269.96, and the Nasdaq Composite was down 5.5% to close at 10,911.59.

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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