Sedona Real Estate November 7, 2020

Dated: November 7 2020

Views: 67

Weekly Update. November 7th, 2020.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 257,384 with 6,147 deaths. This is approximately a 4.7% and a 2.8% increase over the previous week, respectively, as we are in to the second wave.

The Fatality Rate, the number of deaths as a percentage of confirmed cases, is 2.4%. For those up to 54 years of age the Fatality Rate is 0.4% and for those 55 and over it is 9.1%

Maricopa County accounts for 165,702 of confirmed cases and 3,699 of deaths. This is 64% and 60% of the Arizona numbers, respectively. The figures for Yavapai County are 3,276 and 99, and for Coconino County are 5,773 and 151, respectively.

 

In Arizona, there have been a total of 2,183,128 tests performed, which is approximately 30.0% of the population. 9.6% 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 52,073 with 48,873 testing negative, which is 94.0%. The number of tests is approximately 22.8% of the County’s population. The number of deaths is currently approximately 0.04% of the County’s population and the Fatality Rate is 2.88%.

A chart of the daily increase in confirmed cases in Arizona is below. It demonstrates the current upward spike and rising trend.


                                                  


Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings

10

MAV

17.7

New Listings; Back on Market

Under Contract

28

MAV

27.0

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

20

MAV

11.6

Sold; Closed Escrow

Off Market

2

MAV

5.4

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

1

MAV

7.1

 

Price Increases

1

MAV

0.8

 


Over the week there were 6 new Listings and 4 coming Back on Market, (total 10). There were 20 Closings, and 18 Pending Sales (total 38). Taking Pending and Closed away from new Listings gives a reduction of inventory by another 28 units.

Contract Ratio:  The Contract Ratio is 115.70. The average over the last year is 67.00.

The Average Price per Square Foot of homes that are Under Contract was $349.96 per square foot. The yearly moving average is $314.26 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $296.85 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.

152

97

Absorption Rate (Sales/Months).

50.67

32.33

Months of Housing Supply (Listings/Ab Rate).  

1.72

3.43

Median Comparable Sales price.

791,000

585,000

Median Comparable Sales Days On Market.

74

83

Median Sales price as % of List Price.

99.00%

97.00%

 

VILLAGE of OAKCREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

75

50

Absorption Rate (Sales/Months).

25.00

16.67

Months of Housing Supply (Listings/Ab Rate).  

1.60

3.24

Median Comparable Sales price.

590,000

547,500

Median Comparable Sales Days On Market.

70

90

Median Sales price as % of List Price.

98.00%

99.00%

The Labor Department announced that nonfarm payrolls increased by 638,000 in October and the unemployment rate fell to 6.9% compared with 7.9% in September. Both numbers were better than market expectations. The labor force participation rate improved 0.3 percentage points to 61.7%. U-6, (a measure of total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.) improved from 12.8% to 12.1%. However, about a third of the unemployed have been out of work for 6 months or more due to the pandemic.

The improving economic situation saw the US Treasury yield curve flatten slightly as short-term yields increased and longer yields decreased. The 2-year yield was higher at around 0.16%; the 5-year lower at around 0.36%; the 10-Year lower at around 0.83%; the 20-Year lower at around 1.37%, and the 30-Year also lower at around 1.60%.

Freddie Mac said that mortgage rates hit another low, for the twelfth time this year. Ignoring points and fees, the 30-year fixed-rate mortgage was around 2.78%. The 15-Year fixed was around 2.32%, and the 5/1 Year Adjustable Rate Mortgages was around 2.89%.

The latest Mortgage Bankers Association survey showed an increase in mortgage applications of 3.8% compared to the previous week.

The U.S. stock markets closed significantly higher on the week. The Dow Jones Industrial Average rose 6.9% to close at 28,323.40. The S&P 500 rose 7.3% to close at 3,509.44, and the Nasdaq Composite rose 9.0% to close at 11,895.23.


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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