Sedona Real Estate November 21, 2020

Dated: November 21 2020

Views: 77

Weekly Update. November 21st, 2020.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 295,334 with 6,457 deaths. This is approximately an 8.2% and a 2.5% increase over the previous week.

The Fatality Rate, the number of deaths as a percentage of confirmed cases, is slightly lower at 2.2%. For those up to 54 years of age the Fatality Rate is 0.4% and for those 55 and over it is slightly lower at 8.3%

Maricopa County accounts for 187,636 of confirmed cases and 3,850 of deaths. This is 64% and 60% of the Arizona numbers, respectively. The figures for Yavapai County are 4,261 and 105, and for Coconino County are 6,865 and 162, respectively.

 

In Arizona, there have been a total of 2,439,522 tests performed, which is approximately 33.5% of the population. 9.8% 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 58,543 with 54,298 testing negative, which is 92.7%. The number of tests is approximately 25.7% of the County’s population. The number of deaths is currently approximately 0.05% of the County’s population and the Fatality Rate is 2.43%.

It is rumored that Five federal agencies have started telling employees that they could receive the Pfizer or Moderna Covid-19 vaccine in as little as eight weeks as the U.S. prepares to distribute the potentially life-saving doses across the country.

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

13

MAV

17.6

New Listings; Back on Market

Under Contract

32

MAV

27.3

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

17

MAV

11.7

Sold; Closed Escrow

Off Market

5

MAV

5.5

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

2

MAV

6.6

 

Price Increases

0

MAV

0.8

 


Over the week there were 11 new Listings and 2 coming Back on Market, (total 13). There were 17 Closings, and 19 Pending Sales (total 36). Taking Pending and Closed away from new Listings gives a reduction of inventory by another 23 units.

Contract Ratio:  The Contract Ratio is 144.60. The average over the last year is 71.10.

The Average Price per Square Foot of homes that are Under Contract was $361.05 per square foot. The yearly moving average is $316.92 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $297.96 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.

149

116

Absorption Rate (Sales/Months).

49.67

38.67

Months of Housing Supply (Listings/Ab Rate).  

1.49

2.74

Median Comparable Sales price.

829,000

643,750

Median Comparable Sales Days On Market.

68

83

Median Sales price as % of List Price.

99.00%

98.00%

 

VILLAGE of OAKCREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

75

55

Absorption Rate (Sales/Months).

25.00

18.33

Months of Housing Supply (Listings/Ab Rate).  

1.40

3.11

Median Comparable Sales price.

559,000

575,000

Median Comparable Sales Days On Market.

69

95

Median Sales price as % of List Price.

99.00%

99.00%

The National Association of Realtors announced that sales of existing homes in October were well above expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units. The NAR’s chief economist, Lawrence Yun, called the annual increase “a spectacular gain.” The annualized sales rate is the highest since February 2006. The previous high was in 2005 at 7.1 million units. The data reflect closed sales representing contracts signed in August and September.

The Commerce Department
 announced that consumer spending increased by 1.4% in September. This was the fifth straight monthly increase since the pandemic began in the Spring. This smaller increase might be a reflection the failure by Congress to provide another stimulus package. The report also showed that income rose 0.9% in September compared to a fall of 2.5% in August.

Disappointment was expressed with the Treasury Department’s decision to end several lending programs implemented at the start of the coronavirus pandemic. Those facilities included one where the Fed purchased corporate bonds, and another that was focused on lending to state and local governments and the Main Street Lending Program aimed at small and medium sized businesses. Most of the facilities were rarely used, but Fed officials argue that they are another means of support, and their very existence helps to calm markets in periods of turmoil.

Freddie Mac, noting the consumer spending data, showed mortgage rates down to a new record low. Ignoring points and fees, the 30-year fixed-rate mortgage was down around 2.72%. The 15-Year fixed was around 2.28%, and the 5/1 Year Adjustable Rate Mortgages was around 2.85%. The latest Mortgage Bankers Association survey showed a decrease in mortgage applications of 0.3% compared to the previous week.

US Treasury yields fell over the week. The 2-year yield was lower at around 0.16%; the 5-year lower at around 0.38%; the 10-Year lower at around 0.83%; the 20-Year lower at around 1.33%, and the 30-Year also lower at around 1.53%.

The U.S. stock markets were only marginally changed on the week. The Dow Jones Industrial Average fell 0.7% to close at 29,263.48. The S&P 500 fell 0.8% to close at 3,557.54, and the Nasdaq Composite rose 0.2% to close at 11,854.97.

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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