Sedona Real Estate January 9, 2021

Dated: January 9 2021

Views: 82

Weekly Update. January 9th, 2021.

 

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 607,345 with 10,036 deaths. This is approximately a 12.7% and a 10.8% increase over the previous week, a significant deterioration.

The Fatality Rate, the number of deaths as a percentage of confirmed cases, is unchanged at 1.7%. For those up to 54 years of age the Fatality Rate is unchanged at 0.3% and for those 55 and over it is slightly lower at 5.9%.

The number of cases is now about 8.34% of Arizona’s population, and deaths are 0.14% of the population.

Maricopa County accounts for 374,740 of confirmed cases and 5,767 of deaths. This is approximately 62% and 58% of the Arizona numbers, respectively. The figures for Yavapai County are 13,293 and 275, and for Coconino County are 12,610 and 233, respectively.

In Arizona, there have been a total of 3,442,738 tests performed, which is approximately 47.3% of the population, not accounting for people who have had multiple tests. The number of those tests that have shown positive has increased from 10.4% at the beginning of December to 13.1%, as of today. Of the tests, approximately 88% have been Diagnostic Tests (do you currently have the virus), and 12% 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 86,054 with 72,678 testing negative, a slight reduction to 84.5%. The number of tests is approximately 37.7% of the County’s population. The 259 deaths, marginally lower than the State number, consists of 107 females and 152 males, and is slightly higher at about 0.11% of the County’s population. The Fatality Rate is also slightly higher at about 1.94%.


A chart of the daily increase in confirmed cases in Arizona is below. There remains volatility in the numbers reported, which may be a timing issue.

                                           

 

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

18.1

New Listings; Back on Market

Under Contract

20

MAV

27.9

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

10

MAV

12.2

Sold; Closed Escrow

Off Market

2

MAV

5.1

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

3

MAV

5.8

 

Price Increases

0

MAV

0.9

 


Over the week there were 9 new Listings with 4 coming Back on Market, (total 13). There were 10 Closings, and 9 Pending Sales (total 19). Taking Pending and Closed away from New Listings gives a reduction of inventory by another 6 units.

Contract Ratio:  The Contract Ratio is 125.0. The average over the last year is 84.3.

The Average Price per Square Foot of homes that are Under Contract was $397.34 per square foot. The yearly moving average is $330.13 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $304.68 per square foot.

MARKET WATCH.

This Table contrasts the real estate activity in Sedona, and the Village of Oak Creek, 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.

123

137

Absorption Rate (Sales/Months).

41.00

45.67

Months of Housing Supply (Listings/Ab Rate).  

1.51

2.12

Median Comparable Sales price.

829,000

730,000

Median Comparable Sales Days On Market.

66

84

Median Sales price as % of List Price.

99.00%

98.00%

 

VILLAGE of OAK CREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

64

74

Absorption Rate (Sales/Months).

21.33

24.67

Months of Housing Supply (Listings/Ab Rate).  

1.55

1.91

Median Comparable Sales price.

588,450

549,500

Median Comparable Sales Days On Market.

68

99

Median Sales price as % of List Price.

100.00%

98.00%


Federal Reserve Vice Chairman Richard Clarida said that he expects the central bank to maintain the pace of its asset purchases through the remainder of 2021. Currently, the Fed buys at least $120 billion a month. This is split between a minimum $80 billion in US Treasuries and $40 billion in mortgage-backed securities. The pace of purchases accelerated from the start of the COVID pandemic in an effort to maintain market liquidity and stimulate economic growth.

With new record low mortgage rates to start the year, Freddie Mac noted that housing affordability has decreased, as the lower rates have been offset by rising home prices. Ignoring points and fees, the 30-year fixed-rate mortgage was down around 2.65%. The 15-Year fixed was down around 2.16%, and the 5/1 Year Adjustable-Rate Mortgage was higher around 2.75% following the US Treasury markets.

The Labor Department announced that nonfarm payrolls fell by 140,000. This was the first monthly fall since April. The unemployment rate remained unchanged at 6.7%. An alternative unemployment measure, U-6, that includes discouraged workers and those holding part-time jobs for economic reasons fell to 11.7% from 12%.

Despite the Unemployment numbers, US Treasury yields were sharply higher on the week and the yield curve steepened. The 2-year yield was up at around 0.14%; the 5-year was up at around 0.49%; the 10-Year lower at around 1.13%; the 20-Year lower at around 1.67%, and the 30-Year also lower at around 1.87% levels last seen in March.

The U.S. stock markets continued their move to higher levels. The Dow Jones Industrial Average rose 1.6% to close at 31,097.97. The S&P 500 rose 1.8% to close at 3,824.68, and the Nasdaq Composite rose 2.4% to close at 13,201.98.

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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