Weekly Update. May 25, 2019.
The Sedona International Film Festival has two premiere showings for your entertainment. There is the new dramatic thriller “Red Joan” with Award-winner Dame Judi Dench in the starring role alongside a stellar ensemble cast, including Sophie Cookson and Tom Hughes, and directed by Trevor Nunn. Also a new documentary “Meeting Gorbachev”, Werner Herzog and André Singer’s riveting documentary filled with unforgettable archive materials and based on three long interviews that provides incredible access to one of the world’s greatest living politicians. Admission: $12 general admission; $9 for film festival members. Times vary. Please check the website. Mary D Fisher Theatre, 2030 W State Route 89A Ste A3 Sedona. Please call Patrick Schweiss on 928-282-1177 for more information.
Today is the 29th Annual Zuni Festival of Arts and Culture. Enjoy a weekend celebration of the culture, arts and traditions of the Zuni people, who have lived and farmed on a tributary of the Colorado River for 4,000 years. For this festival, Zuni artists and performers travel from their home in the Pueblo of Zuni to share their art, language, life ways, traditional music and dances. The festival includes talks and presentations about Zuni history and traditions. Admission: Weekend Pass: $18 adult, $12 youth/student/American Indian. Time: From: 9:00 AM to 5:00 PM. the Museum of Northern Arizona, 3101 N Fort Valley Rd Flagstaff. Please call Kristan Hutchison on 928-774-5213 for more information.
The Verde Canyon Railroad offers this monthly Starlight excursion on select Saturdays May through September, departing the depot during the cooler temperatures of later afternoon and traveling through sunset and into the moon glow of twilight. Sandwiched between two protected national forests and adjacent to the Sycamore Canyon Wilderness, Verde Canyon Railroad brings its passengers into an untamed and unspoiled terrain, the exceedingly rare ribbon where high desert meets the river. Admission: $64.95-$89.95. Time: From: 5:30 PM to 9:30 PM. The Depot, 300 N Broadway Clarkdale. Please call Ellen on 800-293-7245 for more information. 
 
Real Estate Information - Sedona Single Family Residential Homes ONLY.
All the Averages are for 1 year, and this week's numbers are,
New Listings:         26    Average: 17.7  (New Listings; Back on Market)
Under Contract:     22    Average: 21.2  (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:      7     Average: 9.4  (Sold; Closed Escrow) 
Off Market:               5     Average:   5.5  (Canceled; Expired; Temporary Off Market)
Price Reductions:       25     Average   10.0
Price Increases:           0     Average   0.8
 
Contract Ratio:  35.00. The average over the last year is 35.00. 
The Average Price per Square Foot of homes that are Under Contract was $298.21 per square foot. The yearly moving average is $325.71 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $273.46 per square foot.
With trade negotiations with China still unsettled, Equity Markets recovered on Friday, but were down on the week. The Dow Jones Industrial Average closed at 25,585.69, The S&P 500 at 2,826.06, and The Nasdaq Composite at 7,637.01.
The unsettled situation and fear of the impact on GDP and economic growth pushed yields on US Treasuries lower. The yield on the 10-year Treasury note was at around 2.32%, and the 30-year U.S. bond yield was at around 2.75%. The 3-month Treasury bill yield was at around 2.35%, which the small yield curve inversion in the shorter part of the curve.
The fall in US Treasury yields led to a decline in mortgage rates. According to Mortgage News Daily, the most qualified borrowers could see a rate under 4%. Last November, the average rate was over 5%, as the expectation was for the Federal Reserve to continue pushing rates higher. 
Minutes from the May 1/2 Federal Open Market Committee meeting reflected that the general expectation was for further economic growth, and concerns about a slowdown have receded. Despite that positive outlook, and citing a lack of inflation pressures, the committee advocated holding the line on interest rates. Wall Street chatter suggested that the Fed may even consider an interest rate cut this year, as insurance against any economic weakness caused by a tariff war.
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. 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.  

 

Weekly Update. May 25, 2019.

The Sedona International Film Festival has two premiere showings for your entertainment. There is the new dramatic thriller “Red Joan” with Award-winner Dame Judi Dench in the starring role alongside a stellar ensemble cast, including Sophie Cookson and Tom Hughes, and directed by Trevor Nunn. Also a new documentary “Meeting Gorbachev”, Werner Herzog and André Singer’s riveting documentary filled with unforgettable archive materials and based on three long interviews that provides incredible access to one of the world’s greatest living politicians. Admission: $12 general admission; $9 for film festival members. Times vary. Please check the website. Mary D Fisher Theatre, 2030 W State Route 89A Ste A3 Sedona. Please call Patrick Schweiss on 928-282-1177 for more information.

Today is the 29th Annual Zuni Festival of Arts and Culture. Enjoy a weekend celebration of the culture, arts and traditions of the Zuni people, who have lived and farmed on a tributary of the Colorado River for 4,000 years. For this festival, Zuni artists and performers travel from their home in the Pueblo of Zuni to share their art, language, life ways, traditional music and dances. The festival includes talks and presentations about Zuni history and traditions. Admission: Weekend Pass: $18 adult, $12 youth/student/American Indian. Time: From: 9:00 AM to 5:00 PM. the Museum of Northern Arizona, 3101 N Fort Valley Rd Flagstaff. Please call Kristan Hutchison on 928-774-5213 for more information.

The Verde Canyon Railroad offers this monthly Starlight Excursion on select Saturdays May through September, departing the depot during the cooler temperatures of later afternoon and traveling through sunset and into the moon glow of twilight. Sandwiched between two protected national forests and adjacent to the Sycamore Canyon Wilderness, Verde Canyon Railroad brings its passengers into an untamed and unspoiled terrain, the exceedingly rare ribbon where high desert meets the river. Admission: $64.95-$89.95. Time: From: 5:30 PM to 9:30 PM. The Depot, 300 N Broadway Clarkdale. Please call Ellen on 800-293-7245 for more information.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year, and this week's numbers are,

New Listings:         26    Average: 17.7  (New Listings; Back on Market)
Under Contract:     22    Average: 21.2  (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:       7     Average: 9.4  (Sold; Closed Escrow) 
Off Market:               5     Average:   5.5  (Canceled; Expired; Temporary Off Market)

Price Reductions:       25     Average   10.0
Price Increases:            0     Average     0.8 

Contract Ratio:  35.00. The average over the last year is 35.00. 

The Average Price per Square Foot of homes that are Under Contract was $298.21 per square foot. The yearly moving average is $325.71 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $273.46 per square foot.

With trade negotiations with China still unsettled, Equity Markets recovered on Friday, but were down on the week. The Dow Jones Industrial Average closed at 25,585.69, The S&P 500 at 2,826.06, and The Nasdaq Composite at 7,637.01.

The unsettled situation and fear of the impact on GDP and economic growth pushed yields on US Treasuries lower. The yield on the 10-year Treasury note was at around 2.32%, and the 30-year U.S. bond yield was at around 2.75%. The 3-month Treasury bill yield was at around 2.35%, which the small yield curve inversion in the shorter part of the curve.

The fall in US Treasury yields led to a decline in mortgage rates. According to Mortgage News Daily, the most qualified borrowers could see a rate under 4%. Last November, the average rate was over 5%, as the expectation was for the Federal Reserve to continue pushing rates higher. 

Minutes from the May 1/2 Federal Open Market Committee meeting reflected that the general expectation was for further economic growth, and concerns about a slowdown have receded. Despite that positive outlook, and citing a lack of inflation pressures, the committee advocated holding the line on interest rates. Wall Street chatter suggested that the Fed may even consider an interest rate cut this year, as insurance against any economic weakness caused by a tariff war.

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. 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.