Weekly Update. July 27th, 2019.
August 2, 2019. Join us to celebrate Sedona’s dark skies 7:00 PM to 9:30 PM at the Sedona Star Party. This free community event will give locals the chance to view the Summer Milky Way, Jupiter, Saturn and Mars, and more! The astronomers of the Verde Valley will provide telescopes for free viewing and laser guided constellation tours. Mark your calendar, bring a blanket, and join us for this fun community event! No dogs allowed (thank you). Posse Grounds Park, 525 Posse Ground Rd Sedona. For more information call 928-282-7890, or 800-288-7336.
The Sedona Arts Center Member Summer Co-op will run from August 2 to August 23, 2019. Members of the Sedona Arts Center will be selling and exhibiting their work throughout the month of August. The Sedona Arts Center, 15 Art Barn Rd Sedona. For more information call 928-282-3809, or 888-954-4442.
Red Rocks Music Festival presents four extraordinary concerts. On August 18 is Piazzolla- the Genius of Tango; On September 7, "East meets West"; On September 8, from Mozart to Gershwin and more, and on September 21, "Polonaise - Fantasie", the story of a pianist. Sedona Creative Life Center, 333 Schnebly Hill Rd, Sedona. For more information call 602-402-4551.
Real Estate Information - Sedona Single Family Residential Homes ONLY.
All the Averages are for 1 year, and this week's numbers are,
New Listings:         13    Average: 17.9  (New Listings; Back on Market)
Under Contract:     21    Average: 21.2  (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:        7     Average: 9.2  (Sold; Closed Escrow) 
Off Market:               4     Average:   5.6  (Canceled; Expired; Temporary Off Market)
Price Reductions:         8     Average  10.2
Price Increases:            1     Average    0.7
 
Contract Ratio:  43.80. The average over the last year is 33.90. 
The Average Price per Square Foot of homes that are Under Contract was $280.53 per square foot. The yearly moving average is $319.03 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $276.94 per square foot.
The Commerce Department announced that GDP increased 2.1%, down from the first quarter’s 3.1% and the weakest increase since Q1 of 2017. The lower level of growth was less than market expectations given the impact of tariffs and a general global economic slowdown. The report also showed consumption rise 4.3%. This is the best performance since the fourth quarter of 2017, and seems to have somewhat reduced the fears of a recession.
Following the GDP numbers, the general expectation is for the Fed to cut interest rates by a quarter point on Wednesday. This move would be considered to be indicative of the Feds desire to avoid a slowdown in the economy, especially as inflation does not appear to be a factor. Core PCE inflation rose only 1.8%. While this is higher than the 1.1% in the first quarter, it is still below the Fed’s 2% target.
The better GDP, and some strong earnings reports, saw The Dow Jones Industrial Average close at 27,192.45; The S&P 500 close at 3,025.86, and the tech heavy Nasdaq Composite close at an all-time high at 8,330.21. US Treasuries were little changed with the yield on the benchmark 10-year Treasury note at around 2.07%, and the yield on the 30-year Treasury bond at around 2.59%.
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. 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. July 27th, 2019.

August 2, 2019. Join us to celebrate Sedona’s dark skies 7:00 PM to 9:30 PM at the Sedona Star Party. This free community event will give locals the chance to view the Summer Milky Way, Jupiter, Saturn and Mars, and more! The astronomers of the Verde Valley will provide telescopes for free viewing and laser guided constellation tours. Mark your calendar, bring a blanket, and join us for this fun community event! No dogs allowed (thank you). Posse Grounds Park, 525 Posse Ground Rd Sedona. For more information call 928-282-7890, or 800-288-7336.

The Sedona Arts Center Member Summer Co-op will run from August 2 to August 23, 2019. Members of the Sedona Arts Center will be selling and exhibiting their work throughout the month of August. The Sedona Arts Center, 15 Art Barn Rd Sedona. For more information call 928-282-3809, or 888-954-4442.

Red Rocks Music Festival presents four extraordinary concerts. On August 18 is Piazzolla- the Genius of Tango; On September 7, "East meets West"; On September 8, from Mozart to Gershwin and more, and on September 21, "Polonaise - Fantasie", the story of a pianist. Sedona Creative Life Center, 333 Schnebly Hill Rd, Sedona. For more information call 602-402-4551.

Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings:         13    Average: 17.9  (New Listings; Back on Market)
Under Contract:     21    Average: 21.2  (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:       7     Average: 9.2  (Sold; Closed Escrow) 
Off Market:               4     Average:   5.6  (Canceled; Expired; Temporary Off Market)

Price Reductions:         8     Average  10.2
Price Increases:            1     Average    0.7 

Contract Ratio:  43.80. The average over the last year is 33.90.
 
The Average Price per Square Foot of homes that are Under Contract was $280.53 per square foot. The yearly moving average is $319.03 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $276.94 per square foot.

The Commerce Department announced that GDP increased 2.1%, down from the first quarter’s 3.1% and the weakest increase since Q1 of 2017. The lower level of growth was less than market expectations given the impact of tariffs and a general global economic slowdown. The report also showed consumption rise 4.3%. This is the best performance since the fourth quarter of 2017, and seems to have somewhat reduced the fears of a recession.

Following the GDP numbers, the general expectation is for the Fed to cut interest rates by a quarter point on Wednesday. This move would be considered to be indicative of the Feds desire to avoid a slowdown in the economy, especially as inflation does not appear to be a factor. Core PCE inflation rose only 1.8%. While this is higher than the 1.1% in the first quarter, it is still below the Fed’s 2% target.

The better GDP, and some strong earnings reports, saw The Dow Jones Industrial Average close at 27,192.45; The S&P 500 close at 3,025.86, and the tech heavy Nasdaq Composite close at an all-time high at 8,330.21. US Treasuries were little changed with the yield on the benchmark 10-year Treasury note at around 2.07%, and the yield on the 30-year Treasury bond at around 2.59%.

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. 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.