Weekly Update. August 3rd, 2019.

The Sedona International Film Festival presents the lavish Tony Award-winning musical “Kinky Boots” from London’s West End, from August 2nd to 7th. With songs by Grammy and Tony-winning pop icon Cyndi Lauper, direction and choreography by Jerry Mitchell and book by Broadway legend Harvey Fierstein, this dazzling, fabulously sassy and uplifting award-winning musical celebrates a joyous story of Brit grit to high-heeled hit. Admission: $15 general admission; $12.50 film festival membersTime: 4:00 PM and 7:00 PM. (check website). Mary D Fisher Theatre, 2030 W State Route 89A Ste A3 Sedona. For more information call Patrick Schweiss, 928-282-1177.

70th Annual Navajo Festival of Arts & Culture. Immerse yourself in the artistry and cultural traditions of the Navajo people, who continue to live on their ancestral lands on the Colorado Plateau, as they have for thousands of years. More than 80 award-winning Navajo artists come to the festival to demonstrate and sell their silver work, weaving, painting and other artwork. The festival includes talks and presentations about Navajo history and traditions, as well as music and dance performances. Time: From: 9:00 AM to 5:00 PM. Weekend Pass: $18 adult, $12 youth/student/American Indian. Daily Admission: $12 adult; $8 youth (10-17), student (w/ ID) & American Indian (w/ tribal card). Free for Museum members & children under 10. Museum of Northern Arizona, 3101 N Fort Valley Rd Flagstaff. For more information call 928-774-5213.

From August 22nd to 25th, we have the Sedona Photography Symposium. Join fellow photo enthusiasts for 4 days of inspiring presentations, breakout sessions and field workshops in one of the world's most magnificent landscapes: Sedona, AZ! Sedona Creative Life Center, 333 Schnebly Hill Rd Sedona.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

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

New Listings:         19    Average: 17.7  (New Listings; Back on Market)
Under Contract:     23    Average: 21.1  (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     
13     Average: 9.2  (Sold; Closed Escrow) 

Off Market:               7     Average:   5.6  (Canceled; Expired; Temporary Off Market)

Price Reductions:         8     Average  10.3
Price Increases:            1     Average    0.7 

Contract Ratio:  40.30. The average over the last year is 33.90. 

The Average Price per Square Foot of homes that are Under Contract was $286.78 per square foot. The yearly moving average is $318.23 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $276.84 per square foot.

As expected, the Federal Reserve reduced its benchmark rate by 0.25%. The new band is 2% to 2.25%. The announcement was accompanied by remarks from Jerome Powell noting that this move was not part of a long term loosening policy. The fears that the Fed was reacting to a possible recession and the president's announcement of further tariffs on all Chinese imports, saw the Stock Markets react negatively. The Dow closed the week at 26,485.01; The Nasdaq at 8004.07, and the S&P at 2,932.05.

Given the uncertainties on trade and ongoing international tensions, the flight to quality saw substantial reductions in US Treasury yields. The 2-year was around 1.71%; the 5-year 1.66%; the 10-year 1.84%, and the 30-year 2.38%. 

The University of Michigan announced that its consumer sentiment index for July was at 98.4, the same as the earlier number posted in the middle of July. This was marginally below market expectations, but higher than the June number of 98.2. The reported also showed the strongest net personal financial expectations since May 2003. Despite the concerns about international trade and the relationship with China, the Index has remained remarkably positive.

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.