Real Estate Information

Weekly Update. September 16, 2017.

Today is Sedona Airport Day, from 9:00 AM until 3:00 PM. Admission and parking is free. The event will feature tons of exhibits including cool classic automobiles, trucks, and aircraft of all vintages; including former military, antique, home-built, and brand new aircraft.

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     20    Average: 16.7   (New Listings; Back on Market)
Under Contract:   19    Average: 20.3   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     7     Average:  9.2   (Sold; Closed Escrow) 
Off Market:            6     Average:  6.5 (Canceled; Expired; Temporary Off Market)

Price Reductions:     11     Average   10.0
Price Increases:         1     Average    0.6 

Contract Ratio:  24.80. The average over the last year is 28.3.

The Average Price per Square Foot of homes that are Under Contract was $254.75 per square foot. The yearly moving average is $247.88 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $239.91 per square foot.

The Federal Reserve said that U.S. industrial output fell in August for the first time since January as Hurricane Harvey battered oil, gas and chemical plants along the Gulf Coast and a cool summer sapped utility demand in the east. Overall industrial production fell 0.9% over the month after an increase in July that was revised upward to 0.4%.

The Commerce Department announced that U.S. retail sales unexpectedly fell in August as motor vehicle purchases fell, suggesting that consumer spending has moderated in the third quarter. Retail sales fell 0.2% last month. Data for July was revised to show an increase of 0.3% against the previously reported 0.6%. Apparently, Hurricane Harvey was to blame, again.

Equifax reported that potentially 143 million consumers could be effected by a recent data breach, which it said was discovered on July 29. CNBC reports that SEC filings show that three Equifax executives sold nearly $2 million in shares in the company days after the cyberattack was discovered. It was unclear whether their share sales had anything to do with the breach.The costs associated with freezing your Credit Report can be found here.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. September 9, 2017.

The Sedona International Film festival presents an outrageous comedy "The Trip to Spain" tonight.  For music, The Red Rock Music Festival presents Duo "Gitarinet" from Serbia, Mirko Dimitrijevic, guitar and Nikola Djurica, clarinet, performing Balkan, Klezmer, Jazz and Pop selections.

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     25    Average: 16.6   (New Listings; Back on Market)
Under Contract:   12    Average: 20.4   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     6     Average:  9.2   (Sold; Closed Escrow) 
Off Market:            3     Average:  6.5 (Canceled; Expired; Temporary Off Market)

Price Reductions:      9     Average   10.1
Price Increases:         2     Average    0.6 

Contract Ratio:  21.90. The average over the last year is 28.4.

The Average Price per Square Foot of homes that are Under Contract was $255.75 per square foot. The yearly moving average is $247.61 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $239.90 per square foot.

As higher prices attract sellers, there were more listings this week, and with less purchasing activity, the Contract Ratio has declined.

In an effort aimed at "reducing appraisal turnaround times", and perhaps to compete with the likes of one-click Amazon.com, Fannie Mae has refined its appraisal policies. Please read the article here.

According to CoreLogic, buying a home is becoming ever more difficult to afford as home prices continue upwards and incomes fail to keep pace. Even historically low mortgage rates are not helping. Corelogic say that, at the end of July, of the top 50 markets, based on housing stock, 46% were overvalued. (A market is considered overvalued when home prices are at least 10% higher than the long-term, sustainable level.) Of the other markets in their survey, 16% were listed as undervalued and 38% fairly valued.

The National Association of Realtors said that home prices rose by 6.7% in July, compared with the same month a year ago. A record shortage of inventory is driving prices up. NAR say the supply measured at the end of July was 9% lower compared with a year ago, and has been shrinking steadily for nearly three years.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. September 2, 2017.

Sedona is known for its New Age influences, and today you can learn the foundation of shamanic healing and how to enter altered states of consciousness for information, problem-solving, and healing. There is a two day Shamanic Journey Workshop which costs $395.00. 

The Sedona International Film Festival has two screenings for your pleasure, "Walk With Me" and "13 Minutes". In the evening, you can enjoy an up-close and intimate concert with master guitarist Esteban, along with Teresa Joy (violin), Joe Morris (drums) and Raul Yanez (keyboards), at Sound Bites Grill.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:        27    Average: 16.5   (New Listings; Back on Market)
Under Contract:    30    Average: 20.6   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:    12     Average:  9.2   (Sold; Closed Escrow) 
Off Market:              5     Average:  6.6 (Canceled; Expired; Temporary Off Market)

Price Reductions:     12     Average   10.3
Price Increases:          0     Average    0.6 

Contract Ratio:  24.60. The average over the last year is 28.6.

The Average Price per Square Foot of homes that are Under Contract was $251.86 per square foot. The yearly moving average is $247.42 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $239.60 per square foot.

An active week with 27 new listings, 30 going under contract, and 12 closings.

The Labor Department announced that the unemployment rate rose from 4.3% to 4.4%. The estimate of job growth in June and July was revised down by a combined 41,000, leaving an average monthly gain this year of 176,000. Employers added 156,000 jobs in August, but held back on pay rises for most employees.

The jobs report was interpreted as pointing to an economy that is still steadily generating jobs, but more slowly than it did earlier in its recovery. With the economy now in its ninth year of expansion and unemployment near a 16-year low, fewer people are looking for work and fewer jobs are being filled. Analysts didn't really express any concerns about the slower gain, as August figures can be unpredictable with employers looking towards the end of the year. It is difficult to factor these changes into the August employment data.

The University of Michigan's consumer sentiment index rose to 96.8 in August from 93.4 in July. This was a little below the market expectation of 97.4.

The Commerce Department announced that construction spending fell 0.6% to $1.21 trillion as investment on public sector projects fell. This is the lowest level since October 2016 and follows a downwardly revised 1.4% in June.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. August 26, 2017.

For you singers, there are a couple of Open Mic events, one tonight August 26, between 8 PM and 11 PM at Oak Creek Brewing and the other on August 29 between 7 PM and 9:30 PM at Vino Di Sedona. Also on August 29 between 5:30 PM and 6:45 PM you can enjoy a Yoga Stretch. On August 30 between 5 PM and 7 PM is Wineaux Wednesday at Sound Bites Grill.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     18    Average: 16.4   (New Listings; Back on Market)
Under Contract:   16    Average: 20.5   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     7     Average:  9.2   (Sold; Closed Escrow) 
Off Market:            2     Average:  6.7 (Canceled; Expired; Temporary Off Market)

Price Reductions:      6     Average   10.5
Price Increases:         1     Average    0.6 

Contract Ratio:  24.30. The average over the last year is 28.7.

The Average Price per Square Foot of homes that are Under Contract was $257.94 per square foot. The yearly moving average is $247.22 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $238.87 per square foot.

The Commerce Department announced that non-defense capital goods orders excluding aircraft increased 0.4% in July. They were unchanged in June. New orders for key U.S.-made capital goods rose slightly more than expected in July and shipments surged, pointing to an acceleration in business spending early in the third quarter.

The chief economist for the International Monetary Fund in an interview with CNBC, said the global economy is doing well. The IMF forecast is for global economic growth of 3.5% in 2017 and 2.5% in 2018.

Janet Yellen, the central bank chief, spoke at the Federal Resrve's annual conference in Jackson Hole, Wyoming. Though the speech is closely watched by financial markets, Yellen offered no clues about the future of monetary policy. Market speculation suggests that the Fed will not raise rates again this year unless inflation nears 2%.

Sales of new single-family homes were at a seasonally adjusted rate of 571,000 in July. This is 9.4% below the revised rate of 630,000 in June, and 8.9% below the previous July estimate of 627,000. The seasonally adjusted estimate of new houses for sale represents a supply of 5.8 months at the current sales rate. Median new home prices increased by 6.3% over last year, while inventory of new homes rose 1.5% last month. This is the highest level since June 2009. 

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. August 19, 2017.

This afternoon, Vino Di Sedona has a "Paint Along for Fun", a step by step instruction by local artist Phyllis Angelin. In the evening, The Sedona Film Festival is presenting the Northern Arizona premiere of "The Midwife". Also in the evening, The Crooked Figure Theatre is bringing Shakespeare's Henry V to El Portal Sedona Hotel.   

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     10    Average: 16.3   (New Listings; Back on Market)
Under Contract:   17    Average: 20.7   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     9     Average:  9.3   (Sold; Closed Escrow) 
Off Market:           11     Average:  6.7 (Canceled; Expired; Temporary Off Market)

Price Reductions:     11     Average   10.6
Price Increases:         0     Average    0.5 

Contract Ratio:  25.30. The average over the last year is 28.7.

The Average Price per Square Foot of homes that are Under Contract was $264.98 per square foot. The yearly moving average is $246.92 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $237.37 per square foot.

Leading indicators increased 0.3% in July, down from a gain of 0.6% in June, and despite the negative contribution from housing permits. This continues the general improvement in the economic outlook.

The Labor Department announced that initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 232,000 for the week ended Aug. 12. That was the lowest level since the week ended Feb. 25 when claims fell to 227,000, which in turn was the best reading since March 1973. Data for the prior week was unrevised. The tightening in the labor market might encourage the Federal Reserve to consider starting to reduce its massive bond portfolio.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. August 12, 2017.

Sedona is also known for its Native American jewelry, and today the Turquise Tortoise Gallery is having its second showing of such fine art in an exhibition called Embracing the Past between 5 PM and 8 PM.

The Sedona Film Festival is presenting the Northern Arizona premiere of "Beatriz at Dinner", and in the evening there is live music at the Sound Bites Grill with Tom Tayback and the Daddy Os performing golden oldies from the 50s and 60s.    

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     15    Average: 16.3   (New Listings; Back on Market)
Under Contract:    7    Average: 20.7   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     6     Average:  9.2   (Sold; Closed Escrow) 
Off Market:            5     Average:  6.6 (Canceled; Expired; Temporary Off Market)

Price Reductions:      6     Average   10.7
Price Increases:         1     Average    0.6 

Contract Ratio:  25.10. The average over the last year is 28.8.

The Average Price per Square Foot of homes that are Under Contract was $257.88 per square foot. The yearly moving average is $246.35 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $238.21 per square foot.

The National Association of Realtors keeps a lot of data on housing. A recent phenomena they have poited out concerns how long on average people stay in their home. For the whole country, between 1985 and 2008, that has been six years. Since the housing collapse, things have improved and Corelogic says that 93.9% of homes with mortgages are now in a positive equity situation, and 78.8% of them have positive equity. However, since 2008, the average time people live in their homes has increased to nearly nine years.

Global tensions a a result of a war of words between the U.S. and North Korea contributed to a sharp fall in the stock market. As a result traders sought safety in the bond markets, driving prices up and therefore yields down, which helps mortgage rates in the short term.

The Labor Department announced that initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 244,000 for the week ended August 5. Data for the prior week was revised to show 1,000 more applications received than previously reported. While these numbers continue to show labor market strength, the Fed is unlikely to raise rates until inflation increases.

The Mortgage Bankers Association said that total mortgage application volume increased 3% last week, but down 25% from a year ago. Refinance applications were up 5%, down 44% from a year ago. Purchase applications rose 1% compared to the previous week.

Corelogic said that, as of May 2017, the foreclosure inventory rate was 0.7% compared with 1% in May 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2%, which was unchanged from April 2017 and down from 2.6% from May 2016. The 2% serious delinquency rate in April and May this year was the lowest since November 2007 when it was also 2%.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. August 5, 2017.

Sedona has an exciting art scene, and on the 1st Friday of each month members of the Sedona Gallery Association offer a unique monthly showcase highlighting artists, special exhibits, and art events. Every Saturday, for the next nine months, the local Fire Department run classes for people to learn AHA CPR and First Aid.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     18    Average: 16.3   (New Listings; Back on Market)
Under Contract:   18     Average: 21.0   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     9     Average:  9.3   (Sold; Closed Escrow) 
Off Market:            9     Average:  6.6 (Canceled; Expired; Temporary Off Market)

Price Reductions:      9     Average   10.8
Price Increases:         0     Average    0.6 

Contract Ratio:  27.40. The average over the last year is 28.8.

The Average Price per Square Foot of homes that are Under Contract was $255.23 per square foot. The yearly moving average is $245.82 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $237.48 per square foot.

The U.S. economy added 209,000 jobs in July, with the unemployment rate falling to 4.3%, the lowest since March 2001. The number of employed Americans hit a new high of 153.5 million. The employment-to-population ratio moved up to 60.2%, equivalent to the highest level since February 2009.

The Mortgage Bankers Association announced that total mortgage application volume rose 6.3% for the week. The seasonally adjusted index shows volume remains 31% lower than a year ago. Refinance applications increased 13% last week, as mortgage rates remained steady. 

The National Association of Realtors (NAR) said the Pending Home Sales Index (PHSI) rose 1.5% in June, higher than the 0.9% median forecast. The PHSI had declined for 3 straight months. The housing market remains constrained by a shortage of properties for sale. Homebuilders are having difficulty keeping up due to higher costs and labor shortages.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. July 29, 2017.

Today's activities in Sedona include The Sedona Film festival's presentation of "Maudie" and "My Cousin Rachel" at the Mary D. Fisher Theater. Also there is Juggling and Jiggling, A Summer Reading Celebration at the Sedona Public Library and Night Photography Classes with Bob Shuman.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     12    Average: 16.3   (New Listings; Back on Market)
Under Contract:   24     Average: 21.1   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:    12     Average:  9.2   (Sold; Closed Escrow) 
Off Market:            5     Average:  6.6 (Canceled; Expired; Temporary Off Market)

Price Reductions:      3     Average   10.9
Price Increases:         0     Average    0.6 

Contract Ratio:  27.00. The average over the last year is 28.7.

The Average Price per Square Foot of homes that are Under Contract was $263.16 per square foot. The yearly moving average is $245.38 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $236.02 per square foot.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, increased 5.6% in May, the same increase as the month before. Before seasonal adjustment, the National Index increased 1% from May, however after seasonal adjustment, it increased just 0.2%.

The Wall Street Journal reported that Americans are pouring record amounts into home remodeling this year. A shortage of new single-family homes, along with surging home prices, is locking many buyers out of the market. That has prompted more homeowners to turn to renovating their existing home.

Economic growth is expected to be double the first quarter's pace when second-quarter GDP data is released next Friday morning. On Thursday, Economists raised their growth forecasts, after better-than-expected details in the June durable goods, inventories and trade data. The CNBC/Moody's Analytics Rapid Update showed a median forecast of 2.9% for second-quarter growth, up 0.3 of a percentage point on the one day's data, and now more than double the first quarter's 1.4% growth rate.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. July 22, 2017.

There's lots going on today in Sedona. I've mentioned the Guided Nature Walks and Bird Walks previously, but Sedona is a haven for artists, so there are a number of activities to enjoy. For instance a Colored Pencil Adventure with Richard Drayton and, for music lovers, "Carmen" Met Opera Summer Encore and in the evening some blues with Sir Harrison.  

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     16    Average: 16.4   (New Listings; Back on Market)
Under Contract:   16     Average: 21.1   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:    12     Average:  9.2   (Sold; Closed Escrow) 
Off Market:            1     Average:  6.7 (Canceled; Expired; Temporary Off Market)

Price Reductions:      8     Average   11.1
Price Increases:         0     Average    0.6 

Contract Ratio:  27.70. The average over the last year is 28.5.

The Average Price per Square Foot of homes that are Under Contract was $258.80 per square foot. The yearly moving average is $244.83 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $235.94 per square foot.

U.S. homebuilding improved more than expected in June after declining for three straight months. However, construction activity remained somewhat constrained by rising lumber prices and labor and land shortages.

The Commerce Department annouced that Housing starts rose 8.3% to a seasonally adjusted annual rate of 1.22 million units. This is the highest level since February. Both single-family and multi-family construction increased. May's number was revised upwards to 1.12 million units from the previously reported 1.09 million units.

Building permits in June increased 7.4% to a seasonally adjusted annualized rate of 1,254 thousand from 1,168 thousand in May. This was above the market expectation of 1,200 thousand. In June, permits for the construction of multi-family homes rose 13.9% to 443 thousand, and single-family authorizations increased for the first time in four months by 4.1% to 811 thousand.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.   

Weekly Update. July 15, 2017.

There are still lots of activities, events, and things to do in Sedona, and today is a very busy day.

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Averages are for 1 year.

This week's numbers are,

New Listings:     12    Average: 16.4   (New Listings; Back on Market)
Under Contract:   16     Average: 21.1   (Active-Contingency Removal; Pending-Take Backup; Pending) 
Closed Escrow:     8     Average:  9.1   (Sold; Closed Escrow) 
Off Market:            5     Average:  6.9 (Canceled; Expired; Temporary Off Market)

Price Reductions:      8     Average   11.0
Price Increases:         0     Average    0.6 

Contract Ratio:  33.30. The average over the last year is 28.4.

The Average Price per Square Foot of homes that are Under Contract was $263.76 per square foot. The yearly moving average is $244.12 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $235.11 per square foot.

An article in the NAR Realtor Magazine quotes AOL Finance as saying that there are a number of projects that may not give as much return to home owners as expected. These include home office remodels, master bedroom upgrades, sunrooms, and special-purpose rooms. These projects may not add value to a home when selling.

According to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 7, 2017, mortgage applications decreased 7.4% from one week earlier. These results include an adjustment for the Fourth of July holiday.

The refinance share of mortgage activity decreased to 42.1% of total applications from 44.9% the previous week, and the adjustable-rate mortgage (ARM) share of activity decreased to 6.7% of total applications. The FHA share of total applications increased to 10.4% from 10.2% the week prior. The VA share of total applications increased to 11.5% from 10.3% the week prior. The USDA share of total applications decreased to 0.7% from 0.8% the week prior.

A June report from CoreLogic shows that nationally, in March 2017, 4.4% of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure). This represents a 0.8% point decline in the overall delinquency rate compared with March 2016 when it was 5.2%. The serious delinquency rate, (90 days or more past due including loans in foreclosure) was 2.1%, down from 2.7% in March 2016.

Email me if any particular subject interests you. I would love to help you achieve your real estate dreams in beautiful Sedona.

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 BloomTree Realty.