Weekly Update. December 22, 2018.
Holiday Brunch. L'Auberge is offering a series of enhanced Holiday Brunches. They will be featuring a Carving Station with Apple Cider Brined & Roasted Turkey as well as their Herbs Crusted Prime Rib. You can also enjoy building your own waffle, and there is a hot chocolate bar. We are excited to be offering Apple Cider and Orange Creamsicle Mimosas in addition to our Orange juice mimosas and Bloody Marys. $70 plus per adult, and $40 per Child 6 - 12. Time: From: 10:00 AM to 2:00 PM. The Etch Kitchen and Bar, 301 L'Auberge Lane Sedona.
Christmas Music. The Sedona Community is invited to the Arabella Hotel for Christmas music and refreshments. Jeanie Carroll, local singer, songwriter and musician will be singing Christmas carols. Come and request your favorite Christmas song. Hot apple cider and brownies will be served. Time: From: 5:00 PM to 7:30 PM. The Arabella Sedona, 725 State Route 179 Sedona.
Holiday Sweet Stroll. On this special occasion, Tlaquepaque is cheerfully bedecked in decorative lights and window dressings reminiscent of A Christmas Carol. Santa will be greeting the little ones and carolers dressed in finery from the Dickens era will sing traditional songs acappella as they meander through the courtyards. The Grinch will be lurking throughout the courtyards. Retailers will have their shops open and filled with unique gifts and with sweet treats, special give-a-ways, and discounted offers. Admission: free Time: From: 3:00 PM to 7:00 PM. Tlaquepaque, 336 State Route 179 Sedona.
Real Estate Information - Sedona Single Family Residential Homes ONLY.
All the Averages are for 1 year.
This week's numbers are,
New Listings: 8 Average: 18.0 (New Listings; Back on Market)
Under Contract: 12 Average: 22.6 (Active-Contingency Removal; Pending-Take Backup; Pending)
Closed Escrow: 14 Average: 9.9 (Sold; Closed Escrow)
Off Market: 7 Average: 5.5 (Canceled; Expired; Temporary Off Market)
Price Reductions: 8 Average 8.6
Price Increases: 0 Average 0.9
Contract Ratio: 21.10. The average over the last year is 37.50. The fall in the ratio is partly due to the holiday season. The market remains short of inventory, and if you add together the weekly number of Solds and Pending only, then add New Listings and Back on Market, then subtract the former from the latter, on an annual basis, we are losing an average of 2.5 units per week. This trend has been going on since December 2016.
The Average Price per Square Foot of homes that are Under Contract was $341.12 per square foot. The yearly moving average is $312.23 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $247.71 per square foot.
On Wednesday, The Federal Reservce announced an increase in its benchmark interest rate by a quarter point to a target range between 2.25 to 2.5 percent. This was largely expected by the markets. It is the fourth increase this year, and the ninth since the Fed changed its policy in December 2015.
Without suggesting an imminent recession, the Federal Reserve suggested that the U.S. economic growth will likely slow as President Donald Trump’s 2020 re-election bid approaches. It is projecting a weaker economy in 2019. The Fed's estimate for GDP growth in 2018 is now 3% percent, down 0.1% from September, and cut its estimate for 2019 growth is now 2.3%, down 0.2% from its last meeting. The Fed’s long-term growth estimate was increased to 1.9% from 1.8%. The Fed is now expecting to raise rates only two times in 2019, one less than previously forecast.
Bond markets rallied and Equity markets fell on the rate news. However, with some market commentators suggesting that rate rises will push the economy into recessionwhile the Equity markets lost further ground on Friday. US Treasuries also retreated from their highs, and at the end of the week, the yield on the benchmark 10-year Treasury was around 2.80%, and the yield on the 30-year Treasury bond was around 3.02%.
Have a wonderful holiday season with your family and friends.
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. December 22, 2018.
Holiday Brunch. L'Auberge is offering a series of enhanced Holiday Brunches. They will be featuring a Carving Station with Apple Cider Brined & Roasted Turkey as well as their Herbs Crusted Prime Rib. You can also enjoy building your own waffle, and there is a hot chocolate bar. They are excited to be offering Apple Cider and Orange Creamsicle Mimosas in addition to their Orange juice mimosas and Bloody Marys. $70 plus per adult, and $40 per Child 6 - 12. Time: From: 10:00 AM to 2:00 PM. The Etch Kitchen and Bar, 301 L'Auberge Lane Sedona.
Christmas Music. The Sedona Community is invited to the Arabella Hotel for Christmas music and refreshments. Jeanie Carroll, local singer, songwriter and musician will be singing Christmas carols. Come and request your favorite Christmas song. Hot apple cider and brownies will be served. This evening. Time: From: 5:00 PM to 7:30 PM. The Arabella Sedona, 725 State Route 179 Sedona.
Holiday Sweet Stroll. On this special occasion, Tlaquepaque is cheerfully bedecked in decorative lights and window dressings reminiscent of A Christmas Carol. Santa will be greeting the little ones and carolers dressed in finery from the Dickens era will sing traditional songs acappella as they meander through the courtyards. The Grinch will also be lurking somewhere. Retailers will have their shops open and filled with unique gifts, sweet treats, special give-a-ways, and discounted offers. Admission: free Time: From: 3:00 PM to 7:00 PM. Tlaquepaque, 336 State Route 179 Sedona.
Real Estate Information - Sedona Single Family Residential Homes ONLY.
All the Averages are for 1 year.
This week's numbers are,
New Listings: 8 Average: 18.0 (New Listings; Back on Market)
Under Contract: 12 Average: 22.6 (Active-Contingency Removal; Pending-Take Backup; Pending)
Closed Escrow: 14 Average: 9.9 (Sold; Closed Escrow)
Off Market: 7 Average: 5.5 (Canceled; Expired; Temporary Off Market)
Price Reductions: 8 Average 8.6
Price Increases: 0 Average 0.9
Contract Ratio: 21.10. The average over the last year is 37.50. The fall in the ratio is partly due to the holiday season. The market remains short of inventory, and if you add together the weekly number of Solds and Pending only, add New Listings and Back on Market, then subtract the former from the latter, on an annual basis, we are losing an average of 2.5 units per week. This trend has been going on since December 2016.
The Average Price per Square Foot of homes that are Under Contract was $341.12 per square foot. The yearly moving average is $312.23 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $265.54 per square foot.
On Wednesday, The Federal Reservce announced an increase in its benchmark interest rate by a quarter point to a target range between 2.25% to 2.5%. This was largely expected by the markets. It is the fourth increase this year, and the ninth since the Fed changed its policy in December 2015.
While avoiding any discussion of an imminent recession, the Federal Reserve suggested that U.S. economic growth will likely slow as President Donald Trump’s 2020 re-election bid approaches. The Fed's estimate for GDP growth in 2018 is now 3% percent, down 0.1% from September, and its estimate for 2019 growth, the year before the next general election, is now 2.3%, down 0.2% from its last meeting. The Fed's long-term growth estimate was increased to 1.9% from 1.8%. The Fed is now expecting to raise rates only two times in 2019, one less than previously forecast.
On the rate news, Bond markets rallied and Equity markets fell. However, with some market commentators suggesting that rate rises will push the economy into recession, the Equity markets lost further ground on Friday. Contrarily, US Treasuries also retreated from their highs, and at the end of the week, the yield on the benchmark 10-year Treasury was around 2.80%, and the yield on the 30-year Treasury bond was around 3.02%.
Have a wonderful holiday season with your family and friends.
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.