Jon Mirmelli & Rebecca Ponte | February 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

February 2022

COMING

SOON

E GROU AT

Jon Mirmelli 602.300.1900

JM

AL ES T RE

PRESENTED BY

JON M MELLI IR

P

2021

was a record breaking year for residential real estate in Metro Phoenix. Jon & Rebecca helped 60 families with their housing decisions with closed sales volume of $51,500,000 helping both Buyers and Sellers.

Thank you for your continued trust and referrals – all of our sales for 2021 were helping past clients and their referrals!

2022 is just one month in, but the migration of people moving to Arizona does not seem to be slowing and limited home inventory is setting the stage for another year of price appreciation.

As I write this (1/27), there are only 3,600+ homes listed as active and 625+ “coming soon” listings in our MLS system within Maricopa County – with close to a 5,000,000 population! We currently have 8,700+ homes under contract that have not yet closed and over the past 30 days there have been 6,000+ closed sales tracked in our MLS system.

Our current unsold inventory is less than ½ month supply based on homes under contract.

Inventory levels are the lowest that we have seen and the limited supply has been very difficult for buyers competing against multiple offers. Unfortunately for buyers, the limited supply appears to not be showing significant signs of improvement and some analysts tracking the market forces are expecting another 20%+ rise in values for 2022. According to Case Shiller, appreciation rates for Metro Phoenix rose by 32%+ over the past 12 months and is leading the Country in appreciation for 30 consecutive months.

The chart to the right was mapped out by Mike Orr of the Cromford Report, a mathematician that tracks the numbers daily for Metro Phoenix housing market.

• 100 CMI is a level market — any number over 100 is a signal for price appreciation coming • The average CMI is now at 464 with Scottsdale at 562, Paradise Valley at 365, Fountain Hills at 703!

What does this mean for Buyers and Sellers?

• Be ready to act (financially and emotionally). Good homes are receiving multiple offers with favorable Seller terms • Don’t compromise your needs by settling on something you’re not happy with • Prices appear to have an upward trajectory and based on supply the movement should happen sooner than later in 2022 • If you’re not sure where to go and considering renting know that rental rates are rising rapidly as well with rate increases just about matching the appreciation rates • Interest rates are increasing and are projected to go up further. This can help some buyers using cash, but with rates still in the low to mid 3% range the impact as of now is not material • For 2022 conventional mortgage loan limits were raised to $647,200 from $548,250 for 2021 which expands Buyer’s ability to pay more without hitting the JUMBO loan category. Every $100,000 financed today roughly costs $450 per month for a 30 YR loan at 3.5%.

• If considering selling and don’t know where to buy yet, know that the marketplace is flexible to some degree and a lot of sales are negotiating post-possession agreements and there are other sale strategies that can help Sellers navigate the timing of sell/buy and sometimes rent While inventory available is low today it should also be noted that the high number of pending and closed sales show that the opportunities are there, but just don’t last long. Being prepared is the best way to navigate the market.

Please call on us if you would like to discuss the marketplace so Rebecca and I can do our best to help your goals become a reality. We truly appreciate the trust you have given us in the past and we are greatly appreciative of your referrals.

All the best, Jon & Rebecca

11/16/21 – 12/10/21

VS. JAN. 2022 12/10/21 – 1/17/22

CAVE CREEK/CAREFREE`

AVERAGE SOLD PRICE $832,854

61

85266

27

85255 85254 85260 85259 85258 85250 85251 85257

88 111 64 37 67 54 104 55

144 96 99 59 91 63 130 76

$1,237,660 $840,523 $759,863 $1,100,336 $806,237 $643,520 $600,958 $519,502

85268

72

90

85253

34

70

85028

28

85018

68

85262

49

FOUNTAIN HILLS PARADISE VALLEY

59

Jon Mirmelli Real Estate Group

85331

SCOTTSDALE

HOMES RECENTLY SOLD

DEC. 2021

# OF CLOSED LISTINGS

38

84

$858,394

$1,067,620

$1,430,785

61

47

82 72

$1,565,158

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

100%

$334.51

101%

100%

$385.34

34

34

443.59

29

42

$1,398,650 $845,429 $848,905 $1,011,685 $831,262 $689,391 $756,302 $533,656

100% 100% 100% 101% 101% 101% 100% 101%

101% 100% 100% 99% 99% 100% 100% 103%

$409.71 $387.85 $352.41 $364.92 $378.08 $370.79 $377.87 $332.09

433.47 410.80 361.60 360.99 380.83 358.07 439.60 337.16

37 35 36 34 28 32 36 29

46 34 35 33 33 34 47 32

$652,392

$666,656

100%

101%

$307.82

$307.24

37

38

$2,741,559

$3,066,353

99%

98%

$625.85

$606.06

58

73

$671,947

100%

$314.99

24

36

$1,240,970

100%

$464.54

44

38

$669,846

$1,180,918

$680,951

99%

99%

99%

99%

$399.45

350.25

100%

$604,474

$2,066,522

101%

AVERAGE DOM

100%

PHOENIX/ARCADIA/BILTMORE 85016

JM

PRESENTED BY

AL ES T RE

ZIP

CLOSED

E GROU AT

MARKET WATCH

JON M MELLI IR

P

$327.42

$339.99

$447.16

495.13

57

$345.99

82

53

58

ZIP CODE MAP

59

SCOTTSDALE

84

38

homes closed

homes closed

homes closed

144

homes closed

96

homes closed

99

homes closed

59

homes closed

91

47

homes closed

homes closed

70

homes closed

82

homes closed

90

homes closed

63

homes closed

72

homes closed

130

homes closed

76

homes closed

The properties on this list have been listed/sold by various members of the MLS. If your home is currently listed, this is not a solicitation for that listing.

Data reported is based upon sales information provided by the MLS as of Jan. 20, 2022. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.

LISTED

MARKET

WATCH

PRESENTED BY

Jon Mirmelli Real Estate Group

Jon Mirmelli Real Estate Group - Active, Pending, Closed

Need help selling your existing home or looking to buy? Please call Jon today! Referrals always appreciated.

CLOSED

CLOSED

CLOSED

Fairways

Sarival Gardens

Fountain Hills 15510 E Telegraph Drive Fountain Hills, AZ 85268 6 Beds | 4 Baths | 4,069 SQFT | $1,275,000

CLOSED

11641 N 42 Place Scottsdale, AZ 85259 3 Beds | 2 Baths | 1,853 SQFT | $650,000 nd

16462 W Pima Street Goodyear, AZ 85338 4 Beds | 3.5 Baths | 3,754 SQFT | $900,000

UNDER

PENDING

Fletcher Heights 7921 Ross Avenue Peoria, AZ 85382 4 Beds | 2.5 Baths | 3,159 SQFT | $589,500

CONTRACT

Arrowhead Ranch

Eagle's Nest

19521 N 71st Avenue Glendale, AZ 85308 5 Beds | 3 Baths | 2,573 SQFT | $552,000

14222 E Grey Owl Trail 168 Fountain Hills, AZ 85268 1.21 Acres | $325,000

CLOSED

CLOSED

CLOSED

Stonegate

Colony Wash Vista Condos

9155 N 117 Way Scottsdale, AZ 85259 4 Beds | 2.5 Baths | 2,752 SQFT | $8,500

If your home is currently listed, this is not a solicitation for that listing.

E GROU AT

Rebecca Ponte | 602.390.7096

P

JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

9289 E Blanche Drive Scottsdale, AZ 85260 4 Beds | 3 Baths | 2,394 SQFT | $5,000

AL ES T RE

12050 N Panorama Drive 101 Fountain Hills, AZ 85268 2 Beds | 2 Baths | 1,099 SQFT | $300,000

Desert Shadows

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