Rebecca Ponte | April 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

February 2022

Just Listed

Moon Valley Country Club Golf Lot

39 W TAM OSHANTER DR | Phoenix, AZ 85023 $989,900 - See back page for details.

E GROU AT

Rebecca Ponte 602.390.7096

JM

AL ES T RE

PRESENTED BY

JON M MELLI IR

P

Still

tight inventory supply and rising interest rates aren’t slowing down Buyers! As I write this (3/21), there are only 3,500+ homes listed as available and 750+ “coming soon” listings in our MLS system within all of Maricopa county – almost identical numbers to last month. However, in the past 30 days we have 9,450 homes under contract that have not yet closed and 7,400 closed sales over the past 30, closed sales up 15%+ over the prior month with pending sales relatively unchanged. Still a very strong Seller’s market with supply insufficient to meet Buyer’s needs.

Interest rates on the rise will increase cost of home ownership: For March 2022 interest rates for a 30 year conforming loan had the largest weekly increase that they have seen since March of 2020 jumping above the 4.5% threshold.

Inflation is the name of the game that has sent rates on such a rapid rise. To control the increase of inflation and tighten monetary policy, the Federal Reserve has two choices, increase the Federal Funds Rate and/or reduce the Fed’s balance sheet. Increasing the shorter term Fed Funds Rate will eventually turn positive for long term mortgage rates as inflation is stalled and the Bond continues to provide fixed returns.

A reduction in the Fed’s balance sheet where the Fed no longer reinvests in the Bonds each month would cause more supply on the market that has to be absorbed. The only way to absorb the extra supply is to increase the rate of return, or interest paid on those bonds, to attract additional buyers, which would increase long term rates.

The majority of Federal Reserve members are expecting seven additional hikes this year but there are only six remaining meetings, which would imply that a 50 basis point hike may be proposed at one of those meetings.

The significant jump for rates this month fell on the heels of the Fed’s comments about their $9 trillion balance sheet. After a review of the transcription of the meeting, it was confirmed that the Fed said they would start to reduce their balance sheet at “a coming meeting” and in the Q&A session, Fed Chair Jerome Powell said they may finalize their plan at their next meeting in May. The key going forward will be a careful balance between short-term rate hikes and how the Fed handles their balance sheet run-off for the remainder of 2022.

1/17/22 – 2/17/22

VS. MAR. 2022 2/17/22 – 3/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE`

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

68

79

$947,587

$921,701

102%

102%

$352.06

28

44

$1,220,924

$1,527,136

101%

102%

$402.83

85255 85254 85260 85259 85258 85250 85251 85257

101 89 68 44 64 48 102 68

130 102 103 49 111 55 108 65

$1,548,186 $934,874 $1,076,335 $1,313,009 $921,848 $646,491 $683,703 $565,925

$1,779,883 $974,766 $990,487 $1,268,347 $882,253 $731,002 $715,076 $577,250

102% 102% 102% 102% 101% 102% 101% 101%

103% 103% 104% 103% 103% 104% 102% 103%

85268

73

104

$767,729

$780,091

101%

85253

50

72

$3,623,075

$3,593,245

85028 85016 85018

40 61 63

35 80 83

$725,649 $718,160 $1,210,836

$731,886 $733,568 $1,235,565

85331

SCOTTSDALE 85266

HOMES RECENTLY SOLD

FEB. 2022

ZIP

85262

53

FOUNTAIN HILLS PARADISE VALLEY

60

JM

PRESENTED BY

$1,373,114

PHOENIX/ARCADIA/BILTMORE

$1,786,436

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

JON M MELLI IR

P

AVERAGE DOM

$344.42

31

32

$433.32

36

45

$452.23 $421.32 $411.32 $403.04 $420.24 $383.52 $409.68 $346.73

$502.69 $431.04 $419.97 $410.82 $413.13 $395.56 $429.37 $376.37

35 25 34 41 28 31 38 43

32 24 26 47 23 17 35 28

103%

$331.87

$341.82

39

37

98%

99%

$663.96

$719.87

98

75

101% 99% 100%

104% 101% 102%

$344.62 $354.79 $471.08

$360.37 $377.68 $492.94

38 53 44

27 33 26

100%

101%

$406.65

$456.38

95

56

ZIP CODE MAP

79

SCOTTSDALE

60

44

homes closed

homes closed

homes closed

130

homes closed

102

homes closed

103

homes closed

49

homes closed

111

35

homes closed

homes closed

72

homes closed

80

homes closed

104

homes closed

55

homes closed

83

homes closed

108

homes closed

65

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 Apr. 17, 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 - Featured Listing

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

ACTIVE

Moon Valley

39 W Tam Oshanter Dr | Phoenix, Az 85023

4 Beds | 3.5 Baths | 3,525 SQFT | $989,900 Highly desired golf course lot in Moon Valley with South facing backyard with great views of North Mountain. Split floor plan with 4bd/3.5ba with North/South exposure - no interior steps! Spacious great room opens up to the kitchen with nice floor-to-ceiling height with lots of windows from the great room to the spacious backyard / patio that backs to the Moon Valley golf course with mountain views. Home includes RV gate and RV slab. Home is in very nice condition with pride of ownership.

Please see floor and site plan. No HOA fees! Moon Valley Country Club is a private golf course and membership options available through the Country Club.

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

E GROU AT

JON M

JM

AL ES T RE

Jon Mirmelli | 602.300.1900

P

MELLI IR

Jon Mirmelli Real Estate Group

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