Jon Mirmelli | May 2021 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

FEATURED LISTINGS

May 2021

JUST

LISTED

FOR SALE

GAINEY RANCH

7272 E. Gainey Ranch Rd. 71, Scottsdale, AZ 85258 2 Beds | 2.5 Baths | 1,603 SQFT | $595,000

E GROU AT

Jon Mirmelli 602.300.1900

JM

AL ES T RE

PRESENTED BY

JON M MELLI IR

P

A NOTE FROM

JON MAY 2021

Shortage of supply of homes available for sale with no signs of change in sight.

As I write this (4/19), there are 3,600+ homes listed as active in the MLS for Maricopa County - last month on 3/20 there were 3,700+ active listings and 700 coming soon listings. Coming Soon listings are marketed in our MLS, but they do not show up in typical consumer sights like Zillow, Realtor.com & Redfin. There currently are 10,600+ homes under contract that are not yet closed (600+ increase from same period last month) – 3 BUYERS FOR EVERY SELLER. So far, we are not seeing an increase in available inventory and inventory is selling quickly with multiple offers with seller favored terms. Demand will peak in June/July, but supply will not increase dramatically.

Seller’s terms that are driving sales:

• Multiple offers over asking/list price • Shortened inspection periods • Limited / no seller repairs

• Earnest money non-refundable after inspection period • Removals of loan contingencies

• Sellers getting post-possession agreements (most my sales getting up to 90 days rent free) • Sharp increases in rental rates for landlords

Good news for buyers - mortgage rates still near all-time lows: As of 4/19, below are updated mortgage rates based on 740+ FICO credit rating (Tier 1 credit): 80% LTV up to $588,250

80% LTV Jumbo Loans

75% LTV Rental Investment

30 YR Fixed

3%

3.125% to 3.275%

3.5% to 3.562%

30 YR Fixed – 1 Point

2.75 to 2.812%

2.875% to 3.00%

3.25% to 3.312%

15 YR Fixed

2.25 % to 2.375%

3%

2.625% to 3%

15 YR Fixed – 1 Point

2.125% to 2.25%

3%

2.625%

Average loan rates

2006 = 6.41%

2011 = 4.45%

2016 = 3.65%

$400k loan PMT

$2,505

2,015

$1,830

April 2021 payment equivalent on $400,000 primary home loan = $1,685 (33% reduction from 2006; 17% reduction from 2011; 8% reduction from 2016). Interest rates impact affordability. Another factor to watch going forward is wealth transfer (inheritance from baby boomers and movements to and from financial markets). A lot of buyers coming to AZ are moving from more expensive markets are bringing more cash/less financing and are less reliant on the mortgage market.

Thank you for your continued referrals and support. Appreciate your referrals as there is no better client to work with than one that is referred by you. Also, thanks for your continued support helping St. Mary’s Food Bank. On 4/9 we had a fun food packing event at their facility and helped raise more funds where every $ donated provides 7 meals.

I will be planning another volunteer event in the next 6 weeks or so. Let me know if you’d like to join us.

Thank you, Jon Mirmelli

ZIP CODE

SCOTTSDALE

HOMES RECENTLY SOLD

MAY 2021 03/22/21 – 04/22/21

# OF CLOSED LISTINGS

AVERAGE SOLD PRICE

AVERAGE SALE/LIST PRICE

E GROU AT

Jon Mirmelli Real Estate Group

JM

AL ES T RE

CLOSED

PRESENTED BY

JON M MELLI IR

MARKET WATCH

P

AVERAGE $/SQFT

AVERAGE DOM

85266

52 $1,196,558 100.1% $349.93 48

85255

205

85262

85254

85260

85259

85258

85251

109

$1,560,403

100.1%

$385.44

99

103

$749,033

100.2%

$343.96

36

$1,317,686

97

100.1%

$649,731

67

100.2%

$993,083

119

100.1%

$806,959

173

100.1%

$523,882

100%

$374.41 $309.80

$319.30

$348.23 $333.38

43

22

34

26

57

FOUNTAIN HILLS 85268

117 $737,579 100% $277.44 45

PARADISE VALLEY 85253 85250

113 $2,534,719 99% 73

$553,008

100.1%

$501.59 104 $307.94

33

ARCADIA/BILTMORE 85016 85018

107 $606,716 100.1% $310.84 45 90

$1,170,949

100%

$399.11

38

ZIP CODE MAP

52

SCOTTSDALE

109

homes closed

homes closed

205

homes closed

103

homes closed

97

homes closed

67

homes closed

117

homes closed

119

homes closed

113

homes closed

107

homes closed

73

homes closed

90

homes closed

173

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 March 22, 2021. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.

MARKET

WATCH

MIRM

LISTED

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.

G

em of a Townhouse located in the guard gated Pavilions at Gainey Ranch. Light and Bright White kitchen with Cararra Marble countertops, SS appliances, beverage fridge. Powder room, kitchen, great room on main floor. Upgraded wood stairs lead to the large loft area, perfect for home office and 2nd den/family room.

Dual master suites located upstairs with remodeled baths that include Quartz Countertops. Each Bedroom has it’s own private Balcony. Great for lock and leave or full time residency.

Walking distance to Gainey Village and other great retail/restaurants.

Gainey Ranch FEATURED

LISTING

7272 E Gainey Ranch Rd. 71 | Scottsdale, AZ 85258 2 Beds | 2.5 Baths | 1,603 SQFT | $595,000

CLOSED

PENDING

Camelback Villa 3620 E Elm Street Phoenix, AZ 85018 4 Beds | 4 Baths | 4,213 SQFT $2,187,500

CLOSED

PENDING

Windgate Ranch 9978 E Desert Beauty Drive Scottsdale, AZ 85255 5 Beds | 4 Baths | 4,960 SQFT $2,100,000

CLOSED

Pinnacle Peak Vistas

Julianna Kinkade | 602.570.9171

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

8671 E Eagle Claw Drive Scottsdale, AZ 85266 4 Beds | 4.5 Baths | 3,879 SQFT $1,495,000

3318 E Georgia Avenue Phoenix, AZ 85018 4 Beds | 3.5 Baths | 2,659 SQFT $1,400,000

CLOSED

CLOSED

Stoneridge Estates

Toscana

12474 N 82nd Street Scottsdale, AZ 85260 3 Beds | 2 Baths | 3,024 SQFT $1,000,000

5350 E Deer Valley Dr. 4269 Phoenix, AZ 85054 2 Beds | 2 Baths | 1,246 SQFT $380,000

Jon Mirmelli | 602.300.1900 JonMirmelli@gmail.com | JonMirmelli.com P

JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

Builtmore Heights

E GROU AT

22250 N 97th Street Scottsdale, AZ 85255 1.897 acres of land $1,050,000

Hawknest Trail

AL ES T RE

7365 E Dale Lane Scottsdale, AZ 85266 4 Beds | 3.5 Baths | 3,500 SQFT $1,150,000

CLOSED

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