Jon Mirmelli | May 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

May 2022

COMING

SOON

E GROU AT

Jon Mirmelli 602.300.1900

JM

AL ES T RE

PRESENTED BY

JON M MELLI IR

P

G

eneral market conditions showing signs of hope for Buyers: As of 4/19 there were 3,861 homes listed as available and 967 “coming soon” listings in our MLS system in Maricopa County, a combined increase of 13.6% over the prior month. At the same time, there are now 9,264 homes under contract, a 2% decrease from last month, and 7,463 closed sales over the past 30 days, which is virtually identical compared to last month.

Some good news should be coming for Buyers as inventory increases and warmer weather over the summer months should continue to bring more purchase options for Buyers waiting for the right home to come available.

We are still seeing rising prices, but the rate of appreciation is slowing overall, with 3/15 to 4/15 price appreciation hitting 1.3% for the 30 days compared to 2/15 to 3/15 appreciation hitting 4.4%. So far 2022 appreciation through 4/15 is just under 10% over 3.5 months.

Last month we noted that the 30 year conforming loan had increased to 4.5%. For most lenders the 30 year conforming loan rate is now at 5% which is roughly 60% higher than it was one year ago. There currently is roughly .5% benefit for Jumbo loan purchases bringing the rate down closer to 4.5% (for loans greater than $647,200 with 20% down – so just about $809,000 or higher purchase price).

The luxury markets are still appreciating higher than most of the Valley: Some interesting notes from the Cromford Report regarding appreciation past 12 months: • The annual average $/SF has increased from $472 to $631 in Paradise Valley - a rise of 34% • The annual average $/SF has increased from $459 to $600 in Arcadia - a rise of 31% • The annual average $/SF has increased from $361 to $461 in the Biltmore District - a rise of 28% • The annual average $/SF has increased from $348 to $452 in North Scottsdale - a rise of 30%

There still appears to be a great momentum in the same direction and we expect these annual averages to continue to rise throughout 2022. We say this because the 3-month average $/SF is already much higher than the annual average, at $713 in Paradise Valley, $651 in Arcadia, $504 in the Biltmore District and $506 in North Scottsdale.

Rental home supply is growing quickly! Increases in available homes for rent over the past 12 months and overall seeing a reduction in asking prices.

• Single-family detached homes available for rent have increased by 99% • Apartments available to rent have increased by 69% • Townhomes have not grown as much with only a 15% increase • The average asking price for a single-family home at the end of March 2022 was $1.61 per Sq.Ft., compared to $1.97 twelve months ago

We hope you find these monthly updates informative and helpful. Nobody has a crystal ball, but tightly tracking the marketing conditions helps our clients make the best informed decisions. Please call on Jon and Rebecca if you would like to review your home valuation and considerations for new purchases.

Thank you, Jon Mirmelli & Rebecca Ponte

2/17/22 – 3/17/22

VS. APR. 2022 3/17/22 – 4/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE` 85331

79

SCOTTSDALE 85266

HOMES RECENTLY SOLD

MAR. 2022

ZIP

85262

44

60

73

41

79

JM

PRESENTED BY

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE $921,701

$1,150,672

$1,527,136

$1,786,436

$1,536,757

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

102%

$344.42

102%

$2,060,582

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

101%

103% 104%

101%

$433.32

$456.38

JON M MELLI IR

P

AVERAGE DOM

$396.58 $452.72

$481.34

32

38

45

33

56

40

85255 85254 85260 85259 85258 85250 85251 85257

130 102 103 49 111 55 108 65

134 93 82 63 84 65 124 61

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

$1,542,898 $972,305 $919,996 $1,209,431 $837,588 $651,666 $795,428 $603,177

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

103% 105% 104% 104% 104% 103% 103% 106%

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

$489.18 $442.78 $414.07 $403.26 $446.55 $408.93 $489.72 $388.34

32 24 26 47 23 17 35 28

29 25 28 23 20 25 38 17

85268

104

99

$780,091

853,196

103%

103%

$341.82

346.89

37

29

85253

72

50

$3,593,245

3,361,420

99%

102

$719.87

702.37

75

52

85028 85016 85018

35 80 83

39 79 76

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

$800,796 $579,497 $1,661,191

104% 101% 102%

104% 102% 101%

$360.37 $377.68 $492.94

$378.73 $$374.75 567.06

27 33 26

18 45 30

FOUNTAIN HILLS PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

73

SCOTTSDALE

79

41

homes closed

homes closed

homes closed

134

homes closed

93

homes closed

82

homes closed

63

homes closed

84

39

homes closed

homes closed

50

homes closed

79

homes closed

99

homes closed

65

homes closed

76

homes closed

124

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 - Active, Pending, Closed

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

ACTIVE

PENDING

PENDING

Tatum Ranch 5123 E Mazatzal DR Cave Creek, AZ 85331 4 Beds | 2 Baths | 2,470 SQFT | $725,000

39 W Tam Oshanter Dr Phoenix, AZ 85023 4 Beds | 3.5 Baths | 3,525 SQFT | $989,900

14052 N El Pueblo Blvd Fountain Hills, AZ 85268 4 Beds | 3 Baths | 2,343 SQFT | $695,000

E GROU AT

JON M

JM

Thunderbird Palms

CLOSED

MELLI IR

P

CLOSED

Metes And Bounds

AL ES T RE

5334 W Eugie Ave Glendale, AZ 85304 3 Beds | 2 Baths | 1,141SQFT | $370,000

31224 N 137th Way Scottsdale, AZ 85262 4 Beds | 2 Baths | 2,331 SQFT | $598,829

CLOSED

10354 E Raintree Dr Scottsdale, AZ 85255 4 Beds | 3 Baths | 2,132 SQFT | $845,000

Greenbrier East

Paradise Valley

4536 E Beck Ln Phoenix, AZ 85032 4 Beds | 2 Baths | 2,211 SQFT | $900,000

Rebecca Ponte | 602.390.7096 If your home is currently listed, this is not a solicitation for that listing.

P

JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

3690 E CAMINO SIN NOMBRE Paradise Valley, AZ 85253 4 Beds | 3.5 Baths | 4,615 SQFT | $3,450,000

E GROU AT

Mcdowell Mountain Ranch

CLOSED

AL ES T RE

CLOSED

Moon Valley

Fountain Hills

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