Rebecca Ponte | June 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

June 2022

JUST

LISTED

Just Listed DC Ranch

9289 E Canyon View Rd | Scottsdale, AZ 85255 $1,095,000 - 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

L

arge increase in new listings past 30 days, but market conditions still favorable for Sellers: As of 5/17 there were 5,913 homes listed as available and 878 “coming soon” listings in our MLS system within all of Maricopa County, a combined increase of 41% over the prior month. At the same time, there are now 8,662 homes under contract, a 6.5% decrease from last month, and 7,388 closed sales over the past 30 days, which is virtually identical compared to last month. More of our purchasing clients are inquiring about more listings to pick from and we are seeing that bidding wars are not as frequent and average days on market are increasing. Inventory is still very low historically as typical inventory for a balanced market is close to 20,000 +/- active listings for the population of Metro Phoenix/Maricopa County.

5/17/22, 1:27 PM weekly-no-ucb Days Inventory (excluding UCB & CCBS) May 14, 2022

© 2022 Cromford Associates LLC

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2013 2014

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2015 2016

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2017 2018

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2019 2020

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2021 2022

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All Areas & Types - ARMLS Residential Resale - Measured Weekly

DIW02

Reduction in purchasing power with rising interest rates: Last month we noted that the 30 year conforming loan was 5%. For most lenders the 30 year conforming loan rate is now around 5.5%. At the end of 2021 the rate was closer to 3%. For a Buyer with a maximum budget of $2,500/mos for P&I payment a Buyer could qualify to purchase a $750,000 home with 20% down for a 30 YR fixed rate in December 2021. Now, a Buyer on the same monthly payment budget is only qualified to purchase a home https://www.cromfordreport.com/member-only/analysis/by-topic/days-inventory/days-inventory-all-types-no-ucb-weekly.html up to $550,000 with rates increasing from 3% to 5.5% over the past 6 months. A 27% reduction in 1/1 purchasing power!

90 Day Crystal Ball? With two years of rapid appreciation and large increases in interest rates we expect to see a flattening of appreciation, more inventory to pick from and days on market to continue to rise (especially as we see our summer temperatures hitting 100+ degrees). Bidding wars should be less frequent and terms favorable to Sellers should start to weaken with more competition amongst Sellers.

The markets seem to be keying on inflation, interest rates and potential “R” word (recession). With all the uncertainty it is great to be located in AZ with Metro Phoenix continuing to be in the top destinations for inbound moves. According to moving.com survey, the top 5 reasons people are moving: • • • • •

Moving to be closer to friends and family Looking to live somewhere more affordable Wanting more living space Seeking out a different climate (weather and politically) Taking advantage of the ability to work from anywhere

We hope you find these monthly updates informative and helpful. 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

3/17/22 – 4/17/22

VS. MAY 2022 4/17/22 – 5/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE` 85331

73

SCOTTSDALE 85266

HOMES RECENTLY SOLD

APR. 2022

ZIP

85262

41

79

70

24

83

JM

PRESENTED BY

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE $1,150,672 $1,536,757

$2,060,582

$1,052,913 $1,744,329

$1,936,143

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

103%

103%

$396.58

104%

102%

101%

99%

$452.72

$481.34

JON M MELLI IR

P

AVERAGE DOM

$402.34 $483.63

$498.07

38

62

33

23

40

77

85255 85254 85260 85259 85258 85250 85251 85257

134 93 82 63 84 65 124 61

120 93 95 61 99 60 118 59

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

$1,618,065 $1,096,084 $926,755 $1,176,136 $910,073 $724,202 $754,256 $626,750

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

103% 105% 103% 104% 104% 103% 102% 103%

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

$501.62 $473.52 $408.58 $401.91 $468.99 $418.41 $476.14 $394.70

29 25 28 23 20 25 38 17

26 23 23 25 25 21 32 20

85268

99

97

$853,196

$812,021

103%

102%

$346.89

$356.33

29

28

85253

50

42

$3,361,420

$4,590,793

102%

100%

$702.37

$760.31

52

62

85028 85016 85018

39 79 76

26 74 90

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

$739,538 $636,261 $1,248,184

104% 102% 101%

105% 100% 102%

$378.73 $374.75 $567.06

$350.86 $371.77 $482.44

18 45 30

18 29 21

FOUNTAIN HILLS PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

70

SCOTTSDALE

83

24

homes closed

homes closed

homes closed

120

homes closed

93

homes closed

95

homes closed

61

homes closed

99

26

homes closed

homes closed

42

homes closed

74

homes closed

97

homes closed

65

homes closed

90

homes closed

118

homes closed

59

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 May. 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.

JUST

LISTED

DC Ranch 9289 E Canyon View Rd | Scottsdale, AZ 85255 3 Beds | 2 Baths | 1,852 SQFT | $1,095,000

A

beautifully appointed single level home in the fabulous gated community of DC Ranch. No interior steps, very desirable floor plan with separate master suite. Enjoy the courtyard fountain, outdoor fireplace & built-in gas BBQ, pebbletec pool, flagstone patio on this lush oasis onNorth/South lot. DC Ranch Master plan includes 2 community centers, pickleball & tennis courts, fitness center, heated lap pool and other pools, basketball courts. A superb location minutes from top Scottsdale retail shopping, restaurants, top golf courses, top rated school options. Living in DC Ranch will allow you to fulfill your fitness, wellness, recreational needs. Walking paths, trails as well as upto 50 community social events scheduled yearly. Lovingly cared for.

JUST

LISTED

McDowell Mountain Ranch 11418 E Helm Dr | Scottsdale, AZ 85255 2 Beds | 2 Baths | 1,535 SQFT | $728,000

G

uard gated turnkey patio home in McDowell Mountain Ranch with city light and mountain views. Located with elevated view in the private subdivision of Sunrise Point this 2bd/2ba + 2 car garage has an ideal split master layout with no interior steps. Minutes from top rated Scottsdale retail/restaurants, top hiking and mountainbike trails. McDowell Mountain Ranch has multiple amenities including heated pools, spas, pickleball/tennis/basketball courts and workout facility.

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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