Jon Mirmelli | July 2021 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

FEATURED LISTINGS

July 2021

COMING

SOON

DECK SPA

SWIMMING POOL DECK

DECK

LAWN LAWN

PATIO PE

TV

MASTER BEDROOM

FAMILY ROOM

(24-0 x 15-2)

DECK

(21-9 x 17-5)

COVERED PATIO

SHELF

LIVING ROOM (18-11 x 18-6)

BKFST (12-0 x 10-0)

DINING AREA (13-5 x 8-0)

WIC

PANTRY/DESK

MASTER BATH

KITCHEN FOYER

WH

WIC

PWDR

BDRM 3 (12-8 x 11-4)

COVERED ENTRY

3-CAR GARAGE

PATIO

(32-0 x 23-10)

BATH

BATH

(12-6 x 11-8)

LAUNDRY

BDRM 2

BDRM 4 (13-2 x 11-6)

FOR SALE

PINNACLE RESERVE EAST

DRIVEWAY

24634 N. 76th Place | Scottsdale, AZ 85255 4 Beds | 3.5 Baths | 3,798 SQFT | $1,250,000

E GROU AT

Jon Mirmelli 602.300.1900

JM

Drawn by: On Demand Plans, 602.284.0822, www.ondemandplans.com

AL ES T RE

SCOTTSDALE, AZ 85255

PRESENTED BY

All measurements are approximate and reliable, but not guaranteed.

JON M MELLI IR

24634 N. 76th PL.

P

A NOTE FROM

JON

listing counts are still far below going back 2 years where available home inventory was roughly 3 times greater than where it was today.

•

I expect listings continuing to rise, but will be significantly lower than recent years or historical averages (close to 20,000+ homes available). Expect the demand over our summer months to cool a bit, but with limited supply I don’t see the market changing and we should still see upward price momentum.

•

Some builders are building cost escalation clauses in their sale contract to protect against price increases in materials. Over the past 30 days the lumber futures have decreased from roughly 1,500 to 900 as of 6/18. Some watching home values across the nation look for leading indicators on supply / demand by following the lumber futures cost. Builders will likely remember the high cost increases of late and will try to hold their sales prices even if lumber continues to fall. Time will tell.

•

What is the real inflation rate? Taking a look at the run up in the average lease rate over the past 20 years paints a clear picture that market increases are also helping landlords.

Clients are continuing to purchase rental properties given the strong demand and very low supply and buyers are benefiting with conventional mortgage rates in the low 3% range. I recently had a Scottsdale rental property rent very quickly and received approximately 50 showing / application requests. Landlord was a seasoned investor and took high credit with a two year lease with quick start.

JULY 2021

As I write this (6/19), there are 4,600+ homes listed as active and 675 Coming Soon listings in the MLS for Maricopa County - last month at 5/21 there were 4,100 active listings and 650 coming soon listings - roughly a 12% increase in active listings from last month, but still very low supply considering our population is near 5,000,000 in Maricopa County. There are currently 9,200+ homes under contract that have not yet closed - what was 3 buyers under contract to 1 available listing has gone downto a 2 to 1 ratio. Buyer demand is cooling as our weather heats up and appreciation continues.

Two recent charts provided by Cromford Associates illustrate our supply / demand scenario: • As of 6/7, under contract list price $ PSF exceeded most recent closed sales price and closing prices > actual list prices overall. Picking the right buyer for a listing is important to still request either cash buyer with no financing contingencies or a buyer willing to waive the appraisal and related finance contingencies.

•

As of 6/12, you can see a slight increase in active listings, but looking back over the past few years the Active Listings (excluding UCB & CCBS) June 12, 2021 ©2021 Cromford Associates LLC

Average List Price Per Square Foot June 7, 2021 ©2021 Cromford Associates LLC

This month’s planned St. Mary’s Food Bank volunteer opportunity is being held on 7/2. Unfortunately, one of my favorite mentors during my CPA career at Arthur Andersen passed away from cancer at a young age of 74. We are doing a special fundraiser in honor of Al Hague and his family. It was a reminder to take the time to thank those that have helped over your career as you can’t take for granted that they will be around. Please let me know if you’d like to make a donation where every dollar received helps provide 7 meals to families in need. Will keep doing volunteer days at least every month so please contact me if you would like to experience it.

All the best,

Jon Mirmelli

ZIP CODE

SCOTTSDALE

HOMES RECENTLY SOLD

JULY 2021 05/22/21 – 06/20/21

# OF CLOSED LISTINGS

E GROU AT

PRESENTED BY

JM

Jon Mirmelli Real Estate Group AVERAGE SOLD PRICE

AVERAGE SALE/LIST PRICE

AL ES T RE

CLOSED

JON M MELLI IR

MARKET WATCH

P

AVERAGE $/SQFT

AVERAGE DOM

85266

37 $1,086,108 100% $359.91 45

85255

157

85262

85254

85260

85259

85258

85250

85251

72

$1,726,685

99%

$420.10

62

102

$ 770,995

100.3%

$361.64

34

$1,308,592

92

100.1%

$749,765

64

100.2%

$997,240

101

100.1%

$746,293

49

100%

$632,478

100.2%

$387.02

37

$328.61

24

$330.35

24

$349.38

28

$339.95

25

138 $552,321 100.1% $345.27 38

FOUNTAIN HILLS 85268

78 $688,125 100.1% $281.28 41

PARADISE VALLEY 85253

75 $2,657,572 99%

$532.14 62

ARCADIA/BILTMORE 85016 85018

109 $677,140 100.1% $332.22 44 79

$1,007,811

100.1%

$385.38

34

ZIP CODE MAP

37

SCOTTSDALE

72

homes closed

homes closed

157

homes closed

102

homes closed

92

homes closed

64

homes closed

78

homes closed

119

homes closed

75

homes closed

109

homes closed

49

homes closed

79

homes closed

138

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 June 21, 2021. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.

MARKET

LISTED

MIRM

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.

TV

MASTER BEDROOM

FAMILY ROOM

(24-0 x 15-2)

(21-9 x 17-5)

COVERED PATIO

SHELF

BKFST

LIVING ROOM

(12-0 x 10-0)

DINING AREA

(18-11 x 18-6)

(13-5 x 8-0)

WIC

PANTRY/DESK

MASTER BATH

KITCHEN FOYER

BATH

(12-6 x 11-8)

LAUNDRY

BDRM 2

WH

WIC

PWDR

BDRM 3 (12-8 x 11-4)

COVERED ENTRY

BATH

3-CAR GARAGE (32-0 x 23-10)

BDRM 4 (13-2 x 11-6)

FEATURED LISTING

PENDING

B

eautiful property located in the quiet community of Pinnacle Reserve East - Scottsdale 85255.

4bd/3.5ba home with 3 car garage and pool/ spa located on large lot (.495 acres). No interior steps! Home has great layout with open kitchen to family room. Home has been maintained nicely.

Conveniently located near Scottsdale Rd with quick access to Hwy 101, top schools, retail, restaurants, etc.

Casabella 7351 E Mclellan Blvd.

Scottsdale, AZ 85250 3 Beds | 2.5 Baths | 2,795 SQFT | $942,000

PENDING CLOSED

Gainey Ranch

24634 N. 76th Place | Scottsdale, AZ 85255 4 Beds | 3.5 Baths | 3,798 SQFT | $1,250,000

24634 N. 76th PL.

CLOSED

SCOTTSDALE, AZ 85255

All measurements are approximate and reliable, but not guaranteed.

CLOSED

Drawn by: On Demand Plans, 602.284.0822, www.ondemandplans.com

Suntree East

Pinnacle

9281 E Pine Valley Road Scottsdale, AZ 85260 4 Beds | 2.5 Baths | 2,062 SQFT | $720,000

Julianna Kinkade | 602.570.9171

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

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

JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

7441 E Santa Catalina Drive Scottsdale, AZ 85255 4 Beds | 2 Baths | 2,280 SQFT | $750,000

E GROU AT

10540 E Saddlehorn Drive Scottsdale, AZ 85258 2 Beds | 2 Baths | 1,378 SQFT | $540,000

Montage

AL ES T RE

CLOSED

7272 E Gainey Ranch Rd. 71 Scottsdale, AZ 85258 2 Beds | 2.5 Baths | 1,603 SQFT | $585,000

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