Jon Mirmelli | July 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

July 2022

JUST

LISTED

Just Listed

Metes & Bounds

31224 N 137TH Way | Scottsdale, AZ 85262 $750,000 - See back page for details.

E GROU AT

Jon Mirmelli 602.300.1900

JM

AL ES T RE

PRESENTED BY

JON M MELLI IR

P

H

omes available for sale are rising and pending and closed sales are retreating: As of 6/21 there were 10,725 active and coming soon listings Active Listings (excluding UCB & CCBS) June 18, 2022 in our MLS system within all of Maricopa County, a combined increase of 58% over the prior month. Over the same period, there are now 7,630 homes under contract, a 12% decrease from last month, and 6,470 closed sales Search over the past 30 days, a 12% decrease Search Search from last month. The chart to the right illustrates inventory levels for all homes 30 Year Mortgage Rate WATCHLIST Year Mortgage Rate WATCHLIST 30 Year Mortgage in the MLS (including homes outside of 30 WATCHLIST 5.78% for Wk of Jun 16Rate 2022 5.78% for Wk of Jun 16 2022 5.78% for Wk of Jun 16 2022 Maricopa County) for the years 2019 through 2022. Once interest rates got Overview Interactive Chart Interactive Chart Overview Interactive Chart above 5% and moving towards 6% the Overview reduction in demand started to take Level Chart All Areas & Types - ARMLS Residential Resale - Measured Weekly VIEW FULL CHART Level Chart VIEW FULL CHART shape and our inventory level is now Level Chart VIEW FULL CHART moving closer to a balanced market.

1D 5D 1M 3M 6M YTD 1Y 3Y 5Y 10Y MAX © 2022 Cromford Associates LLC

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1D 5D 1M 3M 6M YTD 1Y 3Y 5Y 10Y MAX For the years 2020 and 2021 a majority of property owners refinanced or purchased with 6.00% 6.00% Search 5.78% 6.00% interest rates in the 3% range. When interest rates started to rise rapidly in 2022, with the Fed 5.78% 5.78% 4.80% 4.80% increasing rates to battle inflation, the property owners that secured the lower interest rates feel 4.80% 30 Year Mortgage Rate WATCHLIST Jan 28 '21 relief. With the COVID period (2020 and 2021) ArizonaSearch absorbed more than normal Jan 28 '21 new residents 3.60% I:US30YMR: 5.78% for Wk of Jun 16 2022 Jan 28 '21 2.73% 3.60% I:US30YMR: 2.73% 3.60% seeking better property values, less I:US30YMR: 2.73% 2.40% government restrictions and lower 30Overview Year Mortgage Rate 2019 2.40% 2018 2020 2021 2022WATCHLIST Interactive Chart 2.40% 2018 2019 2020 2021 2022 costs (property taxes, income taxes, 5.78% for Wk 2018of Jun 16 2022 2019 2020 2021 2022 etc.). The increases in home inventory Level Chart VIEW FULL CHART is occurring Nationally in all markets.

Overview Interactive Chart

The general belief is that interest rates will start to retreat when the Fed announces that our economy is in a recession and has reduced inflation concerns within our economy. New buyers purchasing in 2022 are going into purchases with the mindset that they are getting more homes to select from and are expecting to refinance the mortgages when the rates start to go down. The chart to the right helps illustrate the average 30 YR mortgage rates over the past 5 years and the changes that are taking place in 2022.

Level Chart

VIEW FULL CHART 6.00% 5.78%

1D

5D

1M

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6M

YTD

1Y

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4.80% 6.00%

Jan 28 '21 I:US30YMR: 2.73%

5.78%

3.60% 4.80%

Basic Info Basic Info Basic Info

2018

2019

2020

Jan 282021 '21 I:US30YMR: 2.73%

2.40% 2022

3.60%

The 30 Year Mortgage Rate is the xed interest rate that US home-buyers would pay if they were to take out a loan lasting 30 The 30 Year Mortgage Rate is the xed interest rate that US home-buyers would pay if they were to take out a loan lasting 30 2.40% years. are many different kinds mortgages canwould decidepay on ifwhich will have varying rates 30 The 30There Year Mortgage Rate is the xedofinterest rate that homeowners US home-buyers they were to take out ainterest loan lasting years. There2018 are many different kinds2019 of mortgages that homeowners can decide on which 2020 2021 will have varying interest 2022 rates and monthly payments.

Historically, mortgage rate reachedcan upwards 1981 andvarying went as low asrates 3.3% years.

There are many different kindsthe of 30-year mortgages that homeowners decideofon18.6% whichinwill have interest and monthly payments. Historically, the 30-year mortgage rate reached upwards of 18.6% in 1981 and went as low as 3.3% in 2012. and monthly payments. Historically, the 30-year mortgage rate reached upwards of 18.6% in 1981 and went as low as 3.3% in 2012. in 2012.

30 Year Mortgage Rate is at 5.78%, compared to 5.23% last week and 2.96% last year. This is lower than the long term 30 Year Mortgage Rate is at 5.78%, compared to 5.23% last week and 2.96% last year. This is lower than the long term average of 7.77%. Rate is at 5.78%, compared to 5.23% last week and 2.96% last year. This is lower than the long term 30 Year Mortgage average of 7.77%. average of 7.77%.

Report Primary Mortgage Market Region United States Report Primary Mortgage Market Region United States Report Primary Mortgage Market Region United States

Considering Selling? It is important to have a realistic expectation of current market values and conditions and to hire realtors with experience to make the most of your investments.

Rebecca and I have devoted our careers helping our clients maximize their return on investment with the highest degree of professional care and Basicwe Info are grateful for our clients that have trusted us over the years where we have sold over $500,000,000 representing both buyers and sellers, approximately 50% The 30 Year Mortgage Rate is the xed interest rate that US home-buyers would pay if they were to take out a loan lasting 30 both in purchase transactions and sale listings.

We invest our money and time with our clients and take years. There are many different kinds of mortgages that homeowners can decide on which will have varying interest rates Basic Info andyears monthly payments.

Historically, the 30-yearto mortgage rate reached upwards of 18.6% in 1981 and as low as 3.3% a hands on approach with our collective 60 of experience maximize your return onwentinvestment. in 2012.

The 30 Year Mortgage Rate isvaluation the xed interest rate that USconsiderations home-buyers would pay if they for were tonew take out apurchases. loan lasting 30 Please call on us if you would like to review your home and 30 Year Mortgage Rate is at 5.78%, compared to 5.23% last week and 2.96% last year. This is lower than the long term years. There are many different kinds of mortgages that homeowners can decide on which will have varying interest rates average of 7.77%. and monthly payments. Historically, the 30-year mortgage rate reached upwards of 18.6% in 1981 and went as low as 3.3% in 2012.

Report Primary Mortgage Market Region United States 30 Year Mortgage Rate is at 5.78%, compared to 5.23% last week and 2.96% last year. This is lower than the long term average of 7.77%.

Thank you, Jon Mirmelli & Rebecca Ponte Report

Primary Mortgage Market

Region

United States

4/17/22 – 5/17/22

VS. JUNE 2022 5/17/22 – 6/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE` 85331

70

SCOTTSDALE 85266

HOMES RECENTLY SOLD

MAY 2022

ZIP

85262

24

83

72

40

68

JM

PRESENTED BY

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE $1,150,672 $1,744,329

$1,936,143

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

$971,197

103%

$402.34

$1,529,112

102%

$1,778,698

99%

101% 98%

100%

$483.63

$498.07

JON M MELLI IR

P

AVERAGE DOM

$363.29 $464.31

$485.62

62

27

23

32

77

58

85255 85254 85260 85259 85258 85250 85251 85257

120 93 95 61 99 60 118 59

142 121 75 60 86 46 99 62

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

$1,715,886 $1,019,861 $899,535 $1,358,397 $908,069 $655,411 $834,940 $672,048

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

100% 102% 102% 102% 100% 103% 101% 103%

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

$497.48 $473.40 $417.15 $436.62 $462.17 $432.37 $464.97 $410.17

26 23 23 25 25 21 32 20

30 22 22 26 24 18 40 17

85268

97

70

$812,021

$853,778

102%

101%

$356.33

$372.49

28

29

85253

42

49

$4,590,793

$3,181,084

100%

99%

$760.31

$677.24

62

44

85028 85016 85018

26 74 90

45 78 73

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

$1,016,063 $738,529 $1,322,998

105% 100% 102%

102% 100% 101%

$350.86 $371.77 $482.44

$385.14 $385.85 $522.57

18 29 21

22 29 31

FOUNTAIN HILLS PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

72

SCOTTSDALE

68

40

homes closed

homes closed

homes closed

142

homes closed

121

homes closed

75

homes closed

60

homes closed

86

45

homes closed

homes closed

49

homes closed

78

homes closed

70

homes closed

46

homes closed

73

homes closed

99

homes closed

62

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. 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

Metes & Bounds 31224 N 137TH Way | Scottsdale, AZ 85262 4 Beds + | 2 Baths | 2,342 SQFT | $1,095,000

M

ove in ready new construction with - home completed 2022 with no HOA fees! Split master floor plan with 4bd/2ba + 4 car garage on private 1.8 acre+ cul-de-sac lot with fabulous mountain views. Home has no interior steps!. Open kitchen with upgraded cabinets, granite countertops, stainless steel appliances, double ovens, 36'' propane cooktop, custom exhaust hood, built-in microwave, farmer sink and walk-in pantry. Great room open to kitchen with propane gas fireplace. New construction with no wait!

CLOSED

CLOSED

DC Ranch

Tatum Ranch

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

CLOSED

5123 E Mazatzal Dr | Cave Creek, AZ 85331 4 Beds | 2 Baths | 2,470 Sqft | $690,000

CLOSED

Estates at North Shore

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

E GROU AT

Rebecca Ponte | 602.390.7096

P

JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

39 W Tam Oshanter Dr | Phoenix, AZ 85023 4 Beds | 3.5 Baths | 3,525 Sqft | $1,098,000

AL ES T RE

94 N Acacia Dr | Gilbert, AZ 85233 4 Beds | 3 Baths | 3,059 Sqft | $850,000

Moon Valley

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