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
Rebecca Ponte 602.390.7096
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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ALW02
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
3M
6M
YTD
1Y
3Y
5Y
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MAX
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
Jon Mirmelli | 602.300.1900
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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