Mirmelli Jan 2024 Market Update

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

January 2024

Just Listed STONEGATE

11207 E Palomino Rd | Scottsdale, AZ 85259 $2,195,000 - See back for details

E GROU AT

Jon Mirmelli 602.300.1900

JM

AL ES T RE

PRESENTED BY

JON M MELLI IR

P

Inventory and closed sales down as we wrap-up 2023.

As of 12/18, there were 11,951 active and coming soon listings in our MLS system within Maricopa County, a decrease of 5% over the past 30 days, 4,730 homes were under contract, virtually unchanged over the same period, and closed sales over the past 30 days were 3,547, down 17% from the prior months activity. A slowdown in listings and closings is somewhat typical under normal market conditions as families focus their attention on the holiday festivities, but look for an uptick in both listings and homes going under contract after the New Year as attention shifts to new housing decisions for both for Buyers & Sellers. The chart to the right helps validate the seasonal listing pattern over the past 5 years in Maricopa County with new listings just about doubling in January vs. December.

Treasury yields slide and help bring residential mortgage rates down below 7% Over the past 30 days, the Federal treasury yields have continued to fall bringing the average 30 year mortgage rates below 7%, down from a high that just a couple months ago approached 8%. The reduced mortgage rates should bring more buyers to the table in 2024 as our second home market and new family move decisions start to kick-in.

Happy New Year to all and let’s make 2024 a great year together We hope you find this market update helpful and informative. Rebecca and I are thankful for your trust and continued referrals of friends and family. We are anticipating a busy start to 2024 and are working on great new listings and new buyer relocations to Metro Phoenix.

All the best, Jon Mirmelli & Rebecca Ponte

10/17/23 – 11/17/23

VS. DEC. 2023 11/17/23 – 12/17/23

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE`

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

AVERAGE DOM

85331

42

28

$1,097,536

$978,877

97%

97%

$408.98

$360.07

85266

30

26

$1,425,912

$1,509,192

96%

95%

$453.16

$454.74

85255 85254 85260 85259 85258 85250 85251 85257

83 94 44 21 70 36 88 32

59 69 38 25 62 35 63 25

$1,787,946 $977,464 $831,671 $1,428,569 $991,453 $740,984 $978,827 $553,070

$2,101,817 $840,305 $1,340,261 $1,195,080 $847,951 $709,859 $654,529 $521,516

97% 98% 97% 97% 97% 98% 98% 98%

97% 98% 98% 97% 98% 98% 97% 97%

$526.07 $433.99 $403.80 $414.56 $451.39 $379.83 $485.03 $360.27

$564.71 $388.41 $444.95 $404.38 $439.24 $399.25 $390.64 $345.42

SCOTTSDALE

HOMES RECENTLY SOLD

NOV. 2023

ZIP

JM

PRESENTED BY

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH 85262

42

FOUNTAIN HILLS

39

$2,300,418

$2,030,177

97%

95%

$586.22

JON M MELLI IR

P

54

68

66

80

$512.58

103

135

61 52 59 51 58 66 60 47

52 58 57 75 43 47 74 86

85268

43

44

$969,375

$812,368

97%

98%

$389.19

$368.14

68

62

85253

31

23

$3,910,306

$3,426,587

97%

95%

$762.12

$786.00

69

80

85028 85016 85018

19 33 52

13 35 35

$766,087 $701,452 $1,449,705

$781,692 $879,359 $1,468,911

98% 98% 97%

97% 98% 97%

$349.91 $386.77 $526.58

$370.27 $390.37 $524.25

40 62 54

51 58 124

PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

28

SCOTTSDALE

39

26

homes closed

homes closed

homes closed

59

homes closed

69

homes closed

38

homes closed

25

homes closed

62

13

homes closed

homes closed

23

homes closed

35

homes closed

44

homes closed

35

homes closed

35

homes closed

63

homes closed

25

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 December 17, 2023. 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

11207 E Palomino Rd Scottsdale, AZ 85259

LISTED

6 Beds | 4.5 Baths | 4,590 SQFT Offered at $2,195,000 Rare opportunity to live in the guard gated Stonegate community with custom home situated on a large cul-de-sac lot with N/S exposure.

Stonegate UNDER

Ames Ranch

UNDER

UNDER

CLOSED

CONTRACT

10805 N 85th PL 1 Scottsdale, AZ 85260 3.95 Acres | $4,000,000

CONTRACT

Phoenix

Heartland Acres 11880 N 98th St Scottsdale, AZ 85260 6 Beds | 4 Baths | 4,289 SQFT | $3,300,000

7833 S 36th ST Phoenix, AZ 85042 5.49 Acres | $3,000,000 CLOSED

ACTIVE

CONTRACT

Happy Valley Ranch

Mcdowell Mountain Ranch

8628 E Remuda Dr Scottsdale, AZ 85255 4 Beds | 4.5 Baths | 4,278 SQFT | $2,850,000

10624 E Firewheel Dr Scottsdale, AZ 85255 5 Beds | 2.5 Baths | 2,604 SQFT | $1,049,500

UNDER

Firerock Country Club 9115 N Vista Verde Ct 7 Fountain Hills, AZ 85268 1.89 Acres | $1,000,000

UNDER

CONTRACT

CLOSED

CONTRACT

The Springs

Stonegate

Villages At Aviano

9155 N 117 Way Scottsdale, AZ 85259 4 Beds | 2.5 Baths | 2,752 SQFT | $8,000

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

3935 E Rough Rider Rd 1149 Phoenix, AZ 85050 3 Beds | 2.5 Baths | 1,575 SQFT | $2,300

th

AL ES T RE

11810 N 40 Pl Phoenix, AZ 85028 3 Beds | 2 Baths | 1,758 SQFT | $699,900 th

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