Rebecca Ponte DLP Apr Newsletter

Inventory & sales activity see large gains

March Madness is here!

As of 3/22, there were 13,458 active and coming soon listings in our MLS system within Maricopa County, an increase of 10% since the middle of January, 7,209 homes were under contract, a 41% increase and there were 5,519 closed sales over the past 30 days, an increase of 63% over January’s count. There still are more people moving to Arizona vs. moving out – makes sense, our state tax rate is now flat at 2.5% and our property taxes are a fraction of states like Illinois & California. The tech industry is about to accelerate buyer demand now that Intel & Taiwan Semiconductor have over $50 Billion of in process and planned investment in the near term to expand microchip production.

Mortgage rates up

but much lower than the peak of October 2023

As of 3/22, the average 30 year mortgage rate was 6.87%, .27 basis points from January’s mark, but down almost 100 basis points from the high point just 5 months ago. The Fed keeps talking about rate reductions, but they have not yet occurred. With more people coming to AZ than leaving, buyers are purchasing with plans to refi down the road as they anticipate future real estate price increases and buyer demand rising when mortgage rates are lower.

Special shout out

to Jon's oldest daughter, Bailey Mirmelli

In December, Bailey signed with the Army under the Health Professions Scholarship Program. She gave that path a lot of thought and we’re just proud of her making this choice. Jon's grandfather who served in WW II would be proud and we are confident she will receive many benefits and rewards serving our Country.

We hope you find this market update helpful and informative. We are proud and thankful that 100% of our business comes from our past clients and referrals. We are currently representing many clients selling and buying with very nice listings coming to market and spending a lot of time researching the options for clients relocating to Arizona. Please call on us if you would like to get an in person updated market analysis, etc.

All the best,

Jon Mirmelli & Rebecca Ponte

Scottsdale

10624

Rare opportunity to purchase this completely remodeled home with luxurious finishes inside and out. Home was completely remodeled in 2022 with licensed contractors and equipped with luxurious furnishings and decor. Enjoy breathtaking views of the Camelback & Papago mountains from this spacious 4 bedroom house with 2 master suites. Convenient Scottsdale location minutes from Old Town Scottsdale, Arizona Country Club, ASU, Airport and easy access to HWY 202 & 101. Home does not have any HOA fees and can be used as a short-term rental.