Jon Mirmelli | January 2023 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

January 2023

Just Listed

Fletcher Heights

20490 N 80th Ave | Peoria, AZ 85382 $649,500 - 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

A

ctive listings and pending sales fall in December with closed sales holding steady

As of 12/17, there were 14,251 active and coming soon listings in our MLS system within Maricopa County, a decrease of 11.9% over the past 30 days, 4,864 homes were under contract, a 8.8% decrease over the same period and closed sales were virtually unchanged at 4,204. According to Showing Time, a company that manages the showing requests in our MLS system, showing requests in October 2022 were 53% lower than requests for October 2021 and 8% lower than requests in September 2022. We expect early January to start with an increase in demand as more visitors come to Arizona to take advantage of our weather and the many events (car auctions, Phoenix Open, Super Bowl, Arabian horse show, Spring Training, etc.).

Interest rates continue to fall with the 10 YR Treasury yield decline continuing Over the past 30 days the 10 YR Treasury yield fell 7.9% to 3.48% with conforming 30 YR mortgage rates dropping to 6.31%, nearly a 5% drop since middle of November 2022. Year-over-year, the 30 YR mortgage rate has more than doubled from 3.12% to 6.31%, but over the past few months the decline in rates is bringing optimism for Buyers and Sellers for 2023.

Key dates and events for the first quarter of 2023 in Arizona • January 1st – Arizona state income tax rate falls to a flat tax of 2.5% for all taxpayers • January 14th – 15th – Rock ‘n’ Roll Marathon at Tempe Beach Park

• January 21st – 29th – Barrett Jackson auto auctions at WestWorld of Scottsdale • February 6th – 12th – Waste Management Phoenix Open at TPC Scottsdale • February 12th – Super Bowl LVII at State Farm Stadium

• February 16th – 26th – Arabian Horse Show at WestWorld of Scottsdale

• February 25th – March 28th – MLB Spring Training at 10 stadiums across Metro Phoenix

As 2023 kicks off in Arizona we are expecting an increase in buyer demand with millions of people visiting Arizona and new relocations planned for 2023 with over 40,000,000 visitors expected for the calendar year. In December 2022 Tiawan Semiconductor (TSMC) announced that it will increase its investment in Arizona from $12 Billion to $40 Billion by expanding its chip production plant in phases. The investment by TSMC is one of the largest foreign investments in U.S. history, and the biggest in the state of Arizona. When the phased development is completed the new employment is expected to bring up to 15,000 new jobs to Arizona and operating its first plant in 2023.

Please call on us if you would like to review your current home value or if you want to consider a new purchase.

We are thankful for your past business and trust.

Thank you, Jon Mirmelli & Rebecca Ponte

10/17/22 – 11/17/22

VS. DEC 2022 11/17/22 – 12/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE` 85331

42

SCOTTSDALE 85266

HOMES RECENTLY SOLD

NOV 2022

ZIP

85262

22

51

41

28

41

JM

PRESENTED BY

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE $871,097

AVERAGE SALE/ LIST PRICE

$841,105

$1,473,227

$1,893,142

97%

$1,406,339

95%

$1,834,573

97%

97% 96%

96%

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

AVERAGE $/SQFT $336.32 $440.85

$488.09

JON M MELLI IR

P

AVERAGE DOM

$353.07 $437.82

$468.34

60

66

68

58

82

71

85255 85254 85260 85259 85258 85250 85251 85257

80 82 49 22 49 24 69 36

58 48 29 33 50 26 48 24

$1,553,229 $969,062 $922,766 $1,062,864 $900,571 $776,183 $794,296 $543,901

$1,764,782 $887,458 $774,147 $1,231,324 $885,728 $686,241 $722,753 $465,288

96% 97% 96% 96% 97% 96% 96% 98%

96% 96% 98% 97% 97% 98% 96% 98%

$464.59 $401.53 $382.85 $380.09 $427.60 $426.64 $442.04 $349.82

$490.78 $412.05 $372.49 $396.66 $416.88 $351.89 $405.50 $331.19

56 56 51 70 48 70 56 56

66 73 52 64 53 62 64 81

85268

33

54

$812,833

$704,965

95%

97%

$334.60

$334.00

71

58

85253

21

23

$3,047,617

$2,814,830

95%

95%

$752.22

$649.77

63

63

85028 85016 85018

21 36 42

16 36 43

$699,714 $710,250 $1,186,182

$574,838 $601,320 $1,395,740

100% 96% 96%

96% 95% 96%

$326.17 $336.72 $494.72

$310.52 $325.72 $463.48

61 65 66

47 80 58

FOUNTAIN HILLS PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

41

SCOTTSDALE

41

28

homes closed

homes closed

homes closed

58

homes closed

48

homes closed

29

homes closed

33

homes closed

50

16

homes closed

homes closed

23

homes closed

36

homes closed

54

homes closed

26

homes closed

43

homes closed

48

homes closed

24

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 Dec 17, 2022. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.

MARKET

WATCH

MIRM

LISTED

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.

A Fletcher Heights 20490 N 80th Ave | Peoria, AZ 85382 4 Beds | 3 Baths | 2,512 SQFT | $649,500

ACTIVE

great opportunity to own in the ''in demand'' Fletcher Heights community with lots of new updates! 2022 update features newly installed appliances, including gas stove, dishwasher, refrigerator and stainless farmhouse sink.

Quartz countertops compliment the white kitchen cabinets in this light bright kitchen which opens to the family room. 4bd/3ba, den / possible bedroom downstairs, loft, pool and 3 car garage make this a favorite floorplan. Enjoy the pool with water feature in the very private back yard which backs to the common area with view fencing. Located with easy access to the Loop 101, top rated schools, shopping and restaurants. Good Home, Good Schools and Good Area. Location, Location, Location!

PENDING

Las Sendas

7609 E Indian Bend Rd 3012 Scottsdale, AZ 85250 2 Beds | 2 Baths | 1,093 Sqft | $437,500

Rebecca Ponte | 602.390.7096 If your home is currently listed, this is not a solicitation for that listing.

P

JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

7628 E Wolf Canyon St Mesa, AZ 85207 3 Beds | 2 Baths | 1,821 Sqft | $699,500

E GROU AT

8402 E Carefree Dr Carefree, AZ 85377 4 Beds | 5 Baths | 5,940 SQFT | $2,395,000

Paradise View Villas Condos

AL ES T RE

Carefree Fore More

CLOSED

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