Jon Mirmelli | September 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

September 2022

JUST

LISTED

Just Listed Taliverde 3

5755 N 25th PL | Phoenix, AZ 85016 $1,350,000 - 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 continue to rise while pending and closed sales continue to decline: As of 8/18 there were 15,400 active and Active Listing Weekly Counts - Compared by Year Greater Phoenix - ARMLS Residential - Measured Weekly coming soon listings in our MLS system in Maricopa County, a combined increase of 44% increase since the middle of June 2022. Over the same period, there are now 6,725 homes under contract a 12% decrease from June’s measurement and there were 4,950 closed sales over the past 30 days, a 23% decrease from June’s measurement at this time. The chart to the right illustrates the changes of unsold inventory since 2019 where we can see how inventory has changed a lot this year (primarily driven by reduced demand / absorption with higher interest rates). Also, the chart to the right on Page 3 shows a comparison of closed listings, sold price, average days on market, etc.

All of the numbers are signaling a shift from a seller’s market and move to a neutral/normal market. Remember, our market should have roughly 20,000 homes available for sale. The increases in inventory are quick, but we are still in short supply!

Last Update: 8/15/2022 3:42:03 AM

© 2022 Cromford Associates LLC - sharing is permitted for Cromford Report Subscribers only

Year of LogDate 2019

16K

2020

14,948

2021

14,966

2022

14K

12K

10K

10,096

9,920

8K

6K

4,911

5,063

4K

4,327

4,188

2K

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18 Week 19 Week 20 Week 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 35 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 45 Week 46 Week 47 Week 48 Week 49 Week 50 Week 51 Week 52

0K

Interest rates have gone down over the past two months, but the near future remains unclear: In June the 30 yr mortgage rate was close to 5.75%, but has since retreated to the low to mid 5% range, and Jumbo loans (loans above $647,200 in Arizona) are roughly 4.75% today. The Fed meets again in the 3rd week of September and the market is hopeful that the Fed’s policy on interest rate 8/20/22, 11:44 AM 30 Year Mortgage Rate increases will show less dramatic increases, but time will tell on this one. The best measure of where the 30 yr mortgage rates are going is to follow the 10 year treasury yield (ticker TNX for your iphone Level Chart VIEW FULL CHART stock tracking).

1D

5D

1M

3M

6M

YTD

1Y

3Y

5Y

10Y

MAX 6.00%

5.00% 5.13%

4.00%

3.00% OCT '21

Basic Info What does

JAN '22

APR '22

JUL '22

increased supply of inventory and higher rates mean for our clients?

For our buyers, we are getting opportunities to see more homes to pick from with less competition and We

The 30 Year Mortgage Rate is the fixed interest rate that US home-buyers would pay if they were to take out a loan lasting 30 years. for the most part the bidding wars and strong seller terms have been eliminated or greatly reduced.

There are many different kinds of mortgages that homeowners can decide on which will have varying interest rates and monthly have been successful over the past few months negotiating good offers for our buyers on properties payments. Historically, the 30-year mortgage rate reached upwards of 18.6% in 1981 and went as low as 3.3% in 2012.

that would have been sold in days/hours earlier this year.

30 Year Mortgage Rate is at 5.13%, compared to 5.22% last week and 2.87% last year. This is lower than the long term average of For our sellers, the main take away has been coming up with market values that match the seller’s 7.76%.

expectations. As an example, the home featured on the cover was listed in the 2nd week of August and our marketing efforts helped produce offers. In general, good homes priced well are still selling Report Primary Mortgagemultiple Market quickly and those that areSurvey taking longer to sell either have a limited audience (time of year/season), are overpriced or just need more time. The best success stories start and finish with a collective synergy and Category Interest Rates trust with our clients, strong marketing effort and a lot of hard work and follow-through.

Please call on us if you would like to review your current home valuation and any United States considerations for a new purchase.

Region

Source Thank

Freddie you, Jon Mirmelli & Mac Rebecca Ponte

Stats

Last Value

5.13%

6/17/22 – 7/17/22

VS. AUG 2022 7/17/22 – 8/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE` 85331

72

SCOTTSDALE 85266

HOMES RECENTLY SOLD

JULY 2022

ZIP

85262

40

68

51

21

42

JM

PRESENTED BY

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE $971,197

$898,204

$1,529,112

$1,778,698

$1,515,611

AVERAGE SALE/ LIST PRICE

AVERAGE $/SQFT

101%

$363.29

98%

$1,869,036

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

100%

98% 96%

97%

$464.31

$485.62

JON M MELLI IR

P

AVERAGE DOM

$348.75 $460.82

$481.42

27

55

32

50

58

94

85255 85254 85260 85259 85258 85250 85251 85257

142 121 75 60 86 46 99 62

76 68 57 43 53 31 70 38

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

$1,670,281 $919,192 $894,082 $1,170,962 $939,543 $599,723 $702,539 $565,720

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

97% 98% 98% 97% 97% 98% 98% 99%

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

$481.18 $402.02 $400.42 $414.30 $429.44 $368.64 $422.18 $388.73

30 22 22 26 24 18 40 17

43 29 33 34 39 31 36 32

85268

70

42

$853,778

$871,929

101%

99%

$372.49

$376.60

29

34

85253

49

22

$3,181,084

$3,369,914

99%

94%

$677.24

$718.71

44

57

85028 85016 85018

45 78 73

21 41 60

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

$812,333 $615,281 $1,191,064

102% 100% 101%

97% 96% 97%

$385.14 $385.85 $522.57

$363.53 $358.78 $489.14

22 29 31

36 41 35

FOUNTAIN HILLS PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

51

SCOTTSDALE

42

21

homes closed

homes closed

homes closed

76

homes closed

68

homes closed

57

homes closed

43

homes closed

53

21

homes closed

homes closed

22

homes closed

41

homes closed

42

homes closed

31

homes closed

60

homes closed

70

homes closed

38

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 Aug. 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

5755 N 25 PL | Phoenix, AZ 85016 2 Beds | 2.5 Baths | 2,546 SQFT | $1,350,000

Taliverde 3

th

R

are opportunity in the Arizona Biltmore! Here it is!A Guard gated, golf course lot with views of Camelback Mountain and Wrigley Mansion. Primary bedroom with sitting area and private fireplace opens to outdoor patios. Elegant great room with fireplace and dining area opens to patio overlooking the 9th hole of the Links golf course with views of Camelback Mountain. 2nd bedroom has a private balcony with views of Wrigley Mansion. The study/3rd bedroom has built-in bookcases a private balcony and views of the golf course and Camelback Mountain.Pride of ownership shows throughout with many designer upgrades. Easy access to the AZ Biltmore Hotel, golf club, popular nearby paths for walking, jogging, biking. Experience fine dining and shopping nearby. A demand location.

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

E GROU AT

JON M

JM

AL ES T RE

Rebecca Ponte | 602.390.7096

P

MELLI IR

Jon Mirmelli Real Estate Group

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