Jon Mirmelli | December 2022 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

MARKET UPDATE

December 2022

Just Listed

Carefree Fore More

8402 E CAREFREE DR | Carefree, AZ 85377 $2,395,000 - 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

C

losed sales down past 30 days, but homes under contract rise and active listings retreat.

As of 11/17, there were 16,167 active and coming soon listings in our MLS system within Maricopa County, a decrease of 3.5% over the past 30 days, 5,334 homes were under contract, a 12.6% increase over the same period and closed sales fell to 4,196, down 11.4%.

According to Showing Time, a company that manages the showing requests in our MLS system, showing requests in September 2022 were 49% lower than requests for September 2021 and 11% lower than requests in August 2022. The demand seems to have hit its lowest point in the past 30 days and the market has shifted primarily to a seller’s market with some exceptions. The chart to the right is the Cromford Market Index from June 2022 to the middle of November 2022. A number over 100 indicates a Seller’s market and below 90 or so is a Buyer’s market. The only 4 major cities holding at a Buyer’s market are Fountain Hills, Scottsdale, Paradise Valley and Cave Creek.

Interest rates retreat by almost .5% during the second week of November Over the past year the 10 YR Treasury yield peaked at 4.29% at the end October, but on November 10th the rate took a large drop and as of today sits at 3.78%, a 12% decrease. The residential mortgage market is primarily tied to the 10 YR Yield. If this drop holds or can improve it is likely to fuel more purchases with mortgage rates for most borrowers closer to 6.5% vs. 7%+. Don’t have a crystal ball, but would expect to see a surge in purchases if the rates can manage to get below 6%. The primary driver of the drop in November’s rates was the release of the CPI inflation index, which reported a slowdown of the inflation rate.

We hope you had a fabulous Thanksgiving and have fun plans for the December holiday season!

Rebecca and I are thankful to have healthy family members, fabulous AZ weather, a strong business partnership supporting each other and wonderful clients that continue to come to us for help with their real estate needs. We are fortunate to have you in our lives and appreciate you continuing to refer us friends and family. We have some great new listings and are actively working with several buyers looking in Metro Phoenix. Please call on us if you’d like to get together and discuss the real estate market conditions together.

We soon will be planning to do a volunteer shift with Homeless Engagement Lift Partnership (HELP) that supports our homeless youth in Arizona. Please reachout to us if you’d like to participate or learn more. We will be sending out a note in January with details if you’d like to participate.

Happy Holidays, Jon Mirmelli & Rebecca Ponte

9/17/22 – 10/17/22

VS. NOV 2022 10/17/22 – 11/17/22

# OF CLOSED LISTINGS

CAVE CREEK/CAREFREE` 85331

43

SCOTTSDALE 85266

HOMES RECENTLY SOLD

OCT 2022

ZIP

85262

23

16

42

22

51

JM

PRESENTED BY

Jon Mirmelli Real Estate Group

AVERAGE SOLD PRICE $870,184

AVERAGE SALE/ LIST PRICE

$871,097

$1,604,003

$1,517,708

97%

$1,473,227

99%

$1,893,142

99%

97% 95%

97%

AL ES T RE

CLOSED

E GROU AT

MARKET WATCH

AVERAGE $/SQFT $357.81 $458.21

$513.65

JON M MELLI IR

P

AVERAGE DOM

$336.32 $440.85

$488.09

65

60

49

68

71

82

85255 85254 85260 85259 85258 85250 85251 85257

64 75 43 29 41 28 50 26

80 82 49 22 49 24 69 36

$1,438,745 $897,832 $1,023,986 $1,025,534 $998,922 $610,554 $658,818 $528,031

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

96% 97% 97% 96% 97% 97% 97% 95%

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

$476.42 $376.79 $414.74 $380.01 $455.97 $408.22 $416.83 $335.38

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

63 44 54 56 55 48 54 45

56 56 51 70 48 70 56 56

85268

41

33

$977,759

$812,833

97%

95%

$366.65

$334.60

67

71

85253

21

21

$2,649,224

$3,047,617

96%

95%

$594.75

$752.22

83

63

85028 85016 85018

22 42 44

21 36 42

$718,132 $604,659 $1,143,034

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

96% 98% 94%

100% 96% 96%

$368.03 $348.64 $462.99

$326.17 $336.72 $494.72

55 64 54

61 65 66

FOUNTAIN HILLS PARADISE VALLEY

PHOENIX/ARCADIA/BILTMORE

ZIP CODE MAP

42

SCOTTSDALE

51

22

homes closed

homes closed

homes closed

80

homes closed

82

homes closed

49

homes closed

22

homes closed

49

21

homes closed

homes closed

21

homes closed

36

homes closed

33

homes closed

24

homes closed

42

homes closed

69

homes closed

36

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 Nov 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.

ACTIVE

CLOSED

CLOSED

Carefree Fore More 8402 E Carefree Dr Carefree, Az 85377 4 Beds | 5 Baths | 5,940 Sqft | $2,395,000 CLOSED

Rancho Alta Vida

5755 N 25th PL Phoenix, AZ 85016 2 Beds | 2.5 Baths | 2,546 SQFT | $1,265,000

CLOSED

CLOSED

Desert Ridge

Mcdowell Mountain Ranch 10272 E ACACIA DR Scottsdale, AZ 85255 4 Beds | 2.5 Baths | 2,772SQFT | $1,120,000

CLOSED

Taliverde 3

4428 E Mountain View Rd Phoenix, Az 85028 4 Beds | 2.5 Baths | 3,266 Sqft | $1,400,000

Fairways Lot

5051 E ROBIN LN Phoenix, AZ 85054 3 Beds | 2 Baths | 2,116 SQFT | $799,000

11650 N 40TH PL Phoenix, AZ 85028 2 Beds | 2 Baths | 1,758 SQFT | $766,000

PENDING

Amber Hills 2411 W Sagebrush DR Phoenix, AZ 85085 5 Beds | 3 Baths | 3,294 SQFT | $725,000

Mountain Gate At Las Sendas

Fletcher Heights

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

20490 N 80th Ave Peoria, Az 85382 4 Beds | 3 Baths | 2,512 Sqft | $649,500

ACTIVE

Paradise View Villas

Paseo Villas

Rose Garden Lane

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

115 W Runion Dr Phoenix, Az 85027 3 Beds | 2 Baths | 1,350 Sqft | $395,000

E GROU AT

7148 N VIA DE PAESIA Scottsdale, AZ 85258 2 Beds | 2 Baths | 1,349 SQFT | $600,000

ACTIVE

AL ES T RE

CLOSED

ACTIVE

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