Available inventory holds steady while
sales activity continues to decline:
As of 8/18, there were 13,975 active and coming soon listings in our MLS system within Maricopa County, an increase of 1% over the past 30 days, 5,385 homes were under contract, a 6% decrease since last month and there were 4,586 closed sales, a 9% decrease over the same time period. The table below shows the year-over-year change from August 2019 to August 2024 and the cumulative appreciation based on average sales prices for all homes / areas within Maricopa County:
Mortgage rates see a 28 basis point reduction over the past 30 days:
As of 8/18, the average 30 year mortgage rate was 6.49%, down 28 basis points since last month. Mortgage rates are now at the lowest point over the past 12 months and are down 131 basis points since the October 2023 high when average mortgage rates were 7.8%. The Federal Reserve meets next in the middle of September and most economists are “guestimating” that the Fed will officially reduce rates by 25 basis points.
New changes for both Listing and Buyer agents. What does that mean for Buyers and Sellers?
Effective August 1, 2024, the Arizona Regional MLS has stopped reporting what a buyer broker will receive for compensation for helping a buyer purchase a home and buyer agents are now required to have a buyer broker agreement in place to show homes to a buyer. For Sellers, the change provides some options on how compensation for buyer agents is considered. Our sellers have chosen the path to offer compensation to buyer agents and see the benefits of cooperating with the buyer agents. The new change has brought inquiries from buyer agents on our listings asking for confirmation of compensation offered prior to showings, but for the most part we have not experienced a change in activity or showing requests. For Buyers, the buyer agents and buying clients need to work hand-in-hand to consider what the seller is covering with a home for sale and how the costs impact the offer to be made. Overall, the change is good for transparency in the marketplace and should be rewarding to full-time realtors that are focused on providing the highest level of care while guiding buyers through the many steps involved with a purchase transaction.
Rebecca & I appreciate your continued referrals and support. Please call on us if you would like to setup an in person or zoom call meeting to discuss your real estate holdings or purchase considerations.
All the best,
Jon Mirmelli & Rebecca Ponte
Jon Mirmelli Real Estate Group
MARKET WATCH
Jon Mirmelli Real Estate Group - Active, Pending, Closed
Need
Just listed - Freshly remodeled home with appealing 5bd/3ba + pool/spa and large 3 car garage with view fencing in backyard as home backs to community open space. All new flooring, cabinetry, stainless kitchen appliances, complete remodel of master bathroom, etc. Lot of owner upgrades that were just completed. Home layout includes a ground floor bedroom and bathroom ideal for guest quarters or home office setup. Fletcher Heights is a great community with convenient access to HWY 101, walking distance to nearby schools and close access to nearby retail & restaurants.
