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
Rebecca Ponte 602.390.7096
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.
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.
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
Jon Mirmelli | 602.300.1900 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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