JON MIRMELLI REAL ESTATE GROUP
MARKET UPDATE
February 2022
COMING
SOON
E GROU AT
Jon Mirmelli 602.300.1900
JM
AL ES T RE
PRESENTED BY
JON M MELLI IR
P
2021
was a record breaking year for residential real estate in Metro Phoenix. Jon & Rebecca helped 60 families with their housing decisions with closed sales volume of $51,500,000 helping both Buyers and Sellers. Thank you for your continued trust and referrals – all of our sales for 2021 were helping past clients and their referrals! 2022 is just one month in, but the migration of people moving to Arizona does not seem to be slowing and limited home inventory is setting the stage for another year of price appreciation. As I write this (1/27), there are only 3,600+ homes listed as active and 625+ “coming soon” listings in our MLS system within Maricopa County – with close to a 5,000,000 population! We currently have 8,700+ homes under contract that have not yet closed and over the past 30 days there have been 6,000+ closed sales tracked in our MLS system. Our current unsold inventory is less than ½ month supply based on homes under contract. Inventory levels are the lowest that we have seen and the limited supply has been very difficult for buyers competing against multiple offers. Unfortunately for buyers, the limited supply appears to not be showing significant signs of improvement and some analysts tracking the market forces are expecting another 20%+ rise in values for 2022. According to Case Shiller, appreciation rates for Metro Phoenix rose by 32%+ over the past 12 months and is leading the Country in appreciation for 30 consecutive months. The chart to the right was mapped out by Mike Orr of the Cromford Report, a mathematician that tracks the numbers daily for Metro Phoenix housing market. • 100 CMI is a level market — any number over 100 is a signal for price appreciation coming • The average CMI is now at 464 with Scottsdale at 562, Paradise Valley at 365, Fountain Hills at 703!
What does this mean for Buyers and Sellers?
• Be ready to act (financially and emotionally). Good homes are receiving multiple offers with favorable Seller terms • Don’t compromise your needs by settling on something you’re not happy with • Prices appear to have an upward trajectory and based on supply the movement should happen sooner than later in 2022 • If you’re not sure where to go and considering renting know that rental rates are rising rapidly as well with rate increases just about matching the appreciation rates • Interest rates are increasing and are projected to go up further. This can help some buyers using cash, but with rates still in the low to mid 3% range the impact as of now is not material • For 2022 conventional mortgage loan limits were raised to $647,200 from $548,250 for 2021 which expands Buyer’s ability to pay more without hitting the JUMBO loan category. Every $100,000 financed today roughly costs $450 per month for a 30 YR loan at 3.5%. • If considering selling and don’t know where to buy yet, know that the marketplace is flexible to some degree and a lot of sales are negotiating post-possession agreements and there are other sale strategies that can help Sellers navigate the timing of sell/buy and sometimes rent While inventory available is low today it should also be noted that the high number of pending and closed sales show that the opportunities are there, but just don’t last long. Being prepared is the best way to navigate the market. Please call on us if you would like to discuss the marketplace so Rebecca and I can do our best to help your goals become a reality. We truly appreciate the trust you have given us in the past and we are greatly appreciative of your referrals.
All the best, Jon & Rebecca
11/16/21 – 12/10/21
VS. JAN. 2022 12/10/21 – 1/17/22
CAVE CREEK/CAREFREE`
AVERAGE SOLD PRICE $832,854
61
85266
27
85255 85254 85260 85259 85258 85250 85251 85257
88 111 64 37 67 54 104 55
144 96 99 59 91 63 130 76
$1,237,660 $840,523 $759,863 $1,100,336 $806,237 $643,520 $600,958 $519,502
85268
72
90
85253
34
70
85028
28
85018
68
85262
49
FOUNTAIN HILLS PARADISE VALLEY
59
Jon Mirmelli Real Estate Group
85331
SCOTTSDALE
HOMES RECENTLY SOLD
DEC. 2021
# OF CLOSED LISTINGS
38
84
$858,394
$1,067,620
$1,430,785
61
47
82 72
$1,565,158
AVERAGE SALE/ LIST PRICE
AVERAGE $/SQFT
100%
$334.51
101%
100%
$385.34
34
34
443.59
29
42
$1,398,650 $845,429 $848,905 $1,011,685 $831,262 $689,391 $756,302 $533,656
100% 100% 100% 101% 101% 101% 100% 101%
101% 100% 100% 99% 99% 100% 100% 103%
$409.71 $387.85 $352.41 $364.92 $378.08 $370.79 $377.87 $332.09
433.47 410.80 361.60 360.99 380.83 358.07 439.60 337.16
37 35 36 34 28 32 36 29
46 34 35 33 33 34 47 32
$652,392
$666,656
100%
101%
$307.82
$307.24
37
38
$2,741,559
$3,066,353
99%
98%
$625.85
$606.06
58
73
$671,947
100%
$314.99
24
36
$1,240,970
100%
$464.54
44
38
$669,846
$1,180,918
$680,951
99%
99%
99%
99%
$399.45
350.25
100%
$604,474
$2,066,522
101%
AVERAGE DOM
100%
PHOENIX/ARCADIA/BILTMORE 85016
JM
PRESENTED BY
AL ES T RE
ZIP
CLOSED
E GROU AT
MARKET WATCH
JON M MELLI IR
P
$327.42
$339.99
$447.16
495.13
57
$345.99
82
53
58
ZIP CODE MAP
59
SCOTTSDALE
84
38
homes closed
homes closed
homes closed
144
homes closed
96
homes closed
99
homes closed
59
homes closed
91
47
homes closed
homes closed
70
homes closed
82
homes closed
90
homes closed
63
homes closed
72
homes closed
130
homes closed
76
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 Jan. 20, 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.
CLOSED
CLOSED
CLOSED
Fairways
Sarival Gardens
Fountain Hills 15510 E Telegraph Drive Fountain Hills, AZ 85268 6 Beds | 4 Baths | 4,069 SQFT | $1,275,000
CLOSED
11641 N 42 Place Scottsdale, AZ 85259 3 Beds | 2 Baths | 1,853 SQFT | $650,000 nd
16462 W Pima Street Goodyear, AZ 85338 4 Beds | 3.5 Baths | 3,754 SQFT | $900,000
UNDER
PENDING
Fletcher Heights 7921 Ross Avenue Peoria, AZ 85382 4 Beds | 2.5 Baths | 3,159 SQFT | $589,500
CONTRACT
Arrowhead Ranch
Eagle's Nest
19521 N 71st Avenue Glendale, AZ 85308 5 Beds | 3 Baths | 2,573 SQFT | $552,000
14222 E Grey Owl Trail 168 Fountain Hills, AZ 85268 1.21 Acres | $325,000
CLOSED
CLOSED
CLOSED
Stonegate
Colony Wash Vista Condos
9155 N 117 Way Scottsdale, AZ 85259 4 Beds | 2.5 Baths | 2,752 SQFT | $8,500
If your home is currently listed, this is not a solicitation for that listing.
E GROU AT
Rebecca Ponte | 602.390.7096
P
JON M
JM
MELLI IR
Jon Mirmelli Real Estate Group
9289 E Blanche Drive Scottsdale, AZ 85260 4 Beds | 3 Baths | 2,394 SQFT | $5,000
AL ES T RE
12050 N Panorama Drive 101 Fountain Hills, AZ 85268 2 Beds | 2 Baths | 1,099 SQFT | $300,000
Desert Shadows
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