JON MIRMELLI REAL ESTATE GROUP
FEATURED LISTINGS
May 2021
JUST
LISTED
FOR SALE
GAINEY RANCH
7272 E. Gainey Ranch Rd. 71, Scottsdale, AZ 85258 2 Beds | 2.5 Baths | 1,603 SQFT | $595,000
E GROU AT
Jon Mirmelli 602.300.1900
JM
AL ES T RE
PRESENTED BY
JON M MELLI IR
P
A NOTE FROM
JON MAY 2021
Shortage of supply of homes available for sale with no signs of change in sight.
As I write this (4/19), there are 3,600+ homes listed as active in the MLS for Maricopa County - last month on 3/20 there were 3,700+ active listings and 700 coming soon listings. Coming Soon listings are marketed in our MLS, but they do not show up in typical consumer sights like Zillow, Realtor.com & Redfin. There currently are 10,600+ homes under contract that are not yet closed (600+ increase from same period last month) – 3 BUYERS FOR EVERY SELLER. So far, we are not seeing an increase in available inventory and inventory is selling quickly with multiple offers with seller favored terms. Demand will peak in June/July, but supply will not increase dramatically. Seller’s terms that are driving sales:
• Multiple offers over asking/list price • Shortened inspection periods • Limited / no seller repairs
• Earnest money non-refundable after inspection period • Removals of loan contingencies
• Sellers getting post-possession agreements (most my sales getting up to 90 days rent free) • Sharp increases in rental rates for landlords
Good news for buyers - mortgage rates still near all-time lows: As of 4/19, below are updated mortgage rates based on 740+ FICO credit rating (Tier 1 credit): 80% LTV up to $588,250
80% LTV Jumbo Loans
75% LTV Rental Investment
30 YR Fixed
3%
3.125% to 3.275%
3.5% to 3.562%
30 YR Fixed – 1 Point
2.75 to 2.812%
2.875% to 3.00%
3.25% to 3.312%
15 YR Fixed
2.25 % to 2.375%
3%
2.625% to 3%
15 YR Fixed – 1 Point
2.125% to 2.25%
3%
2.625%
Average loan rates
2006 = 6.41%
2011 = 4.45%
2016 = 3.65%
$400k loan PMT
$2,505
2,015
$1,830
April 2021 payment equivalent on $400,000 primary home loan = $1,685 (33% reduction from 2006; 17% reduction from 2011; 8% reduction from 2016). Interest rates impact affordability. Another factor to watch going forward is wealth transfer (inheritance from baby boomers and movements to and from financial markets). A lot of buyers coming to AZ are moving from more expensive markets are bringing more cash/less financing and are less reliant on the mortgage market. Thank you for your continued referrals and support. Appreciate your referrals as there is no better client to work with than one that is referred by you. Also, thanks for your continued support helping St. Mary’s Food Bank. On 4/9 we had a fun food packing event at their facility and helped raise more funds where every $ donated provides 7 meals. I will be planning another volunteer event in the next 6 weeks or so. Let me know if you’d like to join us.
Thank you, Jon Mirmelli
ZIP CODE
SCOTTSDALE
HOMES RECENTLY SOLD
MAY 2021 03/22/21 – 04/22/21
# OF CLOSED LISTINGS
AVERAGE SOLD PRICE
AVERAGE SALE/LIST PRICE
E GROU AT
Jon Mirmelli Real Estate Group
JM
AL ES T RE
CLOSED
PRESENTED BY
JON M MELLI IR
MARKET WATCH
P
AVERAGE $/SQFT
AVERAGE DOM
85266
52 $1,196,558 100.1% $349.93 48
85255
205
85262
85254
85260
85259
85258
85251
109
$1,560,403
100.1%
$385.44
99
103
$749,033
100.2%
$343.96
36
$1,317,686
97
100.1%
$649,731
67
100.2%
$993,083
119
100.1%
$806,959
173
100.1%
$523,882
100%
$374.41 $309.80
$319.30
$348.23 $333.38
43
22
34
26
57
FOUNTAIN HILLS 85268
117 $737,579 100% $277.44 45
PARADISE VALLEY 85253 85250
113 $2,534,719 99% 73
$553,008
100.1%
$501.59 104 $307.94
33
ARCADIA/BILTMORE 85016 85018
107 $606,716 100.1% $310.84 45 90
$1,170,949
100%
$399.11
38
ZIP CODE MAP
52
SCOTTSDALE
109
homes closed
homes closed
205
homes closed
103
homes closed
97
homes closed
67
homes closed
117
homes closed
119
homes closed
113
homes closed
107
homes closed
73
homes closed
90
homes closed
173
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 March 22, 2021. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.
MARKET
WATCH
MIRM
LISTED
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.
G
em of a Townhouse located in the guard gated Pavilions at Gainey Ranch. Light and Bright White kitchen with Cararra Marble countertops, SS appliances, beverage fridge. Powder room, kitchen, great room on main floor. Upgraded wood stairs lead to the large loft area, perfect for home office and 2nd den/family room. Dual master suites located upstairs with remodeled baths that include Quartz Countertops. Each Bedroom has it’s own private Balcony. Great for lock and leave or full time residency. Walking distance to Gainey Village and other great retail/restaurants.
Gainey Ranch FEATURED
LISTING
7272 E Gainey Ranch Rd. 71 | Scottsdale, AZ 85258 2 Beds | 2.5 Baths | 1,603 SQFT | $595,000
CLOSED
PENDING
Camelback Villa 3620 E Elm Street Phoenix, AZ 85018 4 Beds | 4 Baths | 4,213 SQFT $2,187,500
CLOSED
PENDING
Windgate Ranch 9978 E Desert Beauty Drive Scottsdale, AZ 85255 5 Beds | 4 Baths | 4,960 SQFT $2,100,000
CLOSED
Pinnacle Peak Vistas
Julianna Kinkade | 602.570.9171
If your home is currently listed, this is not a solicitation for that listing.
8671 E Eagle Claw Drive Scottsdale, AZ 85266 4 Beds | 4.5 Baths | 3,879 SQFT $1,495,000
3318 E Georgia Avenue Phoenix, AZ 85018 4 Beds | 3.5 Baths | 2,659 SQFT $1,400,000
CLOSED
CLOSED
Stoneridge Estates
Toscana
12474 N 82nd Street Scottsdale, AZ 85260 3 Beds | 2 Baths | 3,024 SQFT $1,000,000
5350 E Deer Valley Dr. 4269 Phoenix, AZ 85054 2 Beds | 2 Baths | 1,246 SQFT $380,000
Jon Mirmelli | 602.300.1900 JonMirmelli@gmail.com | JonMirmelli.com P
JON M
JM
MELLI IR
Jon Mirmelli Real Estate Group
Builtmore Heights
E GROU AT
22250 N 97th Street Scottsdale, AZ 85255 1.897 acres of land $1,050,000
Hawknest Trail
AL ES T RE
7365 E Dale Lane Scottsdale, AZ 85266 4 Beds | 3.5 Baths | 3,500 SQFT $1,150,000
CLOSED
Produced by Prime Source & DLP • 480.921.0511 • PrimeSourceAZ.com