JON MIRMELLI REAL ESTATE GROUP
FEATURED LISTINGS
July 2021
COMING
SOON
DECK SPA
SWIMMING POOL DECK
DECK
LAWN LAWN
PATIO PE
TV
MASTER BEDROOM
FAMILY ROOM
(24-0 x 15-2)
DECK
(21-9 x 17-5)
COVERED PATIO
SHELF
LIVING ROOM (18-11 x 18-6)
BKFST (12-0 x 10-0)
DINING AREA (13-5 x 8-0)
WIC
PANTRY/DESK
MASTER BATH
KITCHEN FOYER
WH
WIC
PWDR
BDRM 3 (12-8 x 11-4)
COVERED ENTRY
3-CAR GARAGE
PATIO
(32-0 x 23-10)
BATH
BATH
(12-6 x 11-8)
LAUNDRY
BDRM 2
BDRM 4 (13-2 x 11-6)
FOR SALE
PINNACLE RESERVE EAST
DRIVEWAY
24634 N. 76th Place | Scottsdale, AZ 85255 4 Beds | 3.5 Baths | 3,798 SQFT | $1,250,000
E GROU AT
Jon Mirmelli 602.300.1900
JM
Drawn by: On Demand Plans, 602.284.0822, www.ondemandplans.com
AL ES T RE
SCOTTSDALE, AZ 85255
PRESENTED BY
All measurements are approximate and reliable, but not guaranteed.
JON M MELLI IR
24634 N. 76th PL.
P
A NOTE FROM
JON
listing counts are still far below going back 2 years where available home inventory was roughly 3 times greater than where it was today. •
I expect listings continuing to rise, but will be significantly lower than recent years or historical averages (close to 20,000+ homes available). Expect the demand over our summer months to cool a bit, but with limited supply I don’t see the market changing and we should still see upward price momentum.
•
Some builders are building cost escalation clauses in their sale contract to protect against price increases in materials. Over the past 30 days the lumber futures have decreased from roughly 1,500 to 900 as of 6/18. Some watching home values across the nation look for leading indicators on supply / demand by following the lumber futures cost. Builders will likely remember the high cost increases of late and will try to hold their sales prices even if lumber continues to fall. Time will tell.
•
What is the real inflation rate? Taking a look at the run up in the average lease rate over the past 20 years paints a clear picture that market increases are also helping landlords. Clients are continuing to purchase rental properties given the strong demand and very low supply and buyers are benefiting with conventional mortgage rates in the low 3% range. I recently had a Scottsdale rental property rent very quickly and received approximately 50 showing / application requests. Landlord was a seasoned investor and took high credit with a two year lease with quick start.
JULY 2021
As I write this (6/19), there are 4,600+ homes listed as active and 675 Coming Soon listings in the MLS for Maricopa County - last month at 5/21 there were 4,100 active listings and 650 coming soon listings - roughly a 12% increase in active listings from last month, but still very low supply considering our population is near 5,000,000 in Maricopa County. There are currently 9,200+ homes under contract that have not yet closed - what was 3 buyers under contract to 1 available listing has gone downto a 2 to 1 ratio. Buyer demand is cooling as our weather heats up and appreciation continues. Two recent charts provided by Cromford Associates illustrate our supply / demand scenario: • As of 6/7, under contract list price $ PSF exceeded most recent closed sales price and closing prices > actual list prices overall. Picking the right buyer for a listing is important to still request either cash buyer with no financing contingencies or a buyer willing to waive the appraisal and related finance contingencies. •
As of 6/12, you can see a slight increase in active listings, but looking back over the past few years the Active Listings (excluding UCB & CCBS) June 12, 2021 ©2021 Cromford Associates LLC
Average List Price Per Square Foot June 7, 2021 ©2021 Cromford Associates LLC
This month’s planned St. Mary’s Food Bank volunteer opportunity is being held on 7/2. Unfortunately, one of my favorite mentors during my CPA career at Arthur Andersen passed away from cancer at a young age of 74. We are doing a special fundraiser in honor of Al Hague and his family. It was a reminder to take the time to thank those that have helped over your career as you can’t take for granted that they will be around. Please let me know if you’d like to make a donation where every dollar received helps provide 7 meals to families in need. Will keep doing volunteer days at least every month so please contact me if you would like to experience it. All the best,
Jon Mirmelli
ZIP CODE
SCOTTSDALE
HOMES RECENTLY SOLD
JULY 2021 05/22/21 – 06/20/21
# OF CLOSED LISTINGS
E GROU AT
PRESENTED BY
JM
Jon Mirmelli Real Estate Group AVERAGE SOLD PRICE
AVERAGE SALE/LIST PRICE
AL ES T RE
CLOSED
JON M MELLI IR
MARKET WATCH
P
AVERAGE $/SQFT
AVERAGE DOM
85266
37 $1,086,108 100% $359.91 45
85255
157
85262
85254
85260
85259
85258
85250
85251
72
$1,726,685
99%
$420.10
62
102
$ 770,995
100.3%
$361.64
34
$1,308,592
92
100.1%
$749,765
64
100.2%
$997,240
101
100.1%
$746,293
49
100%
$632,478
100.2%
$387.02
37
$328.61
24
$330.35
24
$349.38
28
$339.95
25
138 $552,321 100.1% $345.27 38
FOUNTAIN HILLS 85268
78 $688,125 100.1% $281.28 41
PARADISE VALLEY 85253
75 $2,657,572 99%
$532.14 62
ARCADIA/BILTMORE 85016 85018
109 $677,140 100.1% $332.22 44 79
$1,007,811
100.1%
$385.38
34
ZIP CODE MAP
37
SCOTTSDALE
72
homes closed
homes closed
157
homes closed
102
homes closed
92
homes closed
64
homes closed
78
homes closed
119
homes closed
75
homes closed
109
homes closed
49
homes closed
79
homes closed
138
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 June 21, 2021. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.
MARKET
LISTED
MIRM
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.
TV
MASTER BEDROOM
FAMILY ROOM
(24-0 x 15-2)
(21-9 x 17-5)
COVERED PATIO
SHELF
BKFST
LIVING ROOM
(12-0 x 10-0)
DINING AREA
(18-11 x 18-6)
(13-5 x 8-0)
WIC
PANTRY/DESK
MASTER BATH
KITCHEN FOYER
BATH
(12-6 x 11-8)
LAUNDRY
BDRM 2
WH
WIC
PWDR
BDRM 3 (12-8 x 11-4)
COVERED ENTRY
BATH
3-CAR GARAGE (32-0 x 23-10)
BDRM 4 (13-2 x 11-6)
FEATURED LISTING
PENDING
B
eautiful property located in the quiet community of Pinnacle Reserve East - Scottsdale 85255. 4bd/3.5ba home with 3 car garage and pool/ spa located on large lot (.495 acres). No interior steps! Home has great layout with open kitchen to family room. Home has been maintained nicely. Conveniently located near Scottsdale Rd with quick access to Hwy 101, top schools, retail, restaurants, etc.
Casabella 7351 E Mclellan Blvd. Scottsdale, AZ 85250 3 Beds | 2.5 Baths | 2,795 SQFT | $942,000
PENDING CLOSED
Gainey Ranch
24634 N. 76th Place | Scottsdale, AZ 85255 4 Beds | 3.5 Baths | 3,798 SQFT | $1,250,000
24634 N. 76th PL.
CLOSED
SCOTTSDALE, AZ 85255
All measurements are approximate and reliable, but not guaranteed.
CLOSED
Drawn by: On Demand Plans, 602.284.0822, www.ondemandplans.com
Suntree East
Pinnacle
9281 E Pine Valley Road Scottsdale, AZ 85260 4 Beds | 2.5 Baths | 2,062 SQFT | $720,000
Julianna Kinkade | 602.570.9171
If your home is currently listed, this is not a solicitation for that listing.
Jon Mirmelli | 602.300.1900 JonMirmelli@gmail.com | JonMirmelli.com P
JON M
JM
MELLI IR
Jon Mirmelli Real Estate Group
7441 E Santa Catalina Drive Scottsdale, AZ 85255 4 Beds | 2 Baths | 2,280 SQFT | $750,000
E GROU AT
10540 E Saddlehorn Drive Scottsdale, AZ 85258 2 Beds | 2 Baths | 1,378 SQFT | $540,000
Montage
AL ES T RE
CLOSED
7272 E Gainey Ranch Rd. 71 Scottsdale, AZ 85258 2 Beds | 2.5 Baths | 1,603 SQFT | $585,000
Produced by Prime Source & DLP • 480.921.0511 • PrimeSourceAZ.com