JON MIRMELLI REAL ESTATE GROUP
MARKET UPDATE
December 2022
Just Listed
Carefree Fore More
8402 E CAREFREE DR | Carefree, AZ 85377 $2,395,000 - See back page for details.
E GROU AT
Jon Mirmelli 602.300.1900
JM
AL ES T RE
PRESENTED BY
JON M MELLI IR
P
C
losed sales down past 30 days, but homes under contract rise and active listings retreat.
As of 11/17, there were 16,167 active and coming soon listings in our MLS system within Maricopa County, a decrease of 3.5% over the past 30 days, 5,334 homes were under contract, a 12.6% increase over the same period and closed sales fell to 4,196, down 11.4%. According to Showing Time, a company that manages the showing requests in our MLS system, showing requests in September 2022 were 49% lower than requests for September 2021 and 11% lower than requests in August 2022. The demand seems to have hit its lowest point in the past 30 days and the market has shifted primarily to a seller’s market with some exceptions. The chart to the right is the Cromford Market Index from June 2022 to the middle of November 2022. A number over 100 indicates a Seller’s market and below 90 or so is a Buyer’s market. The only 4 major cities holding at a Buyer’s market are Fountain Hills, Scottsdale, Paradise Valley and Cave Creek.
Interest rates retreat by almost .5% during the second week of November Over the past year the 10 YR Treasury yield peaked at 4.29% at the end October, but on November 10th the rate took a large drop and as of today sits at 3.78%, a 12% decrease. The residential mortgage market is primarily tied to the 10 YR Yield. If this drop holds or can improve it is likely to fuel more purchases with mortgage rates for most borrowers closer to 6.5% vs. 7%+. Don’t have a crystal ball, but would expect to see a surge in purchases if the rates can manage to get below 6%. The primary driver of the drop in November’s rates was the release of the CPI inflation index, which reported a slowdown of the inflation rate.
We hope you had a fabulous Thanksgiving and have fun plans for the December holiday season! Rebecca and I are thankful to have healthy family members, fabulous AZ weather, a strong business partnership supporting each other and wonderful clients that continue to come to us for help with their real estate needs. We are fortunate to have you in our lives and appreciate you continuing to refer us friends and family. We have some great new listings and are actively working with several buyers looking in Metro Phoenix. Please call on us if you’d like to get together and discuss the real estate market conditions together. We soon will be planning to do a volunteer shift with Homeless Engagement Lift Partnership (HELP) that supports our homeless youth in Arizona. Please reachout to us if you’d like to participate or learn more. We will be sending out a note in January with details if you’d like to participate.
Happy Holidays, Jon Mirmelli & Rebecca Ponte
9/17/22 – 10/17/22
VS. NOV 2022 10/17/22 – 11/17/22
# OF CLOSED LISTINGS
CAVE CREEK/CAREFREE` 85331
43
SCOTTSDALE 85266
HOMES RECENTLY SOLD
OCT 2022
ZIP
85262
23
16
42
22
51
JM
PRESENTED BY
Jon Mirmelli Real Estate Group
AVERAGE SOLD PRICE $870,184
AVERAGE SALE/ LIST PRICE
$871,097
$1,604,003
$1,517,708
97%
$1,473,227
99%
$1,893,142
99%
97% 95%
97%
AL ES T RE
CLOSED
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MARKET WATCH
AVERAGE $/SQFT $357.81 $458.21
$513.65
JON M MELLI IR
P
AVERAGE DOM
$336.32 $440.85
$488.09
65
60
49
68
71
82
85255 85254 85260 85259 85258 85250 85251 85257
64 75 43 29 41 28 50 26
80 82 49 22 49 24 69 36
$1,438,745 $897,832 $1,023,986 $1,025,534 $998,922 $610,554 $658,818 $528,031
$1,553,229 $969,062 $922,766 $1,062,864 $900,571 $776,183 $794,296 $543,901
96% 97% 97% 96% 97% 97% 97% 95%
96% 97% 96% 96% 97% 96% 96% % 98
$476.42 $376.79 $414.74 $380.01 $455.97 $408.22 $416.83 $335.38
$464.59 $401.53 $382.85 $380.09 $427.60 $426.64 $442.04 $349.82
63 44 54 56 55 48 54 45
56 56 51 70 48 70 56 56
85268
41
33
$977,759
$812,833
97%
95%
$366.65
$334.60
67
71
85253
21
21
$2,649,224
$3,047,617
96%
95%
$594.75
$752.22
83
63
85028 85016 85018
22 42 44
21 36 42
$718,132 $604,659 $1,143,034
$699,714 $710,250 $1,186,182
96% 98% 94%
100% 96% 96%
$368.03 $348.64 $462.99
$326.17 $336.72 $494.72
55 64 54
61 65 66
FOUNTAIN HILLS PARADISE VALLEY
PHOENIX/ARCADIA/BILTMORE
ZIP CODE MAP
42
SCOTTSDALE
51
22
homes closed
homes closed
homes closed
80
homes closed
82
homes closed
49
homes closed
22
homes closed
49
21
homes closed
homes closed
21
homes closed
36
homes closed
33
homes closed
24
homes closed
42
homes closed
69
homes closed
36
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 Nov 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.
ACTIVE
CLOSED
CLOSED
Carefree Fore More 8402 E Carefree Dr Carefree, Az 85377 4 Beds | 5 Baths | 5,940 Sqft | $2,395,000 CLOSED
Rancho Alta Vida
5755 N 25th PL Phoenix, AZ 85016 2 Beds | 2.5 Baths | 2,546 SQFT | $1,265,000
CLOSED
CLOSED
Desert Ridge
Mcdowell Mountain Ranch 10272 E ACACIA DR Scottsdale, AZ 85255 4 Beds | 2.5 Baths | 2,772SQFT | $1,120,000
CLOSED
Taliverde 3
4428 E Mountain View Rd Phoenix, Az 85028 4 Beds | 2.5 Baths | 3,266 Sqft | $1,400,000
Fairways Lot
5051 E ROBIN LN Phoenix, AZ 85054 3 Beds | 2 Baths | 2,116 SQFT | $799,000
11650 N 40TH PL Phoenix, AZ 85028 2 Beds | 2 Baths | 1,758 SQFT | $766,000
PENDING
Amber Hills 2411 W Sagebrush DR Phoenix, AZ 85085 5 Beds | 3 Baths | 3,294 SQFT | $725,000
Mountain Gate At Las Sendas
Fletcher Heights
7628 E Wolf Canyon St Mesa, Az 85207 3 Beds | 2 Baths | 1,821 Sqft | $699,500
20490 N 80th Ave Peoria, Az 85382 4 Beds | 3 Baths | 2,512 Sqft | $649,500
ACTIVE
Paradise View Villas
Paseo Villas
Rose Garden Lane
7609 E Indian Bend Rd 3012 Scottsdale, Az 85250 2 Beds | 2 Baths | 1,093 Sqft | $437,500
Rebecca Ponte | 602.390.7096 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
115 W Runion Dr Phoenix, Az 85027 3 Beds | 2 Baths | 1,350 Sqft | $395,000
E GROU AT
7148 N VIA DE PAESIA Scottsdale, AZ 85258 2 Beds | 2 Baths | 1,349 SQFT | $600,000
ACTIVE
AL ES T RE
CLOSED
ACTIVE
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