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August 21 - 28 Weekly Recap and Forecast.
Here are the stats for Corte Bella for the week of 8/21 – 8/29:
Active For Sale – 16 properties
Under Contract Contingent on Buyer Sale – 4 properties
Pending – 6 properties
Sold properties – 3 properties
Here are a few interesting facts about the Corte Bella housing market:
The Average Days on Market (ADOM) for Corte Bella homes sold from July 1, 2022, until today is 31 days. In April this year, ADOM was 16 days, so the ADOM has roughly doubled since April of this year.
The average selling price for all Corte Bella homes sold since July 1 (11 closings), is $273.09/psf. The average sales price for the month of March 2022 was $297/psf, a decline of roughly 8%. Still, average psf sales prices are up approximately 10% year to date (YTD)
For Maricopa County as a whole, 30% of all listing today fail to sell to result in a sale. Sellers need to be realistic in their pricing as over-priced properties are not selling.
I expect the market will pick up as the snowbirds arrive, however, this market represents an opportunity for traditional snowbird renters in Corte Bella to buy. For those of you seeing your house value slide a bit and those of you listing your homes for sale now, welcome to normalcy in the housing market, which we have not seen for quite a while. How long this condition lasts will depend on interest rates. Mortgage rates have come down during every recession since 1979. As soon as our government admits we are in a recession, rates should start back down and settle somewhere in the 4-5% range.
TAKEAWAY -- The takeaway from last week’s performance shows some improvement in the overall market:
Inventory levels are down slightly +
Demand appears to normalize +/-
Mortgage rates are up -
Market Mojo. +/-
This week, my Market Mojo is meh. Not good and not bad. Just meh.
Have a great week!
I am a year-round Corte Bella resident and I put 100% of my effort into Corte Bella sales transactions although occasionally, I will assist my sales clients relocating to another area in Arizona. As the market changes it is important you have clear picture of the value of your home should you decide to sell. No one knows Corte Bella than I do. I sell Premier Properties with Premier Service.
The information contained herein is believed to be accurate however you are encouraged to confirm this information before relying upon it.
ACTIVE LISTINGS AS OF 08/21/22:
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/2, GC Lot - $459,999
· 12812 W Junipero Dr., Arcada Model, 1,660/sf., 2/2, vacant - $475,000
· 22027 N Arellaga Dr. – Arcada Model, 1,6854/sf, 2/2 + Den - $497,500*
· 12948 W Micheltorena Dr., San Ysidro Model, 1,811/sf., 2/2 - $535,000
· 12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $600,000
· 23307 N De La Guerra Ct., Arcada Model, 1,684/sf., 2/2, Pool - $615,000
· 22823 N Los Gatos Dr., Encanto Model, 2,095/sf., 3/2, Casita - $619,900
· 23903 N Las Positas Dr., San Marco Model, 2/2, 1,904/sf., GC Lot - $635,000
· 22207 N Montecito Ave., Cambria Model, 2,423/sf., 3/2, Pool - $679,900
· 12853 W Junipero Dr., San Ysidro Model, 1,837/sf., 2/2 - $699,900*
· 12832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool – $765,000
· 22002 N Valerio Dr., Figueroa Model, 2,785/sf., 2/2, Spa, GC Lot $799,000
· 23109 N Hank Ramon Dr., Figueroa Model, 2,840/sf., 3/3.5, Casita, GC Lot - $800,0000
· 13417 W La Vina Dr., Cambria Model, 2,470/sf., 3/2, Pool - $800,000
· 23023 N Pedregosa Dr., Mirada Model, 2,593/sf., 2/2.5, 3-car garage, Pool - $849,000
· 22111 N Giovota Dr., Mirada Model, 2,840/sf., 3/2.5, Casita, GC Lot - $888,000
* New listing this week
** Temporarily off market
*** Price reduction
COMING SOON
None.
UNDER CONTACT ACCEPTING BACKUPS
None.
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· 13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
· 12750 W Nogales Dr., San Marco Model, 2,151/sf., 3/3, Casita, Fire Pit - $599,000
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
· 22931 N. Padaro Dr., Encanto Model, 2,095/sf., 3/2, Casita - $725,999
· 23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950
PENDING LISTINGS:
· 22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $409,000
· 13105 W Junipero Dr. Arcada Model, 1,684/sf., 2/2 - $489,900
· 23134 N Loreto Dr., San Marco Model, 1,904/sf., 2/2 - $574,900
· 22718 N San Ramon Dr., Arcada Model, 1,684/sf., 2/2, GC Lot, Pool - $625,000
· 13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5, 3 car garage - $795,000
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, GC Lot, Pool - $897,000
SOLD LISTINGS (08/01/22 – 08/21/22):
· 22713 N Pico Dr., Arcada Model, 1,636/sf., 2/2, Remodeled - $519,000
· 12847 W Panchita Dr., Alameda Model, 2,726/sf., 3/2.5 - $690,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, GC Lot, Water - $875,000
I may not be the listing agent on the above properties. If you or someone you know is interested in touring one of these properties, I would be happy to arrange a showing.
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