September 19 – October 02 Weekly Recap and Forecast
Here are the Corte Bella stats for the 2-week period 09/19 – 10/02:
Active (For Sale): 26 (-)
Coming Soon: 0 (0)
New Listings: 4 (-)
Under Contract Accepting Backups 2 (-)
Under Contract Contingent on Buyer Sale: 4 (-)
Pending: 4 (-)
Sold Properties: 4 (-)
*The () indicates the previous week. No report last week.
We missed last week’s report. Son in town, taxes due, busy, busy, busy. Not much happened while we were away. Here is what did happen:
Mortgage rates are still hurting sales. Time to yell “Uncle”! The 30-year fixed conventional (not jumbo) rate jumped to 6.79%. The consensus seems to be we are due one more 3/4% rate increase from the Fed, which could put a stake in the housing market. Mortgage lenders are sitting on a pile of cash and looking for creative ways to deploy it. Buyer’s today should be looking at 2/1 buy downs and plan to refinance in 12-24 months. Since the beginning of time, the US has never had a recession (yes, we are in a recession) when interest rates did not decline. Consensus says rates will return to the 4%’s within 12-24 months. Remember, this inflation and rising interest rate environment is almost entirely due to government spending. With political winds changing, that could change providing some much needed relief from high inflation and interest rates.
I’ll say it again, Buyers who are not affected by mortgage rates should know that the 4th quarter of the year is the best time for buyers seasonally. There is often a boost in supply around September and October with sellers eager to close before the end of the year. Corte Bella has 26 Active properties, which is the most I have seen in years. The upcoming Super Bowl, Phoenix Open and Spring Training events are expected to generate more open house traffic and exposure for active listings.
Inventory in the 85375 Zip Code continues to climb. We have 54 days inventory, which is actually about normal but given where we have been the past two years, it seems like the bottom has dropped out. It hasn’t. If an increase in interest rates from 3.0% to 6.79% in 12 months has not caused the bottom to fall out, there is little likelihood it will fall out short of nuclear war. We’ll see.
MOJO SENTIMENT -- The weekly Mojo Report is:
Inventory levels are up, but stabilizing. -- (for Sellers) + (for Buyers)
Demand is down. -- (for Sellers) + (for Buyers)
Mortgage rates are up. -- (for Sellers) -- (for Buyers)
Market Mojo. -- (for Sellers) + (for Buyers)
No change in the Mojo Sentiment. A strong snowbird season would be welcomed!
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.
ACTIVE LISTINGS AS OF 10/02/22:
12812 W Junipero Dr., Arcada Model, 1,660/sf., 2/2, vacant - $449,000**
22036 N Arrellaga Dr., Arcada Model, 1,660/sf., 2/2,- $475,000
22512 N San Ramon Dr., Bellita Model, 1,154/sf., 2/2, GC lot - $490,000
22027 N Arrellaga Dr., Arcada Model, 1,684/sf, 2/2 + Den - $497,500
13413 W Junipero Dr., Arcada Model, 1,660/sf, 2+2 + Den - $505,000
12948 W Micheltorena Dr., San Ysidro Model, 1,811/sf., 2/2 - $535,000
13827 W Junipero Dr., Arcada Model, 16,12/sf, 2/2, Pool - $585,000*
12750 W Nogales Dr., San Marco Model, 2,151/sf., 3/3, Casita, Fire Pit - $599,000
13432 W Los Bancos Dr., Encanto Model, 2,095/sf., 2/2, Den, Corner lot - $599,750
12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $599,900
23307 N De La Guerra Ct., Arcada Model, 1,684/sf., 2/2, Pool - $600,000
22823 N Los Gatos Dr., Encanto Model, 2,095/sf., 3/2, Casita - $619,900
13827 W Figueroa Dr., Encanto Model, 1,684/sf., 2/2, Covered Patio - $638,000
13524 W Sola Dr., Cambria Model, 2,362/sf, 3/2 Plus Office - $639,000
12904 W La Vina Dr., Cambria Model, 2,423/sf., 3/2 Plus Wine Room - $675,000
13739 W Sola Dr., Alameda Model, 2,726/sf., 3/2.5, 2.5 Car Garage - $677,000*
22132 N Los Gatos Dr., Encanto Model, 2,095/sf., 2/2, GC Lot - $699,000
23109 N Hank Ramon Dr., Figueroa, 2,840/sf., 3/3.5, Casita, GC Lot - $785,0000
22002 N Valerio Dr., Figueroa Model, 2,785/sf., 2/2, Spa, GC Lot - $799,000
22817 N Galicia Dr., Mirada Model, 2,593/sf., 2/2, Cart Garage, GC Lot - $827,000*
13147 W Sola Ct., Granada Model, 3,027/sf., 3/2.5, GC Lot - $875,000
22111 N Giovota Dr., Mirada Model, 2,840/sf., 3/2.5, Casita, GC Lot - $888,000
13239 W Rincon Dr., Granada Model, 3,255/sf., 4/3.5, Casita, GC Lot - $920,000
13220 W Los Bancos Dr., Granada Model, 3,027 sf., 3/2.5, Pool - $920,000
22547 N Padaro Dr., Figueroa Model, 2,784/sf., 2/2.5, GC Lot, Pool - $925,000
22108 San Ramon Dr., Figueroa, 2,784/sf, 3/3, 3-car garage, Pool, GC Lot - $949,900
* New listing this week
** Price reduction
*** Temporarily off market
**** Back on Market
COMING SOON
None.
UNDER CONTACT ACCEPTING BACKUPS
22619 N Las Positas Dr., Arcada 1,636/sf., 2/2, New Kitchen, Pool - $550,000*
22207 N Montecito Ave., Cambria Model, 2,423/sf., 3/2, Pool - $649,900
UNDER CONTRACT CONTINGENT ON BUYER SALE:
13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950
23023 N Pedregosa Dr., Mirada Model, 2,593/sf., 2/2.5, 3-car garage, Pool - $798,000
PENDING LISTINGS:
23903 N Las Positas Dr., San Marco Model, 2/2, 1,904/sf., GC Lot - $635,000
12853 W Junipero Dr., San Ysidro Model, 1,837/sf., 2/2 - $675,000
22931 N. Padaro Dr., Encanto Model, 2,095/sf., 3/2, Casita - $725,000
13265 W Micheltorena Ct., Alameda Model, 2,726/sf., 3/2.5, cart garage, Pool - $725,000
SOLD LISTINGS (09/01/22 – 10/02/22):
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
22713 N Pico Dr., Arcada Model, 1636/sf., 2/2, Recent Remodel - $519,000
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
12826 W Rincon Ct., Encanto Model, 2,143/sf., 2/2, 3-Car garage, Casita - $649,000
12847 W Panchita Dr., Alameda Model, 2,726/sf., 3/2.5 - $690,000
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, 3 car Grg, GC Lot, Pool - $795,000
22410 N Del Monte Ct., Figueroa Model, 2,784/sf., 2/2.5, 3 car Garage, GC Lot, - $795,000
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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