October 02 – October 09 Weekly Recap and Forecast
Here are the stats for Corte Bella for the 2-week period 10/02 – 10/9:
Active (For Sale): 29
Coming Soon: 2
New Listings: 2
Under Contract Accepting Backups 3
Under Contract Contingent on Buyer Sale: 3
Pending: 2
Sold Properties: 4
My heart says “Yes!” but my head say “Meh”. What am I talking about? It’s the second week of October and a few snowbirds have arrived. My heart says it’s time for housing sales in SCW to take off. Right? Well, maybe not so fast. Open house traffic in Corte Bella has been hit and miss. I had one agent call to ask me where is everyone? She has held several days of Open Houses with 0 walk-thru’s. Yikes! A couple of days later, I spoke with another agent with an open house here in CB and she had 18 walk-thru’s in one day. Still too early to draw any conclusions.
Initial listing prices in Corte Bella have remained high with few reductions even after a couple of weeks on the market. Sellers are hanging tough with their prices, which is a good thing for the market. I think we’ll see the same through the end of the year. Then, I think we’ll see some aggressive price reductions.
What about interest rates, you ask? Well, purchase mortgage rates (30 year fixed) edged up to 7.12% last week. Adjustable-Rate Mortgages (ARM’s) have re-appeared in the discussion. Last week, 5/1 ARM’s were 6.45%. Mortgage rates are not our friend right now.
Why are rates so high? Answer: Incredibly high inflation. The Fed is determined to hike rates as high as it can and keep them there as long as it can, even if that means the economy suffers. In fact, the Fed actually WANTS to see some suffering in order to confirm that it has hiked rates enough. To make matters worse, they're not really considering the mortgage or housing market in that endeavor. Home price appreciation got way ahead of itself by rising roughly 40% over 2 years (this also contributes to inflation metrics). The Fed knows rate policy changes will generally have the most immediate effects on the housing market and the Fed wants to cool the housing market as housing prices are a big part of inflation. It's working.
I thought the chart below describes the current state of affairs quite well. It shows the dramatic increase in mortgage rates and the corresponding collapse in the number of mortgage (refinance and purchase) applications.
MOJO SENTIMENT -- The weekly Mojo Report is:
Inventory levels are up. - (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. Mortgage rates are hurting sales badly.
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.
CORTE BELLA LISTINGS/CLOSINGS
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
23307 N De La Guerra Ct., Arcada Model, 1,684/sf., 2/2, Pool - $600,000
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 Plus Den, Corner lot - $599,750
12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $599,900
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*
13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
22132 N Los Gatos Dr., Encanto Model, 2,095/sf., 2/2, GC Lot - $699,000
2832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool - $725,000
23109 N Hank Ramon Dr., Figueroa Model, 2,840/sf., 3/3.5, Casita, GC Lot - $785,0000
23023 N Pedregosa Dr., Mirada Model, 2,593/sf., 2/2.5, 3-car garage, Pool - $798,000****
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
23230 N Del Monte Dr., Mirada Model, 2,806/sf., 3/3.5, Casita, Pool, GC Lot - $933,000
22108 San Ramon Dr., Figueroa Model, 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
22609 N Galicia Dr., 2,840/sf., 3/3.5, Gorgeous Home, Casita, GC Lot - $889,900
13703 W Nogales Dr., 1,684/sf, Encanto Model, Den, Oversized Laundry - $473,000
UNDER CONTACT ACCEPTING BACKUPS
22619 N Las Positas Dr., 1,636/sf., 2/2, New Kitchen, Pool - $550,000
22207 N Montecito Ave., Cambria Model, 2,423/sf., 3/2, Pool - $649,900
22547 N Padaro Dr., Figueroa Model, 2,784/sf., 2/2.5, GC Lot, Pool - $925,000
UNDER CONTRACT CONTINGENT ON BUYER SALE:
13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950
22002 N Valerio Dr., Figueroa Model, 2,785/sf., 2/2, Spa, GC Lot - $799,000
PENDING LISTINGS:
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
SOLD LISTINGS (09/15/22 – 10/09/22):
22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $409,000
23134 N Loreto Dr., San Marco Model, 1,904/sf., 2/2 - $574,900
23903 N Las Positas Dr., San Marco Model, 2/2, 1,904/sf., GC Lot - $635,000
12826 W Rincon Ct., Encanto Model, 2,143/sf., 2/2, 3-Car garage, Casita - $649,000
13265 W Micheltorena Ct., Alameda Model, 2,726/sf., 3/2.5, cart garage, Pool - $725,000
13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5, 3 car garage - $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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