Hope you had a lovely Halloween. It's been a warmer than normal October. But cooler are winds seem to be starting to blow. The market definitely had a quieter October. Interest rates hit 8% for 30 year fixed. But yesterday the Fed showed some signs of cracking. Wall street rising today which indicates the street thinks rates are done rising.

DBacks lose in 5. A great run and was fun to watch while it lasted :-)

Just Listed | New Build Modern Farmhouse

Inside the gates of Whitewing At Whisper Ranch. Modern Ranch / Farmhouse Luxury. A Toll Brothers Development. Built in 2022 with impeccable attention to detail. Features casita with separate entrance, top of the line finishes, expansive premium lot, and so much more. Home has been lightly lived in. Incredible opportunity & value!

9727 E Vallejo Street, Queen Creek, AZ 85142 | 4 Bedrooms | Den | 3.5 Baths | 4,269 Square Feet

MLS Link: Click here | MansionGlobal Link: Click here | Offered at $1,850,000

Coming Soon | Gainey Village Casitas

One of the nicest communities in the heart of the Gainey Ranch area. Gainey Village Casitas. We have a 2 bedroom 2 bathroom jewel box coming soon. Guard gated and one of the nicest community pools in Scottsdale. Renovated and move in ready.
Call Marta for info: 480 274 5710

Market Stats

The Cromford Report again shows a little bit of pressure on the market. This measure is strictly measuring the balance of supply and demand. It has no indicator of price. But if values go below 100 and remain below 100 for a sustained period this will indicate pressure on price. It's not there yet. But we will be keeping an eye on this metric for sure.

Cromford Report Daily Observation: November 2nd.
Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities.

The market is still weakening and at a faster rate, with an average decline of 15.6% in the Cromford® Market Index for the 17 cities above. This is worse than the 14.5% decline we saw last week.

Well above average declines in CMI can be seen in Cave Creek, Buckeye, Scottsdale, Paradise Valley, Chandler, Peoria , Surprise, Phoenix and Mesa. Falling but at a lower speed are Gilbert, Avondale, Maricopa and Tempe.

11 out of 17 cities are still sellers markets with Peoria and Surprise in the balanced zone while Buckeye, Goodyear, Queen Creek and Maricopa are all buyers' markets.

Our Take

So this looks like a lot of red numbers. It is but there is a but.

When supply is already super low a burst of listing can quickly alter the balance of supply relative to demand. That balance is what this index measures. In the same way a bunch of new contracts can quickly skew the demand side. Our take is that there will be a pick up in the buyer activity. There is a lot of pent up demand. People will only sit on the sidelines for so long before accepting the new normal of 7%+ interest rates. Mortgage rates may of peaked in our opinion. And we are starting to see a lot of online chatter about the following concept. Marry the house, date the rate. The sentiment being buy the house now and refi when rates are back in the 5% range. We will see if that plays out and if that sentiment does bring more buyers to market.

Coming Soon Listings

We have some coming soon listings in Paradise Valley, McCormick Ranch, Biltmore and North Scottsdale. But in this market things go fast so if you are looking be sure to let us know :-)

Interiors

Zillow Predicts These 6 Home Design Trends Will Go Viral in 2024

How do you design a home that never dates?

5 design trends huge for 2024.

In The Neighborhood

14 hottest new restaurants in PHX.

National Association of REALTORS loses law suit.

Luxury home sales plummet across Texas.
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That's it folks. Have a great weekend!