I hope you are enjoying this amazing weather. The sun is out. The golf was weird. Lots of stuff do do around town.

Interest rates continue to confuse the market a little. They are down from the peak but checked back up a little. Inflation is always sticky when it arrives. My guess is the Fed will make a bold move shortly.

Just Listed | Amazing Scottsdale Location

RENOVATED PRIME GOLF COURSE LOT with stunning city & Camelback Mountain views! This premium lot rarely comes to market! Central location near all that Scottsdale has to offer. Gorgeous recent remodel with luxurious finishes such as Quartzite and Marble. One of the largest floor-plans/footprints in Los Abrigados. Beautiful gated community that is meticulously maintained and features resort-like amenities such as heated pool and spa. Central location near golf, shopping, dining, and entertainment options.

MLS Link: https://www.flexmls.com/link.html?1tpbn9zjhzn7,12,1
8367 E Cactus Wren Rd, Scottsdale 85250 | Offered at $1,575,000

Just Sold | Cactus Corridor

CACTUS CORRIDOR GEM! Incredible opportunity! Santa Barbara custom home nestled gracefully on an expansive .8-acre parcel within the highly sought-after Cactus Corridor, Scottsdale Arizona.

MLS Link: https://www.flexmls.com/link.html?1tpbna2tf4hq,12,1
7811 E Charter Oak Dr, Scottsdale 85260 | Closed at $1,500,000

Market Stats

Cromford Report Daily Observations | Feb 15 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities

We have 12 cities showing an increase in their Cromford® Market Index over the past month, while 5 have deteriorated and a few more have started to decline over the last 2 weeks. Scottsdale, Paradise Valley, Fountain Hills, Surprise and Goodyear are moving in a direction that is favorable to buyers. Doing the same over the past week is Buckeye, while among the secondary cities, Anthem, Apache Junction, Arizona City, Casa Grande, Gold Canyon, Laveen, Litchfield Park, Sun City West and Tolleson all saw their CMI readings fall last week, though not by a large amount.

There has been an average increase of 5.3% in the Cromford® Market Index for the 17 cities, down from the 8.1% we recorded last week. We are still reporting a positive change over the month but the trend is definitely weakening and this is not what we expect to see once the Super Bowl is over. That event usually fires the starting pistol for the housing market, but it is not exactly racing out of the blocks in 2024.

We still see weakness in the top end of the market. Demand remains relatively healthy but supply is much stronger than in 2023, especially for homes over $2 million. Cave Creek is doing better, but is recovering from very weak 4Q of 2023.

The healthiest segment is the mid-range, especially in locations closer to the center of Greater Phoenix. This includes Phoenix itself, plus Chandler, Gilbert, Glendale, Mesa, Tempe, Avondale and Peoria. Several of the most distant and more affordable areas are getting rather more supply than seller's would like. A prime example is Casa Grande.

10 out of 17 cities are seller's markets. We have 3 cities that are balanced and 4 are buyer's markets, with Goodyear joining Queen Creek, Buckeye and Maricopa.

Our Take

It's been fairly negative economic coverage for a while now. Media loves bad news. But there's some good news stories being reported relative housing and house prices.

CNN: Home sales and prices rose in January as eager homebuyers returned to the market,

WSJ: Home Sales Rebounded in January After Last Year’s Sharp Decline

New York Post: Home sales hit 5-month high in January as prices jump 5%

Market Watch: Home sales rose in January despite record-high prices, as buyers seized on lower rates

Sentiment is what moves market. National media coverage can be what moves sentiment. If the people begin to hear real estate prices are rising the reality will kind of self perpetuate. S&P also at all time highs. So even with interest rates at 6%+ I'm seeing tailwinds for real estate Spring / Summer 2024.

Coming Soon Listings

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

Interiors

3 Form 2024 Color Collection

Boutique design gallery in Scottsdale

In The Neighborhood

Phoenix WM Open has wildest ever year.

Metrocenter Mall get's $850 million redevelopment plan.

Best Phoenix Restaurants According to Local Chefs.

Where ASU students grab coffee.
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That's it folks. Have a great week!