Welcome to the newsletter, it's been a little while. Busy times. And to any new readers welcome.

Lot's of market information below. A few people have reached out recently trying to understand exactly where this market is at currently. So we'll try to get under the hood a little and find the real numbers.

It's warming up a little but still nice to be in Arizona!

Just Sold | Scottsdale Waterfront Residences

7175 E Camelback Rd Unit 108, Scottsdale, 85251

2 Beds | 2.5 Baths | 1,919 Square Feet | Sold at $1,525,000

Just Sold | McCormick Ranch

9040 N 86Th Place, Scottsdale, 85258

2 Beds | 2 Baths | 1,667 Square Feet | Sold at $610,000

Listed For Sale | Paradise Valley Dave Hansen Classic

Welcome to your dream home in Tatum Canyon, Paradise Valley, where luxury living meets breathtaking natural beauty. Nestled on a sun-drenched hillside, this exquisite estate offers panoramic vistas reminiscent of a Santa Barbara retreat. Crafted by renowned luxury homebuilder Dave Hansen, this 5214 sqft masterpiece is a testament to meticulous craftsmanship and refined taste. As you step inside, you're greeted by a sense of grandeur, with marvelous views beckoning from every corner. 3 oversized car garage with a fantastic moderate driveway for hillside.

MLS Link: Click Here
4613 E Desert Park Pl, Paradise Valley 85253 | Offered at $4,200,000 | Call Marta to view 480 274 5710

Market Stats

Let's start with what the Cromford report is writing. A real estate think tank that analyzes only Phoenix metro real estate.

Cromford Repot Daily Observations
May 27 - The typical 30-year fixed mortgage rate has been varying between 7% and 7.25% since May 6, which is better for buyers than the 7.25% to 7.5% range that we saw between April 11 and May 6.

Despite the better rates, demand has stayed weak and even weakened a little further. The number of listings under contract across all types and areas within the ARMLS database is 8,779. This is down 7% from the 9,441 we saw on April 27. It is also down almost 10% from this time last year.

As we approach the hottest months of the year, when demand tends to fall anyway, this weakness is not encouraging. Supply continues to rise, although slowly and the current trends are suggesting continued deterioration for sellers. It would not be a surprise if demand were to fall enough to match the supply of active listings over the next several weeks.

May 23 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities

The average change in CMI over the past month is +0.1%, down from +0.8 last week and continuing the downward trend that started last week.

We have only 5 cities showing an increase in their Cromford® Market Index over the past month, while 12 have declined. This is also less positive than last week.

Paradise Valley, Fountain Hills and Goodyear are the biggest movers in favor of sellers. Tempe, Glendale, Gilbert and Maricopa are the primary locations moving in favor of buyers.

Now that Chandler is losing steam, Fountain Hills has a chance to replace it at the top of the table.

11 out of 17 cities are seller's markets. We have 2 cities (Goodyear and Surprise) that are balanced, while 4 are buyer's markets.

Our Take

As you can see the Cromford report is showing a mixed picture. More half of the cities are in seller's market. But they. are definitely seeing some softness on demand.

The missing piece from these stats is what the lived experience on the ground is. That being price and condition are extremely important at this time. Buyers are a bit suspicious of this market. But renovated homes still selling fast. If you are selling a slightly tired home then more aggressive pricing is needed. Buyers are either picky or will stay on the sidelines.

Coming Soon & Pocket 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 :-)

Specifically we have some homes in these communities that are ready to see today - Paradise Valley | Estancia | Silverleaf | Mirabel Club.

We also have an opportunity to build the most premier Mummy mountain / Camelback views home. Delivery would likely be 2026/2027. Final home would be just over 7,000 square feet. Build and acquisition costs are $20 million+. Literally a top of the mountain one off opportunity.

Interiors

5 timeless color combinations - Homes and Gardens

Is Art Deco Interior Design Roaring Back Into Style? - Vogue

In The Neighborhood

The Italiano opening in Scottsdale

Dinner time burglaries may be over. Hopefully for good.

Bar style curling in Old Town

Ugh Phoenix Facing a Hurricane Katrina of heat.
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That's it folks. Have a great weekend!