We made it to October and we were supposed to be rewarded with cooler temps. Today the high is 110°. Not ideal.

Since the last newsletter interest rates went down a half basis point. The was more than expected and I think another half point is coming at the next meeting Nov 6/7. If they do have another full half point cut our guess is that will really juice the real estate market.

Tatum Canyon View Property

4613 E Desert Park Place, Paradise Valley 85253

5,214 Square Feet | 4 Bedrooms | 4.5 Baths | 3 Car garage

Offered at $4,200,000 | MLS link: Click here

Off Market Properties

We continue to have a lot of off market properties, Priced from $1,500,000 to over $15,000,000. Most of these properties are ones the owners wish to sell but are wiating for the election and other events before listing on MLS.

Areas of town are mainly Paradise Valley & North Scottsdale. Mountainside homes, golf communities etc. Paradise Valley Views, Silverleaf, Mirabel Club & Troon. Reach out if your looking but can't find anything on the MLS. Specifically - Marta - 480-274-5710

Market Stats

Cromford Daily Observation ~
If you have been watching the listings under contract count, as we suggested you should a few weeks ago, you will have noticed a sharp increase over the past 4 weeks.

We are up almost 14% over this time last year. We have not seen a significant year over year increase for well over 3 years, so this is a cause for celebration.

The fourth quarter of 2024 should see an increase in closing rates which is good news for agents and everyone else who works in the industry.

While this is also good news for sellers, it is heavily dampened by the fact that the supply of active listings is up 52% over last year. So there is no upward pressure on pricing except in a few isolated segments, such as the ultra-luxury market. However, even that comparison is getting better, since it was 62% at the end of July.

Our take

I'd say the Fed dropping rates has certainly motivated some buyers, that why we are seeing a rise in homes under contract.

Prices seems stable at this time. So sellers are pricing a little too ambitiously that's normal.

Interiors

5 colors dating your home in 2025

12 Vintage Trends That Are Making a Comeback,

In The Neighborhood

Scottsdale number one for small businesses.

New $43,000,000 roundabout planned for North Scottsdale. (Time to get into the roundabout business?)

Fender guitars break ground in old PV mall location.

Wealthy Californians are flocking for private mountainside estates
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That's it folks. Have a great October and Happy Halloween!