Well after being wildly hot for ages. Now it's cold! Fall in AZ :-)

Interest rates dropped again yesterday. So 0.75 basis points off the highs. Moving in the right direction for real estate.

Just Listed | Guard Gated Grayhawk Retreat

Absolutely stunning! Your chance to own in coveted Raptor Retreat at Grayhawk! Elegance meets comfort in one of North Scottsdale's most sought after and prestigious guard gated neighborhoods: Los Vientos in Raptor Retreat. Step through the wrought iron gate into a Santa Barbara-inspired estate. The main residence offers three ensuite bedrooms plus a private office, perfect for any lifestyle. In addition, a separate casita with a walk-in closet and beautifully appointed bath provides your guests with maximum comfort and privacy, accessible through a lush courtyard.

8146 E Wing Shadow Road, Scottsdale 85255

3,497 Square Feet | 4 Bedrooms | 4.5 Baths | 3 Car garage

Offered at $1,650,000 | MLS link: Click here

Coming Soon | Promontory Paradise Valley

Off market for now. But available to show next week.

2,996 Square Feet | 4 Bedrooms | 2.5 Baths | 3 Car garage

Offered at $1,795,000 | MLS link: Coming soon

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 before listing on MLS.

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

Market Stats

Cromford Daily Observation ~

Nov 5 - The affidavits of value have been counted and analyzed for Maricopa County's October filings and here is what we found:

• There were 6,150 closed transactions, up 11.0% from 5,543 in October 2023 and up 10.1% from September.
• There were 1,502 closed new homes, up 1.4% from 1,481 in October 2023 and up 4.2% from September.
• There were 4,648 closed re-sale transactions, up 14.4% from 4,062 in October 2023 and up 12.2% from September.
• The overall median sales price in October was $475,000, up 2.5% from October 2023 and up 0.6% from September.
• The new home median sales price was $525,506, up 3.3% from October 2023 and up 1.3% from September.
• The re-sale median sales price was $455,000, up 2.4% from October 2023 and up 1.1% from September.

There were 23 working days in October 2024 versus 22 in October 2023, so the 11.0% increase in closings was partly because of this tailwind. Re-sales jumped much more than new homes, which actually went down if you allow for the tailwind. Given the drop in new home sales we saw last month, the new home market appears to be losing speed.

In contrast, re-sale closings rose strongly compared to last month as well as year over year. This is a consequence of the spike in contract activity in September that accompanied the drop in interest rates. Unfortunately those interest rates have moved higher again, so we do not expect the trend to continue into next month. The absence of a similar spike in new home closings is probably because the average new home sales cycle is much longer. The home usually has to be completed before the transaction is recorded, unless it is a spec that has already been finished.

New home market share fell to 24.4% in October 2024, and this is down from 26.7% a year ago.

Median prices were higher than last month and also higher than a year ago. But the combined peak remains at $490,000 so we remain 3% below that level, which was achieved as long ago as May 2022.

These numbers are for single family and townhouse / condo homes.

Our take

Re-sale numbers look pretty good based on this reporting from Cromford Report. Fed drops the rate 0.25 basis that will continue to help although mortgage rates rose post election. All in all we anticipate a fairly active real estate market to close out the year.

Interiors

5 trends that look good right now but interior designers warn they won't last - Home & Gardens

Joanna Gaines quiet luxury dining room - Home & Garden

In The Neighborhood

Scottsdale waterfront art installations open Friday 11/8

Hayden & 101 planning and zoning fight.

Feeling Lazy? Here's where you can eat out for Thanksgiving.

Caesar's Republic to rebrand as a Hilton.
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That's it folks. Have a lovely weekend.