February 2024 Newsletter

Phoenix Metro Market Update

Listing under contract counts continue to be underwhelming, only reaching 8,182 after 7 weeks of the year. The same time last year we had 8,877 and 12,131 the year before.

Although demand has improved a little since late 2023, it remains very subdued and is having difficulty catching up to last year, which was pretty poor in the first place. With typical 30-year fixed mortgage rates over 7% again, we are not seeing much enthusiasm among buyers, who were clearly hoping rates would fall below 6.5% at least.

Last year the market caught a second wind in April but ran out of puff 2 months later. It is by no means clear what it will do in 2024, but so far it is merely ticking over, providing very little to get excited about.

Luxury Market Update:

Does an election cycle affect housing activity? There is one market that can be affected by an election, and that’s the stock market. After the last 4 elections, the stock market has responded positively afterwards, which affects both luxury buyers and retirees with a high percentage of cash purchases. If a cash buyer expects their investment portfolio to be worth more after an election, they may simply put off their home purchase until the Spring. This can cause contract activity to stagnate for a couple months, but not enough to affect prices, and this mild affect can be offset by other mitigating factors, like seasonality, that would make the impact unnoticeable.

So far in 2024, listings under contract over $1M are higher than 2022, which is the #1 record year for this price range. Active listings over $1M are also at record highs, which is offsetting the increased demand and keeping price appreciation stable. To sum it up - demand is realtively healthy in the luxury market at this point, but increased inventory - much more than in 2023 - in this price segment has kept prices stable and sellers on their toes.

Things to Do

After a rainy start to this year the sun is out and temperatures are in the 70’s. It’s a great time to hike, bike, get on the lake, have a lazy day at a pool resort, or just sit and bask in the sunshine.

Get Ready for Spring Training! 15 MLB leagues use Arizona to get game ready before the season starts. The outdoor stadiums are perfect for a sunny leisurely afternoon watching America’s favorite game. To see the schedule (subject to change so bookmark this site)

visit: https://www.springtrainingonline.com/features/master-schedule-cactus.htm

Featured Properties

10665 E. Blue Sky Drive

Gorgeous golf property located on the 14th hole of Troon North Monument course, within the prestigious gated community of Pinnacle Canyon. Stunning panoramic mountain views capture both the sunrise over Four Peaks to the east and sunset over Troon Mountain to the west. With an oversized pocket door that opens to the exterior living space, you'll have the ultimate in indoor /outdoor living. The open floor plan creates a spacious and inviting atmosphere, with a dual sided LED fireplace to warm both the living room and dining area. The remodeled large chef's kitchen features an abundance of cabinetry and top-of-the-line Thermador appliances. Luxury amenities include a climate-controlled wine cellar and theater room with 130-inch screen. New tile and PVC 80 mil vinyl roof.

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7137 E. Rancho Vista Unit 4005

Optima at Camleview Village is an incredible, unique condo development located next to Scottsdale Fashion Square and right in the heart of all the restaurants, shopping, and outdoor activities you could want. This rare east facing unit with 2 private balconies overlooks the breathtaking promenade. The floor-to-ceiling glass windows showcase the gorgeous balcony and lush Optima landscape. Exceptional 2B/2B, 4th floor corner unit with electronic shades, bamboo flooring, granite counters, SS appliances, smart home features, and plenty of views. All found within the luxurious Optima Camelview Village with it's unbeatable location and state of the art design/amenities. Onsite Concierge, restaurant, putting green, basketball/racquetball, two outdoor zen pools/spa and indoor lap pool. 24k sqft fitness center.

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18921 E 92nd Way

Awesome location in North Scottsdale adjacent to DC Ranch with gorgeous mountain views! Wonderful one story home, upgraded with stainless steel appliances, newer carpet and 18-inch tile. This home has been immaculately cared for and it shows. Spacious 2449 sf split floor plan offering primary suite separate from the other three bedrooms. Plenty of light from large windows creates an inviting atmosphere. Lush private backyard with mature landscaping surround the heated pool & spa. Just minutes to the park with tennis courts, basketball & play area.