Upcoming Events

Día de Muertos at Desert Botanical Garden 

November 1-3, from 12:00 - 6:00 PM
Desert Botanical Garden
Included with Membership or General Admission

Chalk Art in the Park 

November 2, from 9:00 AM - 2:00 PM
Goodyear Recreation Campus
FREE

Fall Festival of Arts 

November 2-3, from 9:00 AM - 5:00 PM
Center of town along Old Litchfield Rd. & Wigwam Blvd.
FREE

Canal Convergence 

November 8-17, from 6:00 - 9:00 PM
Scottsdale Waterfront
FREE

Local Market Update

Let's break down the correlation between these real estate metrics to help both buyers and sellers understand the current market trends.

First, the Months Supply of Inventory is at 5.29, which indicates the number of months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower number typically indicates a seller's market, while a higher number suggests a buyer's market.

The 12-Month Change in Months of Inventory is at +61.77%, showing a significant increase in the number of months it would take to sell the current inventory compared to the previous year. This could be a sign of a shifting market towards more inventory and potentially more options for buyers.

The Median Days Homes are On the Market is 45, meaning that on average, homes are selling relatively quickly in this market. This could be due to high demand or well-priced listings.

The List to Sold Price Percentage is at 99%, indicating that homes are, on average, selling very close to their list price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.

Finally, the Median Sold Price is $491,495, giving buyers and sellers an idea of the average price of homes that are selling in the current market.

Overall, these metrics suggest that there is a balanced market with a moderate supply of inventory, homes selling relatively quickly, and prices remaining close to the list price. Both buyers and sellers should keep these factors in mind when navigating the real estate market.

Real Estate Headlines

Mortgage Rates Hit 6.3%: NAR Chief Economist Sees "New Normal" Ahead

The housing market saw mortgage rates surge this week in the largest one-week jump since April, but National Association of Realtors (NAR) Chief Economist Lawrence Yun remains optimistic about the overall market outlook.

In a recent interview with Yahoo Finance, Yun emphasized that while rates have increased since the Federal Reserve's mid-September meeting, the current average of 6.3% represents a significant improvement from last year's peak of nearly 8%. This roughly 200-basis-point reduction from a year ago signals positive news for potential homebuyers.

"The six percent mortgage rate will be the new normal," Yun predicted, noting that consumers should expect some fluctuation around this level. He also clarified a common misconception among consumers: the Federal Reserve doesn't directly control mortgage rates, which are instead influenced by the broader bond market.

Despite concerns about homeowners being "locked in" to lower rates from previous years, Yun sees housing inventory steadily increasing, up approximately 20% from last year. He attributes this rise to inevitable life changes such as:

- Growing families needing larger homes

- Retirees looking to downsize

- Marriages and divorces

- Inheritance situations

On the supply side, Yun highlighted an encouraging trend: builders are responding to market demands by increasing construction, with a particular focus on affordable, smaller-sized homes rather than mansions. This shift could provide more opportunities for entry-level buyers to enter the market.

For frustrated buyers who may have stepped back during the spring months, Yun suggests now might be time to revisit their home search, citing both improved mortgage rates and increased housing inventory providing more choices in the market.

Household Tip

Wildfowers In Your Yard

As the cooler months approach, Phoenix residents have a unique opportunity to transform their landscapes into vibrant wildflower meadows. November marks the perfect time to prepare for wildflower seeding, a practice that not only beautifies your yard but also supports local ecosystems.

Why Seed Wildflowers in Phoenix?

Phoenix's mild winters and sunny days create ideal conditions for wildflowers to thrive. By seeding in late fall, you allow the plants to establish strong root systems before the intense summer heat arrives.

Choosing the Right Wildflowers

Opt for native species that are well-adapted to the Sonoran Desert climate. Popular choices include:

- Mexican Gold Poppy

- Desert Lupine

- Desert Marigold

- Owl's Clover

- Desert Bluebells

Preparing Your Landscape

To ensure success, follow these steps:

1. Clear the area of weeds and debris.

2. Loosen the top layer of soil to about 1 inch deep.

3. If your soil is heavy clay, mix in some sand to improve drainage.

Seeding Tips

For best results:

- Mix seeds with sand for even distribution.

- Lightly rake the seeds into the soil.

- Water gently but thoroughly after seeding.

- Keep the soil moist until germination occurs.

When to Expect Blooms

With proper care, you can expect a colorful display starting in late February or early March, lasting through the spring months.

By seeding wildflowers now, you're setting the stage for a spectacular spring show that will not only enhance your property but also provide essential resources for pollinators. It's a simple yet rewarding way to contribute to the beauty and biodiversity of our desert community.