I hope this note finds you in high spirits, savoring the independence day holiday with all its regained familiarity. Whether you’re lighting up the grill or preparing to marvel at the fireworks, remember to take a moment to appreciate the company of your loved ones and that we live in the greatest country ever.

So, what has been happening in the real estate sphere around Terravita, you ask? Well, let’s take a peek. June saw a modest but positive performance, with just three homes successfully closing escrow. Sure, it’s not exactly a real estate boom, but every closed sale is a win in its own right, especially when one of them sold for over $600 per square foot! That is the 2nd month in a row we had a sale over $600 a foot and a monthly average above $500! Plus, there were five contracts accepted in the month, marking it a good month considering the circumstances.

That said, don’t let these numbers mislead you into thinking we’re in a hot seller’s market – quite literally, we are now in the “well over 100-degree” period. As we brace ourselves for the blistering Scottsdale North summer, expect a slower pace. The only folks willing to house hunt in this heat are the tenacious bargain hunters who are eager to live the adage, “If you want a deal in AZ, buy in July.”

And this summer slowdown isn’t just about the temperature. Following an exceptional spring selling season that had us handling some of the best properties we have ever seen, a lull is expected. So, likely we’re heading a bit downhill until the cool fall breeze brings along renewed activity.

But worry not dear readers; this isn’t a cause for concern. The inventory remains remarkably low, indicating that home prices won’t be cooling down along with your iced tea. If anything, they’re likely to continue ascending for the rest of the year.

The graph above shows the active listing count going back to the pre-Covid craziness. I took out the “unicorn” years of 2021 and 2022 to give you a sense of just how low the inventory is.

What’s more, many market observers predict a potential dip in interest rates later this year or early next. In our market, that should mean back into the Seller’s market stratosphere once again. So, brace yourself and hold on tight because it looks like we’re in for a thrilling real estate ride.

So here’s to July, my friends – may it bring a steady pace of sizzling sales, cool deals, and plenty of barbecues and laughter-filled summer nights.

Stay safe, hydrated, and as always, God Bless America!