Real Estate Market Update!

The following data is from the Arizona Republic, quoting ASU research;

• Home foreclosures made up 26% of all resale homes in October, lowest since April 2009.  Down from 43% in January of this year.  
• 1,900 foreclosures in October, down 44% from 3,380 in October of 2010
• Existing home sales were 5,315, a 12% increase over the 4,695 sales in October 2010



The following data is from the Cromford Report (using MLS data);

• Active listings (excluding AWC): 19,578, down 50% from this time last year.
• Pending sales:  10,509, up 9% compared to this time last year
• Sales per month:  7,556, up 16% from this time last year.
• Bank owned inventory (REO) is 10,451, almost half of what it was 12 months ago.
• The foreclosure rate is dropping dramatically!
• The average monthly sales price per square foot has risen 4.6% since the bottom on Sept. 15th. 
• Pending sales are up 3.6% since it's low on August 21.
• This month we have seen average price per square foot rise above $100 since 2010.

Simple supply and demand.  Supply has been shrinking dramatically over the last year and demand continues to rise.  Pricing is just now catching up. The luxury market is beginning to show signs of life after a very slow July and August. This is critical for home pricing as the luxury market is a key factor in getting prices to rise. 

As always, call us with any questions or to discuss real estate opportunities in the Phoenix market!

Another Home Sold!

Congratulations to the Gardner family for their perseverance, patience, and sense of humor through 4 exasperating months of negotiating, measuring, phone calls, meetings, emails, cost estimates etc! The result is their ownership of this fabulous home in Scottsdale! And here's to a gorgeous backyard, with approved slope, retaining fence, and no code violations!

Statistics for October!

Total sales in October were 7,600 which was comprised of 2,668 normal transactions which represent 35% of the market. Short Sales were 2,211 which represent 29% of the market and REO sales were 2,721 which comprised 36% of the market. In total distressed properties continue to dominate the market with over 65%.
 

Inventory is the opposite with 19,638 listings which is made up of 2,539 REO listings which is only 13% and 3,266 Short Sale listings which is only 17% and 13,835 normal listings which is 70%.

Please call or email us your questions or comments about these numbers. We would love to discuss the trends and what the numbers are telling us!