Meaningful Market Update...Information You Can Trust!

MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – MAY 2012
(published June 27, 2012 by Michael Orr)


Headlines:


Single family home prices have risen quickly and are now far higher than in May 2011:

     The median sales price is up 32.4% from $111,000 to $147,000

     Average price per square foot is up 22.2% from $80.30 to $98.14


Townhouse/condo prices have increased by a slightly larger percentage:

     The median sales price is up 37.3% from $69,900 to $96,000

     Average price per square foot is up 23.1% from $84.89 to $104.05


Overall supply (excluding homes already under contract) is down 50% on June 1 2012 compared with June 1, 2011, and distressed supply is down 80% over the same time frame.


Foreclosure starts on single family and condo homes rose 1.2% between April and May 2012 and were up 5.2% from May 2011


Recorded trustee deeds (completed foreclosures) on single family and condo homes were up 18% between April and May 2012 but were down 52% from May 2011


71% fewer single family homes reverted to lenders at trustee sale compared with May 2011


Sales of single family homes were 5.8% lower than in May 2011, constrained by lack of supply


Single family home sales increased year on year for

     New homes (up 57%)

     Normal re-sales (up 74%)

     Short sales and pre-foreclosures (up 15%)


Single family home sales reduced year on year for:

     Investor flips (down 4%)

     Bank owned homes (down 46%)

     GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 76%)

     HUD sales (down 67%)
    
     Third party purchases at trustee sale (down 16%)



Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.