Phoenix Home Sales Update for Nov. 2008

A total 1095 homes was sold in Phoenix last November, an increase of 58% from November last year.  This makes five consecutive months of positive sales growth for Phoenix residential real estate market. 

Phoenix home sales declined 49% last February from a year ago. Since then, Phoenix home sales trend has been showing continuous improvements. July '08 was the first month Phoenix home sales turn from negative to positive growth.  

The number of lender owned (REO) home sales in Phoenix also increased consistently during 2008.  REO home sales in November accounted for 52% of total sales. Total 573 REO listings were sold last month with median price of $80,500 and combined agent days on the market (CDOM) was 68 days. November's cheapest REO home in Phoenix was sold for $12,000.

You can visit www.Arizona-bank-owned-homes.com to view lender owned (REO) homes for sale in Arizona. As of today (12/11/2008), more than 4,000 bank owned homes in Phoenix alone are for sale. Kellson Team offers free live search with full details. Registration is NOT required.

The statistical table below provide a good reference on Phoenix home sales (total MLS sales and REO sales) for the first 11 months of 2008.

Should you have any question or comment, please contact Kellson Team at www.kellson.com. We offer one-stop-shop real estate services in greater Phoenix.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Phoenix Bank owned homes (REOs) - Market updates for Oct 2008

Greater Phoenix residential real estate market is currently dominated by bank owned homes or lender owned properties (aka REOs). More and more bank owned homes in Phoenix-Mesa metro area have been sold at very attractive prices. Median price of REOs is significantly lower than the overall sale price in most cities. In this report, we only look at 14 major cities in Phoenix-Mesa metro area (see table below).

Three cities with highest percentage of REO Sales

Buckeye, Tolleson and Avondale are three cities in our list with most REO sales. Total 137 homes sold in Buckeye, 88 of them, or 64%, are bank-owned homes. Percentage of REO sales in Tolleson is 62%. Avondale has 90 bank owned homes sold or 58 percent of total sales.

Phoenix has the lowest REOs median home price

Total 1,274 homes were sold in October and 624 of them, or 49%, are bank owned homes. Median price of Phoenix REOs is $99,700. It was $185,000 a year ago.

Median price vs. REOs price

REOs median price in Tempe , Scottsdale , Phoenix and Chandler are less than 80% of their overall median price. For example, Tempe overall median price is $223,000 while REOs median price is $138,000. Phoenix and Chandler both have REO price at 22% below their overall median price.

REOs Statistic Table for October 2008

This table shows you details about home sales, REO sales and their median prices.
Last update: 11/01/2008

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Where to find bank owned homes (REOs) in greater Phoenix ?

Kellson Team has created a REO blog to help you find bank owned homes (REOs) in greater phoenix. Click here or visit our REO webpage at http://activerain.com/groups/ArizonaREOs for details.

You will find Phoenix REOs, Scottsdale REOs, Mesa REOs, Chandler REOs, Gilbert REOs, Glendale REOs and bank owned homes in many other cities with full detail information: address, price, photos, virtual tours, features, description and much more.

Should you have any question, please call.

Best regards,

Sean Nguyen, Associate Broker
AZ Real Estate Broker ID: BR564478000
CA Real Estate Broker ID: 01454782
America ’s All in One Real Estate Services
1450 W. Guadalupe Rd , Bldg 4, Suite 132
Gilbert , AZ 85233
Direct 480-678-8222
Office 480-588-7611
Fax 480-588-7622
Email: sean@kellson.com
Web: www.Kellson.com
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Are you looking for special/unique Phoenix commercial properties FOR LEASE that are not available anywhere on the WEB? 

Kellson Team offers free custom search and update for Phoenix commercial properties FOR LEASE that are difficult to find anywhere else. The following subtypes of Phoenix commercial leases are available upon your request:

PHOENIX COMMERCIAL LEASE BY USE

- Automotive
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- Mixed use properties
- Office
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- Restaurant
- Bar
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- Mini storage
- Office
- Liquor
- Relegious facility
- Retail
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- Wholesale
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PHOENIX COMMERCIAL LEASE BY BUILDING TYPE

- Phoenix commercial space for lease
- Phoenix industrial space for lease
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If you are looking for special/unique Phoenix homes for sale (such as REOs, Short Sale, Pre-foreclosre, seller cary back, fix up properties) you have come to the right place.  We can help you.

Kellson Team offers free custom search and update for Phoenix special homes for sale that are difficult to find anywhere else.  The following home subtypes will be delivered to our mailbox upon your request:

- Phoenix bank owned homes (REOs)
- Phoenix short sale homes
- Phoenix pre-foreclosure homes
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We also offer free search and updates for Phoenix homes by architectural styles:

- Phoenix contemporary homes
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Are you looking for special/unique Phoenix commercial properties (such as hospice facility, church, bar) that are not available anywhere on the WEB?  We can help you.

Kellson Team offers free custom search and update for Phoenix commercial properties that are difficult to find anywhere else.  The following subtypes of commercial properties are made available upon your request:

- Automotive
- Fast Food
- Medical/Dental
- Mixed use properties
- Office
- Warehouse
- Recreational
- Restaurant
- Bar
- Retail PAD
- Food Service
- Mini storage
- Office
- Liquor
- Relegious facility
- Retail
- Service business
- Wholesale
- Others

We also offer free search and updates for Phoenix commercial properties by building type:

- Phoenix commercial buildings
- Phoenix industrial buildings
- Phoenix office buildings
- Phoenix warehouse buildings
- Phoenix distribution buildings
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- Others

Phoenix short sale homes as of 10-01-2008

- Number of Phoenix short sale homes: 1069
- Median price: $150,000
- Search Phoenix short sale listings here.

Should you need more detail information, please contact Kellson Team or visit Kellson.com for free Arizona MLS property search (updated daily), including Arizona homes, Arizona rentals, Arizona commercial properties, Arizona multifamily and Arizona land for sale.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Phoenix bank owned homes (REOs) for sale as of 10-01-2008

- Number of Phoenix REOs: 3116
- Median price: $99,000
- Search Phoenix REO listings here.
- View bank owned homes in greater Phoenix,
  please visit: http://activerain.com/groups/arizonareos

Should you need more detail information, please contact Kellson Team or visit Kellson.com for free Arizona MLS property search (updated daily), including Arizona homes, Arizona rentals, Arizona commercial properties, Arizona multifamily and Arizona land for sale.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Phoenix Pre-foreclosure Homes for Sale as of 10-01-2008

- Number of Phoenix homes for sale: 17,713
- Number of pre-foreclosure listings: 199
- Median price: $199,000
- Search Phoenix pre-foreclosure listings here.

Should you need more detail information, please contact Kellson Team or visit Kellson.com for free Arizona MLS property search (updated daily), including Arizona homes, Arizona rentals, Arizona commercial properties, Arizona multifamily and Arizona land for sale.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

1437 Phoenix residential homes sold in September 2008. Only 767 Phoenix homes was sold in the same month last year.

Phoenix home sales always droped in the summer months in the last 8 years; however, the sale patern began to change this year. Home sales increased more than 18% between June and September. See chart below for details.

Should you need more detail information, please contact Kellson Team or visit Kellson.com for free Arizona MLS property search (updated daily), including Arizona homes, Arizona rentals, Arizona commercial properties, Arizona multifamily and Arizona land for sale.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

The number of residential pending listings in September 2008 were up 90% compared to the same month last year.

1420 homes were in pending in September 2008 and only 744 homes were in pending in September 2007.

Although the sale pendings in 2008 were still lower than they were in 2006 and early 2007; however, the growing trend of pending sales are obvious.

Should you need more detail information, please contact Kellson Team or visit Kellson.com for free Arizona MLS property search (updated daily), including Arizona homes, Arizona rentals, Arizona commercial properties, Arizona multifamily and Arizona land for sale.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.