Special offer

Foreclosures Declining in Phoenix Market

By
Real Estate Agent with Keller Williams Arizona Realty

Courtesy of Barb Savoy-Pacella, ABR, CHMS, CEO ~ Keller Williams Arizona Realty

www.PacellaGroup.com

 

In reviewing the Cromford Report data, the trends that we have observed over the past several months are remaining.  We are continuing to see a decline in foreclosure inventory by 5% over the past month, and a rise in short sale inventory by 2% to 27% of the total inventory, which is a record for this category.

 

There are several pieces of good news this week.  Comparing data over the past 30 days, from September 15th, 2011 to October 15th, 2011:

 

  • The average price per square foot, overall, has risen 3%.
  • Traditional equity sales have also risen 3%. 
  • The price per square foot on traditional equity sales has risen 2.5%
  • The price per square foot on foreclosures has risen 2.5%

 

Reviewing short sale pricing in the near term will be important since the short sale inventory is increasing, and the price per square foot is declining, which would have an eventual impact on the overall price per square foot.

 

The market’s lowest AVERAGE sales price (total all of the sales prices divided by the number of sales) was $150,400 set on August 25, 2011.  The market’s lowest MEDIAN sales price (use the total the number of sales and target the point where half are above and half are below) was $107,000 set eight months ago on February 24, 2011.  Some forecasters believe that the median is a much more realistic tool in the event that you had a few very high end properties selling that could skew the average; that being said, the median price being on the rise for eight months gives reason for optimism.

Listings Pending Sale are down very slightlythis week at 11,353.  That is a decrease of 88 pending sales compared to last week. Listings that are active with contingencies account for an additional 7,721 properties. 

 Current Conditions in the Phoenix Market:

  • There are 15,507 single family detached listings, currently active in MLS.  That is a slight increase of 167 listings over last week, which is expected for this time of year.
  • There are 19,772 total listings currently active in MLS, which includes condos, patio homes, townhomes, and lofts.

For additional information regarding the Phoenix housing market, or to view homes for sale, visit our web site at www.PacellaGroup.com

Posted by

 

 

Comments (0)