Maricopa County Arizona Market Update - December 2, 2011
Once again, we have more reasons for optimism in the Phoenix metro area market.
As we have been observing over the past several weeks, active inventory (homes currently listed for sale) is down 50% from the same time period last year. Additionally, foreclosure inventory has declined dramatically, and the number of sales for 2011 are up 22% over 2009 and 2010. A 50% reduction in inventory, particularly foreclosure inventory, and a 22% increase in sales is certainly positive for our market.
As you may have noticed the foreclosure inventory has adjusted down dramatically. For the past several years, foreclosures have accounted for a very large percentage of the inventory, and even up to 90 days ago, foreclosures represented approximately 30% of the inventory in most areas in the Phoenix metro area. Currently, the percentage of active foreclosure inventory is in the single digits in most metro area cities. The current mortgage delinquency rate in Arizona is down 32%, which is the greatest decline nationally… If we’re going to be #1 at something, the greatest reduction in mortgage delinquency rates is fantastic!
Another interesting observation compares data from February of 2010 to August of 2011. In February of 2010, Arizona was #3 in the nation for delinquent mortgages, and #4 in the nation for foreclosures. In August of 2011, Arizona was #24 in the nation for delinquent mortgages, and #18 nationally for foreclosures. Relinquishing the #3 and #4 positions when it comes to foreclosure data is a good thing!
Listings Pending Sales are down this week at 10,197. That is a decrease of 384 pending sales compared to two weeks ago, which is typical seasonally. Listings that are active with contingencies account for an additional 7,276 properties.
Current Conditions in the Phoenix Market:
- There are 15,164 single family detached listings, currently active
in MLS. That is a decrease of 379 listings over the last two weeks. - There are 19,388 total listings currently active in MLS, which
includes condos, patio homes, townhomes, and lofts.
There is a lot of activity in the market.
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