All real estate markets are local. Local meaning specific neighborhoods, subdivisions or zip codes.
As a REALTOR® living and working in the Phoenix Metro Area I’m often asked what parts of the Valley are selling well? What areas are seeing price increases or decreases and where will buyers get the best deal: Lender Owned (REO), Short Sales (SS) or Traditional (Norm)?
The Matrix below is a small part of the market report that I supply to buyers and sellers. It can be narrowed or expanded to meet the needs of the client. Here’s an overview of the Market Trends for Avondale, AZ 85392 and 85323 Market between December 30th 2011 and January 30th 2012.
Overall Avondale has remained a pretty stable market with relatively few changes over the previous four months.
One of the things that does stand out is the decline in active listings. Over the past four months the available inventory of single family detached homes has fallen by 40%.
REO days on market have increased while Short Sale days on market have decreased by almost the same percentage.
The change in REO DOM may, in part, be due to certain lenders originally listing properties higher than market value believing that the properties will bring higher prices because of a shrinking inventory.
List Price Per Square Foot and Sold Price Per Square Foot in all three categories has remained relatively unchanged over the same four months, however, REO List PPSF and Sold PPSF has declined about 3%.
This may also be due, in part, to the same lender theory of originally pricing properties at higher than market value and lowering the price as time passes. Ultimately this can cause a property to sell for less than market value.
So what does this news mean to buyers and sellers?
If you are thinking of buying a home in Avondale in the next 6 months do it now. Prices will be going up and interest rates have no where to go except up. This is one of those years people will be talking about in the future. “Remember 2012, wish I’d bought back then”.
If you can handle the ups and downs of the Short Sale process you may be able to get a great home at $12-$15 per square foot below normal market prices.
If you are thinking of selling your home in the next 6 months list it now. Inventory is low so there will be more potential buyers, (competition), for your home. Work with an experienced REALTOR® to price your home correctly and it will sell quickly.
Click on the Poster below to see the 2012 PREDICTIONS BY THE PROS!
Whether you’re buying or selling I offer a free, no obligation, consultation. As an informed buyer or seller you’ll make better decisions. Call me today at (602) 793-1627 or E-mail Nancy@NancyLaswick.com
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