Greater Phoenix Area Listing Success Rate - Market Trends 2012
Looking at the success rate of 4 types or listings: HUD, Normal, REO and Short sales, we can clearly see the market trends from March 2011 to March 2012. Phoenix has shifted to a sellers market in what some are calling a 'blink of an eye'. But that is not the real story. This shift has been ongoing for months, going back to early 2011. We are seeing an uptick in prices in many areas, particularly in the under $350,000 range. And as has been happening for months and months, we are seeing multiple bids on most listings in under $350k if they are priced correctly and in good condition and location.
The HUD HOME listing success rate has remained stable from March 2011 to March 2012. The success rate of 94% in 2012 is down slightly by 5% from March 2011. There are very few HUD homes on the market in 2012 as compared to 2012. And when there are HUD homes they are bid on quickly and sold.
The Normal Home listing success rate has risen to 78% in March 2012 from 65% in 2011, an increase of 13%. This may be due in part to the many 'flipped' properties that were once foreclosures/distressed properties and are now considered normal sales when sold by investors.
The REO listing success rate has remained stable, 94% in March of 2011 to 96% in March of 2012. As with HUD homes REO listings are quickly 'gobbled' up by hungry buyers looking for a good bargain. The vast majority of REO sales have multiple bids with days of being on the market and many are sold for over list price.
The Short Sale listing success rate is the most significant. From a low success rate of 43% in March 2011 it has jumped up to a 69% success rate in March of 2012 a big 26% increase. That is due to the fact that many, banks (but not all banks) have improved their short sale processes which is allowing these home to close escrow rather than go to foreclosure. This is good news, very good news for both home sellers and home buyers. I expect that short sale successful closings will continue to rise for the rest of this year.
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Sincerely,
Anna 'Banana' Kruchten
602-380-4886
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