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
|
City
|
Total
Sales
|
REO
Sales*
|
%
REO Sales*
|
Median Price
|
REO Price*
|
|
Phoenix
|
1274
|
624
|
49%
|
$128,500
|
$99,700
|
|
Mesa
|
424
|
163
|
38%
|
$157,000
|
$128,000
|
|
Scottsdale
|
319
|
67
|
21%
|
$388,250
|
$270,000
|
|
Queen
Creek
|
316
|
144
|
46%
|
$126,000
|
$119,950
|
|
Glendale
|
294
|
146
|
50%
|
$149,000
|
$120,500
|
|
Gilbert
|
289
|
98
|
34%
|
$231,000
|
$191,000
|
|
Surprise
|
277
|
126
|
45%
|
$162,500
|
$153,250
|
|
Chandler
|
240
|
68
|
28%
|
$229,250
|
$179,750
|
|
Peoria
|
186
|
67
|
36%
|
$217,000
|
$180,000
|
|
Avondale
|
156
|
90
|
58%
|
$145,450
|
$135,900
|
|
Buckeye
|
137
|
88
|
64%
|
$120,000
|
$114,500
|
|
Goodyear
|
126
|
54
|
43%
|
$165,000
|
$147,500
|
|
Tempe
|
82
|
13
|
16%
|
$223,000
|
$138,000
|
|
Tolleson
|
73
|
45
|
62%
|
$139,900
|
$130,900
|
|
|
|
|
|
|
|
|
*REO
= Bank owned homes
|
|
|
|
|
|
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
?
If you are looking for Phoenix bank owned homes, Kellson Team (www.kellson.com) offers you the best ways to search Phoenix REO homes: interactive MLS live search (database driven) with fast email and telephone support. All Phoenix bank owned listings are updated several times a day.
You can also find Scottsdale (AZ) bank owned homes, Mesa (AZ) bank owned homes, Chandler (AZ) bank owned homes, Gilbert (AZ) bank owned homes and more... at
http://activerain.com/groups/ArizonaREOs
or click on the individual links below for bank owned homes in your area.
- Phoenix bank owned homes (REOs)
- Scottsdale bank owned homes (REOs)
- Paradise Valley bank owned homes (REOs)
- Mesa bank owned homes (REOs)
- Tempe bank owned homes (REOs)
- Chandler bank owned homes (REOs)
- Gilbert bank owned homes (REOs)
- Fountain Hills bank owned homes (REOs)
- Cave Creek bank owned homes (REOs)
- Carefree bank owned homes (REOs)
- Apache Junction bank owned homes (REOs)
- Queen Creek bank owned homes (REOs)
- Tolleson bank owned homes (REOs)
- Surprise bank owned homes (REOs)
- Peoria bank owned homes (REOs)
- Litchfield Park bank owned homes (REOs)
- Glendale bank owned homes (REOs)
- Avondale bank owned homes (REOs)
- Goodyear bank owne homes (REOs)
- Buckeye bank owned homes (REOs)
- Maricopa bank owned homes (REOs)
- Casa Grande bank owned homes (REOs)
- Coolidge bank owned homes (REOs)
- Florence bank owned homes (REOs)
- All REOs
;)
;)
Phoenix REOs price < $50 per sq.ft
You now can find bank owned homes for sale in greater Phoenix with price less than $50 per sq.ft. Should you need more information, please email me at sean@kellson.com.
Thank you,
Sean Nguyen
Kellson Team
Kellson.com