Phoenix is still in the bargain bin, but perhaps not for long! We are definitely kicking off 2012 with a bang!
We typically think of December as a slow month for closings, and January as a slow month for pending sales, but think again! In the Phoenix metro area market, December of 2011 had 8,107 closings, which is up over 16% from November 2011 closings. Additionally, we have nearly 10,000 properties pending sale, and almost 7,000 short sales that are under contract and awaiting lender approval. … (1 comments)
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 tides are turning, once again. In the past week, even those who I speak with that have been most pessimistic about our market have expressed optimism for the Phoenix market in the near future.
I have mentioned many times those dark, early mornings in December of 2007 and early 2008 when I would hold my breath, covering my eyes and peeking through my fingers, as though watching a horror film, while I reviewed the absorption rate in our market, hoping to see us inch over the 5% mark.
Even Paradise Valley’s absorption is more than double … (0 comments)
az: Median Price Increasing in Phoenix Market!
- 10/07/11 06:06 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS, CEO-Keller Williams Arizona Realty www.PacellaGroup.com It has finally happened! Pricing has finally begun a gradual increase! The median sales price is up 7.4% in the past seven weeks! It would be difficult to believe that the market could continue to defy the law of supply and demand, with inventory decreasing and pricing not increasing, for too much longer. Reviewing the Cromford Report data, which is full of good news today, across the entire metro area, sales for the month of September were up 17% over September of 2010. Perhaps even more staggering is that inventory … (0 comments)
Over the past several months, I have repeatedly marveled at our market’s ability to defy the law of supply and demand. For nine months, inventory has been declining and currently sits at a level not significantly higher than the boom year of 2005, and yet prices are decreasing.
It’s understood that for as long as there remains a significant level of distress, our market will likely continue to be a renegade, defying those laws. We know that foreclosures have been rapidly slowing, but we … (0 comments)
az: The Phoenix Real Estate Market Defies Age Old Law
- 08/26/11 10:07 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty www.PacellaGroup.com Once again, I had the distinct pleasure this morning of attending a meeting with Mike Orr of the Cromford Report. The Cromford Report is a compilation of MLS data that graphs and charts trends in our market. Many of the things that Mike mentioned are things that we have been evaluating weekly, such as the ability of our current market, to break the age old law of supply and demand. As we have reviewed previously, Mike also believes that the reason we are able to break this law … (0 comments)
az: Great News in the Phoenix, AZ Housing Market!
- 08/20/11 07:41 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty www.PacellaGroup.com There is some great news in our market! CNN announced that Scottsdale, AZ was named one of the top 5 cities for fun and affordability in the world! As a native of Scottsdale, I would have to agree! The secret must be out because the Scottsdale Luxury Home Tour also announced that the level of inventory has dropped so low, that they will no longer be able to tour twice per month, and will scale back to touring once per month, in order to have new inventory to … (0 comments)
az: Gorgeous Paradise Valley, Arizona remodel!
- 08/20/11 06:43 AM
Don't miss this gorgeous Paradise Valley, AZ remodel on an acre + lot! From the moment you arrive in the circular drive, this spectacular home will charm you. You will be amazed at the tranquility of a home that is just blocks from the best dining, shopping, golf and entertainment in Scottsdale. Enter the spacious living areas with custom cabinetry and finishes, perfect for entertaining. The gourmet kitchen is an entertainer’s dream with dual refrigerators, dishwashers, and gas ranges! Select your favorite bottle of wine from the wine room, & enjoy it @ the wet bar, complete with salt water aquarium! For relaxing moments, visit the … (0 comments)
Although June was a record breaking month, it would be normal to anticipate the usual seasonal decrease in sales from June to July. However, if we in compare sales from July of 2011 to sales from July of 2010, we finished 23.3% stronger in 2011! Additionally, pending sales figures are up 17% over the same time period last year, and inventory is down by 35% over the same time period last year! The “listing success rate,” the percentage of listings that close, rather than cancelling or … (0 comments)
az: Who needs a haboob?! The Phoenix Market is HOT!!
- 07/08/11 11:43 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty www.PacellaGroup.com IT'S FINALLY HAPPENED!!! It can be ignored, no more! For weeks I have been wondering why the media is not paying attention to what is happening in our market. Finally, Catherine Reagor, a reporter for the Arizona Republic real estate section, who has had absolutely nothing positive to say about the Phoenix Real Estate Market for the past several years, published an article today titled "Phoenix Area Market Gaining Ground." Wow, is she finally paying attention to the data? In case you haven't heard the news yet, June … (1 comments)
az: It feels like 2005 in the Phoenix market
- 06/17/11 05:25 AM
Courtesy of Barb Savoy-Pacella, CEO ~ Keller Williams Arizona Realty www.PacellaGroup.com Periodically, I have compared months of supply of inventory for different municipalities in the metro area. This week, I would like to focus on months of supply by price range throughout the Phoenix metro area. Typically a 5.5 months supply of inventory is considered a "'balanced market." In other words, inventory below 5.5 months of supply would be considered a seller's market because demand would be heavier than supply; and inventory above 5.5 months of supply would considered a buyer's market because supply would be heavier than demand. As I … (1 comments)
az: Top Ten Reasons to Live in zip code 85254 ~ #10
- 06/04/11 10:31 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS www.PacellaGroup.com TOP 10 REASONS TO LIVE IN ZIP CODE 85254 It may not be 90210, but there are plenty of reasons to love 85254. In "Letterman fashion," let's count them down from #10. #10 ~ Residents of 85254 have a Scottsdale address, however, the city services are provided by the City of Phoenix, therefore, taxes are assessed on the much less expensive Phoenix scale, rather than Scottsdale. Who cares if the fire engine that comes to rescue you is yellow or red, as long as it arrives quickly, right? Additionally, who cares if you travel … (0 comments)
az: The "Bottom" Officially Declared in the Phoenix Market!
- 05/06/11 08:02 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty It's finally happened! I am required to change the format of "the Good, the Bad, and the Ugly," because there seems to be nothing ugly to report, and although a few things might be disappointing, they aren't necessarily bad! In reviewing information found in the Cromford Report, which analyzes MLS data, the news is VERY encouraging! The Good: Reviewing total market data for all areas and price ranges and comparing the fourth quarter of 2010 to 2011: The supply of active listings has declined by 28% Listings pending sale … (1 comments)
az: The Phoenix Market has Prepared the Cabin for Cross Check!
- 04/29/11 07:40 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty www.PacellaGroup.com As I look at the month over month increase in absorption, decrease in inventory and stabilization in pricing, I can't keep myself from comparing the Phoenix real estate market over the past several years to a passenger jet. In late 2007 and throughout 2008, our jet was just parked at the jet way, going nowhere. In 2009 and 2010 we began preparing for departure and taxiing to the runway. In reviewing the month to month increase in absorption, I can't help but feel like we have started down … (0 comments)
az: The good, the Bad, and the Ugly in the Phoenix Market
- 04/23/11 02:10 PM
Courtesy of Barb Savoy-Pacella, CEO ~ Keller Williams Arizona Realty www.PacellaGroup.com The Good All indicators, including all information found on the Cromford Report, which uses MLS data to provide charts and graphs to illustrate the status of our market, indicate that demand is rising and inventory is falling in our market, in impressive ways, in all market segments. However, the markets under $150,000 in the outer lying areas such as Maricopa, Buckeye, Queen Creek and Anthem are currently experiencing the most dramatic absorption of inventory. In 2008, our active inventory was in the neighborhood of 55,000 listings. Inventory has decreased by almost 50%, since that … (0 comments)
az: Positive Indicators in the Phoenix Market
- 04/15/11 07:40 AM
There are positive indicators in the Phoenix market! Courtesy of Barb Savoy-Pacella, CEO ~ Keller Williams Arizona Realty www.PacellaGroup.com The month over month sales figures for March are in, and they are certainly giving us cause to celebrate. The sales figure for March is 9,933 units, which is the highest level of closings in 66 months!!! That's right, the last time we experienced that many sales was in July of 2005, smack dab in the middle of the frenzy that was the height of the market. Additionally, inventory declined 7.5% in March, when compared to February, bringing us to the lowest … (0 comments)
az: Where is the Distressed Inventory in the Phoenix Market?
- 04/08/11 09:20 AM
Courtesy of Barb Savoy-Pacella, CEO ~ Keller Williams Arizona Realty www.PacellaGroup.com Valley wide, distressed properties (foreclosures and short sales), have been representing approximately 70% of our home sales over the past year. As we have observed in the past, the level of distress in the market has a direct relationship to price erosion. It is an interesting observation that the Northeast Valley, which has the least inventory of active distress also has an imbalance in the ratio of actively distressed inventory on the market to the percentage of sold distress. Perhaps most interesting is that Anthem, which has a moderately high … (0 comments)
az: More Positive Signals in the Phoenix Market!
- 04/01/11 07:21 AM
Courtesy of Barb Savoy-Pacella, CEO ~ Keller Williams Arizona Realty www.PacellaGroup.com More Positive Signals in the Phoenix Market! The economic news this week is certainly cause for optimism. Nationally, March was a great month for job creation, and unemployment has fallen to 8.8%, the lowest level in two years. The figures of course do not reflect the number of under employed Americans, but it does signal expansion and opportunity. The optimistic unemployment news has helped boost the stock market. Following the news, the Dow Jones was up 86 points this morning. Interest rates for home mortgages are still extremely affordable, hovering … (0 comments)
az: Could the Economists be Right About the Phoenix Market?
- 03/11/11 04:10 AM
Courtesy of Barb Savoy-Pacella, ABR,CHMS Chief Executive Officer ~ Keller Williams Arizona Realty www.PacellaGroup.com Many local economists have been forecasting the gradual recovery of the Phoenix market to begin in the third quarter of 2011. Could they be right? According to the MLS statistics, Phoenix is experiencing our typical first quarter sales cycle. February closings were up 9.4% over January, however the truly bright spot is that February 2011 closings were up 8.5% over February 2010. New listings added to inventory in February declined by 14.2% which is a typical seasonal pattern, as well, and again, the truly bright spot is that … (1 comments)
az: The Good, the Bad, and the Ugly in the Phoenix Market
- 02/25/11 05:55 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty www.PacellaGroup.com The media is giving us a hand with "the good, the bad, and the ugly," this week. The Good CNN television ran a segment this morning regarding pricing and affordability of housing nation wide, encouraging any buyers who have been on the fence, to get off, and quickly! As our local economists have been forecasting, CNN also reported that prices are expected to begin increasing in the third quarter of this year, and pointed out that although interest rates have been inching up, they are still extremely affordable. … (0 comments)
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