Ahwatukee Residential Real Estate Prices Drop 8.3% in 2010

By
Real Estate Agent with Henderson Real Estate

Ahwatukee Residential Real Estate Prices Drop 8.3% in 2010

Ahwatukee Residential property sales dropped 8.3% compared to 2009 sales results. On a postive note, there were more properties sold in Ahwatukee in 2010 than were sold in 2009, (1471 in 2010 compared to 1265 in 2009 or 206 more sold properties).

The average price of all sales dropped from $252,144. in 2009 to $231,593. in 2010 for an 8.3% year to year decline. The average days on market crept up a little from 107 days on the market in 2009 to 123 average days on the market in 2010.

The average price of a Regular Sale (a sale where the homeowner sold the property) dropped from $298,824. in 2009 to $282,018. in 2010. This represents a 5.6% decline year to year. Average days on the market increased from 100 days in 2009 to 107 days in 2010. There were 639 Regular sales in Ahwatukee in 2009 comprising 51% of the sales while there were 647 Regular sales in 2010 which comprised only 44% of the market.

The average price of a Short Sale slipped from $245,059. in 2009 to $217,945. in 2010. This represents an 11% decline in value year to year. Average days on the market were unchanged at 169 days in 2009 versus 165 days in 2010. There were 231 Short sales in Ahwatukee in 2009 comprising 18% of the sales while there were 371 Short sales in 2010 comprising 27% of the market.

The average price of Lender Owned Sales dropped from $180,565. in 2009 to $170,508. in 2010. This represents a 5.6% decline year to year. Average days on the market increased from 82 days in 2009 to 111 days in 2010. There were 396 Lender Owned sales in Ahwatukee in 2009 comprising 31% of the sales while there were 454 Lender Owned sales in 2010 comprising 31% of the 2010 market.

With the exception of the 5.6% drop in value and a slight increase in days on the market, the numbers for Regular sales in the Ahwatukee market are unremarkable.

It is interesting to note that both the average Regular sale price and the average Lender Owned sale price declined at a rate of 5.6% while the average Short Sale price declined at a rate of 11%. Further, the number Short Sales was up 60% in 2010 versus 2009. The 11% drop in Short Sale prices versus the 5.6% price decline for other market sectors and the 60% increase in the number of Short Sales clearly indicate that the banks are approving short sales at unprecedented prices and at an unprecedented rate. The missing link in the real estate recovery has been the banks co-operation. It is appears that they are finally stepping up and doing their part to resolve the housing crisis, at least in the Ahwatukee market. Let's hope the trend continues.

While the average sale price of Lender Owned properties declined at the same rate (5.6%) as the average Sale price of Regular listings, the Lender Owned market share remained steady at 31% of all sales.

Summary-

Prices are at all time lows. Interest rates are at all time lows. It is a buyers market. Now is the time to buy Ahwatukee properties in all market segments.

The Numbers:

2009-

All Ahwatukee Sales totaled 1265 at an average sale price of $252,144. with an average 107 DOM

Ahwatukee Regular Sales totaled 639 (51% of sales) at an average sale price of $298,824. with an average 100 DOM

Ahwatukee Short Sales totaled 231 (18% of sales) at an average sale price of $245,059. with an average 169 DOM

Ahwatukee Lender Owned Sales totaled 396 (31% of sales) at an average sale price of $180,565. with an average 82 DOM

2010-

All Ahwatukee Sales totaled 1471 at an average sale price of $231,593. with an average 123 DOM

Ahwatukee Regular Sales totaled 647 (44% of sales) at an average sale price of $282,018. with an average 107 DOM

Ahwatukee Short Sales totaled 371 (27% of sales) at an average sale price of $217,945. with an average 165 DOM

Ahwatukee Lender Owned Sales totaled 454 (31% of sales) at an average sale price of $170,508. with an average 111 DOM

 

 

 

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Arizona Maricopa County Ahwatukee
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sold
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ahwatukee
short sale
lender owned
ahwatukee homes for sale
ahwatukee market analysis
year end market analysis

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Allen Henderson

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