Phoenix Market Data - The Cromford Report reflects back on the previous month’s activities and market trends focusing on greater Phoenix area single family homes.
- Average price per sq. ft. has stabilized somewhat higher, having hit bottom in January and February.
- Pending foreclosures are dropping at an accelerating rate.
- Sales rates have increased.
- Multiple offers are becoming commonplace.
- Several lower priced areas have not seen prices rising.
- With improvement in the overall market, little chance of price reductions.
- Due to the rapid sales of REO properties, there are more short sales going under contract awaiting bank approval. If this trend continues, we may see a shortage of distressed properties for interested buyers.
Homes between $100,000-$200,000
- Pricing remains stable, supply down demand up.
- Supply has fallen 9.8% since April, 24.7% since February
- Since February:
- REO actives down 34%
- Short sales actives down 21.3%
- Traditional actives down 24.1%
- Demand is up over April, pending 1.5%, sales 7.7% higher
- Average sales prices fell 0.3% from April’s numbers.
- The tightening of supply and increase in demand~positive outlook.
Homes between $200,000-$400,000
- Price is stable due to improving supply and demand balance
- Supply dropped 8.8% in May.
- Down 18.5% over the last 3 months, 28.2% over last year.
- REO supply dropped 12.6%
- Short sale supply fell 5.5%
- Traditional listings fell 9.9%
- Demand up, inventory down sales up 4.2%. 16.1% lower than last year (tax credit)
- Inventory is now in “normal” range at 132 days.
- Market breakdown of sales:
- REO 21%
- Short sales 21%
- Traditional 58%
- Sales prices down 1.8% but pending prices the highest level since June 2010.
Homes between $400,000-$800,000
- Supply falling, demand weakened, sales prices still rising.
- Active listings have dropped 9.5%, 27.9% since last year.
- Monthly sales down 6.3% from last month.
- Pending sales grew 4.3% from last month.
- Supply has improved, demand is not as strong as last year at this time.
- Supply is now at 5.9 months compared to April at 6.1 months.
- REOs fell 15.2% down 26.3% over the last 3 months.
- Short sales fell 6.1%
- Traditional fell 10.1%
- Sales breakdown:
- REOs 11%, lowest since 2007
- Short sales 18%
- Traditional 70%
- Average sales price fell 0.7% compared to April.
- Average pending price rose
- Recovery mode is long and slow but prices are rising and supply is dropping.
Homes over $800,000
- Recovery is gaining ground, demand up supply substantially down
- Supply down 8.1% in one month, 13.9% over three months, 28.2% since last year.
- May sales up 1.4% over April, up 28.8% compared to February.
- Monthly sales count the highest recorded since July 2008 at 134
- Pending sales up 10.1% over April, but 15.5% lower than last year.
- Inventory is lower for homes $800,000~$1,500,000.
- REOs dropped 21% only 2.2% of active listings and 8% of closed sales lowest level since January 2009
- Short sales 9% of active listings, 16% of closed sales
- Traditional 77% of closed sales highest level since 2009
- Inventory is at 475 days compared to 611 a year ago.
- Average days on the market 302.
- Average price is rising.
Phoenix Market Data Report for May 2011, Copyright Cromford Associates, LLC
Cari Dandy, North Scottsdale and Pinnacle Peak Realtor - 480-980-3577