Phoenix Market Data - Cromford Report for Month of May 2011

By
Real Estate Agent with Russ Lyon Sotheby’s International Realty AZDRE#SA550358000
https://activerain.com/droplet/bNz

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.

Overview

  • 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.

Scottsdale Active Inventory Cari Dandy Realty Executives 480-980-3577


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.

Phoenix Active Inventory - Cari Dandy - Realty Executives - 480-980-3577


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.
  • Actives:
  • 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

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