Report on Greater Phoenix Residential Trends
- Cash buyers taking over short sales
- Noninvestors have tougher time buying short sale
- Lender owned properties now more expensive than short sales
1. With lender-owned listing inventory at low levels and declining, cash investors have moved to short sales.
2. Fifty-percent of short sales in April 2012 were purchased with cash compared to forty-percent in April 2011.
3. Cash offers make it more difficult for noninvestors to buy when they attempt to buy a short sale with financing.
4. Short sale lenders often prefer cash offers over offers with financing.
Lender Owned Properties Now More Expensive Than Short Sales
It used to be that a short sale sold for more than a lender owned sale. That has changed. In April 2012
the median sold price per square foot for a short sale was $67.13 compared to $70.73 for a lender owned sale.
| Short Sales April 2012 |
Lender Owned Sales April 2012 |
|
| Median sold price | $125,000 | $125,900 |
| Median square feet | 1,862 | 1,780 |
| Median sold price per square foot |
$67.13 | $70.73 |
| Total sales | 1,614 | 1,075 |
Short Sales: April 2011 compared to April 2012
| Short Sales |
Apr-11 | Apr-12 |
| Median sold price | $125,000 | $125,000 |
| Median square feet | 1,882 | 1,862 |
| Median sold price per square foot | $66.42 | $67.13 |
| Total sales |
1,340 | 1,614 |
Lender Owned Sales: April 2011 compared to April 2012
| Lender Owned Sales | Apr-11 | Apr-12 |
| Median sold price | $94,900 |
$125,900 |
| Median square feet | 1,693 | 1,780 |
| Median sold price per square foot |
$56.05 |
$70.73 |
| Total sales | 2,825 | 1,075 |
The information in this report is for single family properties in Greater Phoenix. The information was complied from Arizona Regional Multiple Listing Services, Inc. data.
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