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Phoenix Bank Owned Home Sales for October 2008

By SEAN THANH NGUYEN

Real Estate Agent with Kellson Real Estate LLC - Kellson.com BR564478000

November 01, 2008 09:52 AM

Phoenix Bank owned homes (REOs) - Market updates for Oct 2008

Greater Phoenix residential real estate market is currently dominated by bank owned homes or lender owned properties (aka REOs). More and more bank owned homes in Phoenix-Mesa metro area have been sold at very attractive prices. Median price of REOs is significantly lower than the overall sale price in most cities. In this report, we only look at 14 major cities in Phoenix-Mesa metro area (see table below).

Three cities with highest percentage of REO Sales

Buckeye, Tolleson and Avondale are three cities in our list with most REO sales. Total 137 homes sold in Buckeye, 88 of them, or 64%, are bank-owned homes. Percentage of REO sales in Tolleson is 62%. Avondale has 90 bank owned homes sold or 58 percent of total sales.

Phoenix has the lowest REOs median home price

Total 1,274 homes were sold in October and 624 of them, or 49%, are bank owned homes. Median price of Phoenix REOs is $99,700. It was $185,000 a year ago.

Median price vs. REOs price

REOs median price in Tempe , Scottsdale , Phoenix and Chandler are less than 80% of their overall median price. For example, Tempe overall median price is $223,000 while REOs median price is $138,000. Phoenix and Chandler both have REO price at 22% below their overall median price.

REOs Statistic Table for October 2008

This table shows you details about home sales, REO sales and their median prices.
Last update: 11/01/2008

City	Total Sales	REO Sales*	% REO Sales*	Median Price	REO Price*
Phoenix	1274	624	49%	$128,500	$99,700
Mesa	424	163	38%	$157,000	$128,000
Scottsdale	319	67	21%	$388,250	$270,000
Queen Creek	316	144	46%	$126,000	$119,950
Glendale	294	146	50%	$149,000	$120,500
Gilbert	289	98	34%	$231,000	$191,000
Surprise	277	126	45%	$162,500	$153,250
Chandler	240	68	28%	$229,250	$179,750
Peoria	186	67	36%	$217,000	$180,000
Avondale	156	90	58%	$145,450	$135,900
Buckeye	137	88	64%	$120,000	$114,500
Goodyear	126	54	43%	$165,000	$147,500
Tempe	82	13	16%	$223,000	$138,000
Tolleson	73	45	62%	$139,900	$130,900

*REO = Bank owned homes

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Where to find bank owned homes (REOs) in greater Phoenix ?

Kellson Team has created a REO blog to help you find bank owned homes (REOs) in greater phoenix. Click here or visit our REO webpage at http://activerain.com/groups/ArizonaREOs for details.

You will find Phoenix REOs, Scottsdale REOs, Mesa REOs, Chandler REOs, Gilbert REOs, Glendale REOs and bank owned homes in many other cities with full detail information: address, price, photos, virtual tours, features, description and much more.

Should you have any question, please call.

Best regards,

Sean Nguyen, Associate Broker
AZ Real Estate Broker ID: BR564478000
CA Real Estate Broker ID: 01454782
America ’s All in One Real Estate Services
1450 W. Guadalupe Rd , Bldg 4, Suite 132
Gilbert , AZ 85233
Direct 480-678-8222
Office 480-588-7611
Fax 480-588-7622
Email: sean@kellson.com
Web: www.Kellson.com
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