Loading ...Courtesy of Barb Savoy-Pacella, ABR, CHMS
Director of Business Development
Keller Williams Arizona Realty
Happy New Year!
To view homes for sale, or for additional information about the Phoenix, Arizona market, visit www.PacellaGroup.com.
What a difference one year makes!
As we reflect on 2009 and anticipate 2010 here are some things we know:
* 94% of all properties that sold in 2009 were listed under $400,000.
* In the final weeks of 2009, we began to see the average sales price per square foot increase slightly.
* Valley-wide there is a three month supply of inventory for properties listed under $100,000
* Valley-wide there is a five month supply of inventory for properties listed under between $100,000-$300,000.
* Leading into 2009 short sales represented 1% of properties selling in any given month. By the close of 2009, that figure has risen to 20%.
* Alt-A 5 year ARM loans started re-setting in the fourth quarter of 2009.
What does the 2009 data lead us to anticipate for 2010?
* There is a perception of value and greater affordability in the lower price ranges.
* Lenders are being incentivized to reduce the time required for the short sale process, and we are likely to see substantial short sale inventory.
* The average price per square foot has been creeping up, but that could be unsustainable if Alt-A borrowers begin defaulting on loans.
* Lenders are targeting borrowers with Alt-A loans that are re-setting to counsel them regarding short sale, rather than foreclosure.
Current Conditions in the Phoenix Market:
* There are 26,637 single family detached listings currently active in MLS today. That is an increase of 99 listings over last week.
* Total listings (including condos, patio homes, town homes and lofts) currently active in MLS 34,218.
Wishing you a safe and prosperous New Year!
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