Buying Arizona Real Estate » Random Thoughts

The Phoenix Real Estate Weekly 10/16/09

Barb Savoy — Fri, 16 Oct 2009 17:58:38 +0000

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Coldwell Banker Residential Brokerage

Visit our web site at www.PacellaGroup.com to view MLS listings for sale, or for additional information.

What a difference a year makes!

Current Conditions in the Phoenix Market:
* There are 24,495 single family detached homes currently active in MLS. That is an increase of 220 listings compared to last week.

* Total listings (including condos, patio homes, and town homes) currently active in MLS 31,815.

If we compare our current conditions to where we were one year ago, we see a vastly different landscape. We have 42% fewer listings today than we did one year ago.

One year ago, we had 54,693 active listings on the market with only 42% of the inventory selling versus 31,815 today with 64% of listings selling. More realistic pricing may be a contributor if you consider that the average list price per square foot one year ago was $183.00 versus $163.00 today.

Listings pending sale have doubled. One year ago, 6,616 listings were pending versus 13,234 today.

The Northwest and Southeast Valley markets are still seeing the heaviest activity with Scottsdale, Fountain Hills and Paradise Valley lagging behind

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The Phoenix Real Estate Weekly 9/4/09

Barb Savoy — Fri, 04 Sep 2009 15:32:08 +0000

Courtesy of Barb Savoy-Pacella ABR, CNRS, CHMS
Coldwell Banker Residential Brokerage www.PacellaGroup.com

We are continuing to see the number of foreclosures in our market shrink. It is rumored that the lenders are working diligently to put effective methods in place for quickly and effectively approving short sales within a 7 day period, and to be able to close escrow within 45 days of approval, which will reduce the exposure to the lender, and mortgage insurer.

Our supply and demand have remained level over the past two months, however according to “The Cromford Report,” “Overall pricing weakened noticeably in August, consistent with a normal seasonal pattern. Relatively strong pending pricing suggests that this is not likely to become a long term trend.”

CURRENT CONDITIONS IN THE PHOENIX MARKET:

There are 23,858 single family detached listings actively on the market today. That is a decrease of 203 listings for the week.

Total listings, including condos, patio homes, and town homes active in MLS today are 31,090.

Absorption rate and months of available supply are still varying widely from one area of the Valley to another. Please contact us at www.PacellaGroup.com for information regarding a specific area, or call me at 602-908-7177.

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The Phoenix Real Estate Weekly 08/08/09

Barb Savoy — Sat, 08 Aug 2009 23:30:05 +0000

Courtesy of Barb Savoy, ABR, CNRS, CHMS
Coldwell Banker Residential Brokerage

Visit our web site at www.pacellagroup.com to search for Arizona homes, or for further information.

Are you an optimist or a pessimist about our current market?

According to The Cromford Report, the coming months will provide statistics to feed either appetite, as we enter into our normal, seasonal ease of sales rate. The Cromford Report expects that we will see the average “months of supply” total increase, but “days of inventory” will continue to fall.

Once again this week, the total decline to “week over week” inventory has slowed, however, sales are still strong. This is a result of bargain priced properties coming onto the market and selling very quickly, often with multiple offers and for more than list price, leaving the total inventory flat, but sales figures strong.

Current Conditions in the Phoenix Market:

There are 24,175 single family detached listings actively on the market today. That is a decrease of 69 listings for the week.

Total listings, including condos, patio homes and town homes active in MLS today are 31,471.

We are still seeing 94% of sales taking place in the market listed under $400,000 and although the Valley wide absorption rate is 32%, the months of supply and municipality absorption are still varying vastly throughout the Valley. Please contact us at www.pacellagroup.com for information regarding specific locations.

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More Signs of Scottsdale / Phoenix Metro’s Housing Bottom.

Tim L. Greenfield — Tue, 04 Aug 2009 20:00:32 +0000

by Tim L. Greenfield, Associate Broker, ABR
Coldwell-Banker Residential Brokerage
www.greatscottsdaleliving.com

8-4-09 Grubb & Ellis BRE Commercial reported last week that the valley (metro) market is “near the bottom”. The Case-Schiller Price Index also released last week showed that the metro market prices declined for the 36th Month in a row through May 2009. June re-sales are up year over year. The RL Brown Phoenix report was more upbeat about the new house construction market. A number of the New Home Builders have repositioned their product with lower price points.

Resale homes continue to grow month over month and year over year. Granted, about half of the re-sale houses are distressed, foreclosure (REO) bank owned or short sales.

Buyers across most market segments and price ranges in the metro area are still enjoying the “Buyer’s Market” for now.

Former Federal Reserve Chairman Alan Greenspan was quoted as saying he is “pretty sure we’ve already seen the bottom” of this recession. He also said he thinks they economy is slowly coming back, and that “collapse is now off the table”.

Last Friday the Federal Government released a report that hinted that the worst recession in the U.S. since WWII appears to be on the verge of ending. The economy only fell at a 1% annualized pace in the second quarter, which was better than anticipated.

It is time for Buyers to get off of the fence if they are waiting for prices to go much lower. It sounds like the window is closing, slowly possibly, but the pendulum is starting to swing back the other way.

If you looking for a buy in this market, especilly bank owned houses, call us.

Questions about the market? Call us at 480-231-5309 or hit our website www.greatscottsdaleliving.com

Tim L. Greenfield
licensed in Arizona
equal housing opportunity

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Has the Scottsdale / Phoenix Metro Market Bottomed?

Tim L. Greenfield — Tue, 04 Aug 2009 19:37:07 +0000

by Tim L. Greenfield, Associate Broker, ABR
Coldwell-Banker Residential Brokerage
www.GreatScottsdaleLiving.com

August 3rd. 2009

ASU researchers have found that the rate of housing price decline slowed and began to level off in April. 2009. There have still been significant year over year decreases across our metro area.

Does this mean our price slide over the last several years is over? ASU also thinks the bottom of the market may be determined to have been reached in May 2009. Only time and hindsight will determine if in fact May was the bottom.

Does it matter? As I have stated many times before, no. Buyers who purchase properties / houses anywhere near the bottom of the housing price cycle, on the way down, at the bottom, or on the way up, will all be quite happy with their properties price appreciation over time as the market completes the correction, returns to “normal”, and appreciates as the cycle is complete. That is not even to mention the economic recovery of the entire country and overall economy from the recession we are currently experiencing.

Additionally, there is a tax credit for first time Buyers of up to $8,000.00, and interest rates continue to be quite low.

For additional information about the market please visit my website www.greatscottsdaleliving.com

Questions? Call me.
Tim Greenfield 480-231-5309

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The Phoenix Real Estate Weekly 7/31/09

Barb Savoy — Sat, 01 Aug 2009 23:16:03 +0000

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS, REALTOR®
Coldwell Banker Residential Brokerage

Visit our web site at www.PacellaGroup.com to search for Arizona homes, or for further information.

Which would you prefer first: the good news, or the disappointing news?

Let’s start with the good news. In terms of inventory, the market has improved 67% over the past two years. You may recall that it was two years ago when the mortgage industry, as we knew it, toppled and many lenders abruptly closed their doors.

The disappointing news is that after a very strong first and second quarter, the traditional seasonal slowing of the market that we anticipate in the third and fourth quarters, but hoped not to see this year, seems to have arrived.

The strong declines to the inventory that we were seeing with each weekly snap shot have departed for the past few weeks, however, for the moment, we are not seeing a sudden swell of inventory, or a sudden surge in foreclosures coming onto the market either.

Current Conditions in the Phoenix Market:

There are 24,244 single family detached listings actively on the market today. That is a decrease of 240 for the week.

Total listings, including condos, patio home and town homes active in MLS today are 31,604.

The absorption rate and months of supply are varying vastly throughout the Valley. Please contact us at www.pacellagroup.com for information regarding specific locations.

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The Phoenix Real Estate Weekly 7/25/09

Barb Savoy — Sat, 25 Jul 2009 18:52:47 +0000

by Barb Savoy-Pacella, ABR, CNRS, CHMS, REALTOR®
Coldwell Banker Residential Brokerage

Visit our web site at www.PacellaGroup.com to view properties for sale, or for additional information.

As is typical at this time of year, we are seeing sales volume slow, which is causing inventory to become a bit flat. This is the first time since December of 2008 that we have not seen a relatively significant “week over week” decline in listing inventory.

According to the Cromford Report, price per square foot increases on foreclosed properties have slowed a bit in recent weeks.

Current Conditions in the Phoenix Market: There are 24,484 single family detached listings actively on the market today. That is an increase of 57 listings over last week.

Total listings including condos, patio homes and townhomes that are active in the MLS today is 31,846.

The available inventory, absorption rates, and months of supply available are varying widely throughout the Valley. Please contact us for information regarding a specific area. (602) 908-7177

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