Buying Arizona Real Estate » Barb Savoy

The Phoenix Real Estate Weekly 1/29/2010

Barb Savoy — Sat, 30 Jan 2010 01:50:58 +0000

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Director of Business & Career Development
Keller Williams Arizona Realty

Here we go! The moment we’ve all been anticipating! Would we see the traditional rise in pending sales anticipated to begin the third week in January annually, or would the “shadow inventory” of foreclosures flood the market?

The results are in. According to the Cromford Report:

* Pending listings are up 5% over the past week.

* It is also anticipated that January will see the fewest notices of trustee sale in approximately 20 months.

During the same week in 2009, we had approximately 20 months of active inventory, versus approximately 7 months in 2010. Additionally, the average sale price per square foot (Valley wide and all dweling types), increased by $2.00 per square foot in the past month.

All of these are certainly positive indicators and reasons to be optimistic.

Current Conditions in the Phoenix Market:
* There are 27,448 single family detached listings currently active in MLS. That is an increase of 128 listings over last week.

* There are 35,015 total listings, including all dwelling types (including condos, patio homes, town homes and lofts).

To view homes for sale, or for additional information visit www.PacellaGroup.com or phone (602) 908-0373.

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The Phoenix Real Estate Weekly 11/20/09

Barb Savoy — Fri, 20 Nov 2009 22:03:22 +0000

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Keller Williams Arizona Realty

To view property for sale, or for additional information visit www.PacellaGroup.com

Inventory is still varying dramatically in different areas of the Valley. It is very much a seller’s market in the West and East Valley (between 3 to 4 months of supply in those areas), and very much a buyer’s market elsewhere, although we are finally seeing that Scottsdale and Fountain Hills are having some melting of inventory (between 9-10 months of supply, currently).

According to the Cromford Report, “both trustee sales and new notices of foreclosure are down sharply in the first half of November and we can be confident that the totals for the full month of November will be far below the peak levels set in July and March respectively.”

Current Conditions in the Phoenix Market:

• There are 26,150 single family detached listings currently active in MLS.
• There are a total of 33,682 active listings, including all dwelling types.
• Foreclosures account for approximately 14% of the active inventory, and approximately 44% of the closings for the past month.
• Shorts sales account for approximately 38% of the active inventory, and approximately 20% of the closings for the past month.
• Traditional sales account for approximately 48% of the active inventory and approximately 36% of the closing for the past month.

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The Phoenix Real Estate Weekly 9/25/09

Barb Savoy — Fri, 25 Sep 2009 22:11:16 +0000

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

To view property for sale, or for additional information, please visit our web site at www.PacellaGroup.com

According to the Cromford Report, the listing success rate Valley wide (the number of listings that sell rather than expiring or canceling) is 63.8% this year, which is encouraging when you consider that last year at this time, it was 41.5% and two years ago it was 29.3%

The vast majority of the sales are currently taking place in the West Valley where Glendale has a 2.7 months supply Peoria has a 3.6 months supply of inventory; versus Scottsdale at 9.2 months, and Fountain Hills at 14.4 months.

Breaking down the data, there is of course a direct relationship between the number of distressed properties in the areas with the lowest supply of inventory, versus the areas with higher supplies of inventory. For example, distressed properties account for approximately 55% of listings available in the 85308 zip code of the Glendale area, versus approximately 16% in the 85258 zip code of Scottsdale.

The market demand remains in the price range under $400,000.

CURRENT CONDITIONS IN THE PHOENIX MARKET:

* There are 24,044 single family detached listings actively on the market today. That is an increase of 27 listings for the week.

* Total listings, including condos, patio homes, and town homes active in MLS today is 31,266.

Absorption rates and months of supply are still varying widely from one area of the Valley to another. Please, let me know if you have questions regarding a specific area.

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The Phoenix Real Estate Weekly 8/28/09

Barb Savoy — Sat, 29 Aug 2009 01:17:00 +0000

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

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

For those who like good news/bad news scenarios, you will enjoy this week’s report….

The good news is that we have seen a steady decline in the percentage of inventory of foreclosure property over the past several weeks (currently foreclosures make up just 14% of the active inventory). The other good news is that although we have been hearing for some time that another wave of foreclosures is imminent, according to Net Value Central, of the properties currently owned by the bank that are not yet on the market, the vast majority is comprised of vacant land that went back to the banks after builder failures, rather than residential resale homes.

The bad news is that foreclosures overall still seem to be the only segment of the market seeing a price per square foot increase with short sales and seller owned properties still seeing declines.

CURRENT CONDITIONS IN THE PHOENIX MARKET:

There are 24,061 single family detached listings actively on the market today. That is a decrease of 9 listings for the week.

Total listings, including condos, patio homes, and town homes active in MLS today are 31,339.

For absorption rate information and months of available supply for a specific area in the Valley, please contact us at www.PacellaGroup.com

Barb Savoy-Pacella, ABR, CNRS, CHMS
Coldwell Banker Residential Brokerage
(602) 908-7177
Pacella & Savoy, PLLC
International Sterling Society & Customer Service Award Winner

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The Phoenix Real Estate Weekly 8/14/09

Barb Savoy — Sat, 15 Aug 2009 01:52:43 +0000

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

Visit our web site at www.PacellaGroup.com to view listings or for more information.

The Phoenix, Arizona market certainly isn’t dull these days. Reviewing year over year data for the same time period last year, we can see that pending sales are up 58% and closed transactions, or sold properties have increased 63%.

The Cromford Report has pointed out some interesting trends in the market over the past several weeks. Foreclosed properties, being sold by the lender, are decreasing their percentage of market share in transactions closing each month, but their average price per square foot is beginning to increase. Short sales are grabbing an increased market share, but their average price per square foot is remaining flat. Seller owned properties are seeing sales remain flat, and the average price per square foot is decreasing.

CURRENT CONDITIONS IN THE PHOENIX MARKET:

There are 24,209 single family detached listings actively on the market today. That is an increase of 34 listings for the week.

Total listings, including condos, patio homes and town homes active in MLS today are 31,473.

We are still seeing the driving force of the market listed under $400,000 and are still seeing investors coming into the market place.

The absorption rate and months of supply are still 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 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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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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