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The Phoenix Real Estate Weekly 1/22/2010

Barb Savoy — Fri, 22 Jan 2010 15:59:21 +0000

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Director Business & Career Development
Keller Williams Arizona Realty
(602) 908-7177
www.pacellagroup.com

The forecast for the Phoenix market is still optimistic. We are seeing the traditional swell of inventory that would be typical in January with inventory increasing, and pending sales decreasing, however; if you compare our current inventory with January of 2008 and/or 2009, our inventory is nearly half of what it had been, and our pending sales are nearly doubled.

Overall, pricing for foreclosed properties and equity sellers has been stabilizing, however, short sales are still seeing price erosion.

Notices of trustee sales have slowed considerably this month. If we continue on our current trend average for the month, this could be the slowest month for notice of trustee sale since April of 2008!

Current Conditions in the Phoenix Market:

* There are 27,320 single family detached properties actively on the market in MLS today. That is an increase of 712 listings.

* There are a total of 34,830 properties (including condos, patio homes, town homes and lofts) currently on the market.

Please contact us for additional information, or to receive a portal into MLS.

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The Phoenix Real Estate Weekly 12/31/09

Barb Savoy — Thu, 31 Dec 2009 16:29:08 +0000

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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The Phoenix Real Estate Weekly 11/06/09

Barb Savoy — Fri, 06 Nov 2009 16:41:42 +0000

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

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

We continue to find ourselves in a rather unusual market. We are seeing the seasonally anticipated rise in inventory, but we are also seeing extremely strong sales and pending sale inventory, as well.

According to the Cromford Report, demand is still rising faster than supply, and fewer Notices of Trustee sale were filed in October than the previous month.

A more recent occurrence is that we are starting to see more activity in the $400,000 – $600,000 price range, which had previously been very flat. This could be encouraging, particularly if the extension of the tax credit is passed to include the measure that would apply to current homeowners, as well as first time buyers.

Current Conditions in the Phoenix Market:

There are 25,369 single family detached listings currently active in MLS, which is an increase of just 352 listings over last week.

There are 32,801 total listings actively in inventory, including patio homes, town homes, and condos.

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The Phoenix Real Estate Weekly 10/30/09

Barb Savoy — Fri, 30 Oct 2009 14:37:21 +0000

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

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

We are not seeing significant changes to where the market activity is taking place. We are still seeing 94% of all properties that are selling listed under $400,000. The greatest activity and least supply is still happening in the West Valley (Peoria and Glendale), as well as the Southeast Valley (Gilbert and Chandler).

Ironically, we are beginning to see some melting of inventory in Fountain Hills and Paradise Valley.

Inventory in Fountain Hills was at a 14.4 month supply of inventory in September and has melted to 9.8 months today.

Paradise Valley was at a 23.5 month supply in September and is at an 18.7 month supply today.

CURRENT CONDITIONS IN THE PHOENIX MARKET:

There are 25,017 single family detached listings actively on the market today. That is an increase of 973 listings this week.

Total listings (including patio homes, town homes and condos) active on the market today is 32, 412.

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

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The Phoenix Real Estate Weekly

Barb Savoy — Fri, 23 Oct 2009 14:37:59 +0000

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

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

We are seeing the traditional seasonal slowing of the market, but not to the extent that some had expected.

RL Brown, who has been considered an expert in the Phoenix market since the 1960s has released his latest forecast for our market, which is very optimistic. Year to date, number of units sold is up 63% over last year. Brown also states: “Our encouragement this month is based upon a combination of happenings, including the fact that the home building community in Phoenix is reawakening. Experienced local builders are buying finished lots to build on now….not to speculate on. Solid out of town builders are sniffing the terrain also, expecting this Phoenix to rise from the ashes. We see talk with new companies formed by some of the brightest in the local industry.”

Current Conditions in the Phoenix Market:

There are 24,586 single family detached properties currently active in MLS. That is an increase of just 91 listings compared to last week.

There are 31, 927 total listings currently active in MLS (including condos, patio homes and town homes).

Months of Supply in active inventory by city:
Glendale – 2.8 months
Chandler – 3.8 months
Phoenix – 3.8 months
Peoria – 3.9 months
Gilbert – 4.2 months
Scottsdale – 9.3 months
Fountain Hills – 9.8 months
Paradise Valley – 18.7 months

Please contact us at www.PacellaGroup.com if we can answer any real estate questions for you.

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The Phoenix Real Estate Weekly 10/09/09

Barb Savoy — Fri, 09 Oct 2009 01:48:23 +0000

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

To view properties for sale, or for additional information, visit our web site at www.PacellaGroup.com or become a fan of Pacella Group on Face Book.

Notice the trend!

For the past year, we have seen the market under $400,000 capture 93% to 94% (depending on the month) of all sales in the Valley, and we’re currently not seeing a significant shift from that.

Where we are seeing a new trend is with foreclosures and short sales….

A year ago, foreclosures comprised 41% of all sales, while short sales only captured 1% of sales. That’s not a typo, one percent.

We saw the number of foreclosures capturing market sales swell to 68% in March of 2009, and have watched them wane to 48% today.

By contrast, we have seen the closed short sale volume increase from 1% a year ago to 19% today. If we anticipate that Alt-A loans with 5 year adjustable rate mortgages should begin re-setting, we could also anticipate that short sales may be the way of the immediate future.

Current Conditions in the Phoenix Market:

* There are 24,275 single family detached homes currently active in MLS that is an increase of 458 listings compared to last week.

* Total listings (including condos, patio homes, and town homes) currently active in MLS are 31,035.

I would be happy to answer any of your real estate or market conditions questions.

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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 9/18/09

Barb Savoy — Fri, 18 Sep 2009 15:25:52 +0000

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

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

The Phoenix market is seeing the traditional sales volume slowing that is anticipated annually at this time, however, sales volume is still up 35% over the mid-August to mid-September time frame a year ago, and pending sales are up 28%.

According to “The Cromford Report,” short sale listings are up 6% over just one month ago, but foreclosure listings are down 9%. Another interesting observation of “The Cromford Report,” the average single family detached foreclosure is 10% larger than it was six months ago (2122 square feet, versus 1928 square feet) suggesting that foreclosures may be moving up the market.

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

CURRENT CONDITIONS IN THE PHOENIX MARKET:

* There are 24,017 single family detached listings actively on the market today. That is an increase of 41 listings for the week.

* Total listings, including condos, patio homes, and town homes active in MLS today is 31,239.

An interesting side note: there are 12,893 properties pending sale and 6,526 under contract with a contingency.

Absorption rates and months of supply are still varying widely from one area of the Valley to another. Please, contact us for information regarding a specific area.

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The Phoenix Real Estate Weekly 9/11/09

Barb Savoy — Fri, 11 Sep 2009 15:42:45 +0000

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

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

Valley-wide, inventory is at a 4.5 month supply; however, inventory movement is still varying widely between the different areas of the Valley. The Southwest Valley is seeing inventory move very quickly and is at 2.5 month supply of inventory, however, Scottsdale is at an 8.8 month supply.

Total sales volume has seen a traditionally seasonal slowing, but AWC and pending volumes are very high. This could be due to buyers who are waiting on short sale approvals making offers on multiple properties, not all of which they intend to perform on.

The big demand (over 90%) is still for properties priced under $400,000.

CURRENT CONDITIONS IN THE PHOENIX MARKET:
* There are 23,976 single family detached listings actively on the market today. That is an increase of 118 listings for the week.

* Total listings, including condos, patio homes, and town homes active in MLS today is 31,189.

Absorption rate and months of available supply are varying widely from one municipality to another. Please contact us at www.pacellagroup.com for information 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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