Buying Arizona Real Estate » Real Estate

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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