Buying Arizona Real Estate » sale

The Phoenix Real Estate Weekly 2/26/10

Barb Savoy — Fri, 26 Feb 2010 22:19:51 +0000

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS

Director Business & Career Development

Keller Williams Arizona Realty

There are good reasons to be optimistic about the Phoenix market. There are signs that the light at the end of the tunnel may not be a train.

It’s not a surprise that:
* The strongest month for monthly median appreciation occurred in October of 2005 with a market overall appreciation of 55%.

* The weakest month for appreciation occurred in May of 2009 at -47%.

What might be surprising is that:
* Monthly median appreciation is currently at -3% versus last year at this time, when appreciation was -39%.

Current Conditions in the Phoenix Market:
* There are 27,582 listings being actively marketed in MLS, which is relatively unchanged for the past two weeks.

* There are 35,224 listings being actively marketed, including condos, patio homes, town homes and lofts.

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The Phoenix Real Estate Weekly 11/27/09

Barb Savoy — Fri, 27 Nov 2009 17:42:49 +0000

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

To view homes for sale, or for additional information visit us at www.PacellaGroup.com

If we continue on our current trend, it could be very good news for the Phoenix market.

According to the Cromford Report, which analyzes Phoenix real estate data, sales volumes are 63% higher than the same time last year, and active listings are reaching their seasonal peak which is 29% below 2008 levels. Additionally, foreclosure activity has declined in November and the totals for the month will probably be around 4,000 trustee sales (down 16% from October) and 7,000 notices (down 11% from October).
Overall, the majority of the Valley is in a seller’s market with under 4 months supply of inventory. The exceptions of course being Scottsdale (8.8 months), Fountain Hills (9.3 months), and Paradise Valley (17.6 months).

Current Conditions in the Phoenix Market:

* There are 26,101 active, single family detached, listings currently in MLS. That is a decrease of 49 listings versus last week.

* There are 33,648 total listings (including condos, patio homes, and town homes) on the market this week.

The trend toward lender approval of short sales seems to be continuing, which is impacting the total of pending sales at 11,511.

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The Phoenix Real Estate Weekly

Barb Savoy — Fri, 13 Nov 2009 22:47:39 +0000

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

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

As we near the holidays, we are seeing the seasonal increase in inventory, but the increase has been gradual and not dramatic, as some had feared.

According to The Cromford Report, November has started quietly for foreclosures, supporting the case that the peak foreclosure period is now behind us.

Year over year, the market is seeing a significant increase in the number of short sales that are closing. According to MLS data, short sale closings have increased approximately 81% from 2008 to 2009.

Valley wide, the strongest sales are still occurring in the price ranges under $200,000.

Current Conditions in the Phoenix Market:

* There are 25,741 single family detached currently active in MLS. That is an increase of 372 listings over last week.

* There are 32,206 total listings actively in inventory, including patio homes, town homes, and condos.

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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 10/2/09

Barb Savoy — Sat, 03 Oct 2009 01:08:03 +0000

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

Please visit our web site at http://www.PacellaGroup.com to view property for sale, or for additional information.

As you may be aware, the Phoenix area is experiencing two dramatically different markets. Inexpensive homes in areas with an abundance of distressed properties are experiencing an extreme seller’s market with multiple offers (on average REO properties are selling for 100.4% of list price); while the high end of the market and areas not as dramatically effected by distress are still in an extreme buyer’s market.

Months of available supply currently in inventory at current sales pace:
Valley wide 4.8 months
Chandler 3.7 months
Fountain Hills 14.4 months
Gilbert 4.2 months
Glendale 2.7 months
Paradise Valley 19.3 months
Peoria 3.6 months
Phoenix 3.5 months
Scottsdale 9.4 months
Tempe 3.9 months

We are seeing the typical seasonal flattening of the market, however, the demand market has remained under $400,000 which accounts for 94% of the sales.

Current Conditions in the Phoenix Market:
· There are 23,817 single family detached homes currently active in MLS. That is a decrease of 59 listings compared to last week.

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

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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 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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