ARIZONA SHORT SALE REO FORECLOSURE CURRENT REPORT STATISTICS AND ANALYSIS

ARIZONA SHORT SALE REO FORECLOSURE CURRENT REPORT STATISTICS AND ANALYSIS

Monthly Market Watch for

Maricopa County

An overview of what is happening in the Maricopa County, AZ Real estate market analysis

(Using November 2009 statistics)

Arizona Real Estate Reports Statistics and Analysis:

This report includes MLS data for the past 36 months in Maricopa County, AZ Real estate market analysis and statistics as provided by the FlexMLS system.

Please note that searches fluctuate daily when running these reports; these figures were obtained on 12/3/09.

Arizona Real Estate Average Sales Price Statistics and Analysis

Sellers:

November saw an increase in the Goodyear, AZ Real Estate average sales price and Arizona Real Estate average sales price of 2.4%! This is good news as we enter the holiday season and finish off the first round of buyer credits. November traditionally does see a drop in average sales price, so there is no doubt that the buyer incentive and affordability are continuing factors in sales prices.

Buyers:

Buyers need to continue to monitor this statistic, as it shows how much home they are getting. We hit our 36-month lows in March and April of this year –since that time, the prices have steadily increased – buyers are paying on average 10% more for homes now than they did in the spring of this year. Continue to watch this as we go into 2010 with the increased Arizona Real Estate incentives and likelihood of more Goodyear, AZ bank-owned, REO, foreclosure homes, and Arizona bulk bank-owned, REO, Foreclosures sales properties entering the market.

Arizona Real Estate Average Days on Market Statistics and Analysis

Sellers:

Statistics showed that the Laveen, AZ Real estate and Arizona Real Estate average days on market for homes that sold in November stayed the same as in October – 92 days. Considering how many Laveen, AZ Short Sales and Arizona short sales are on the market, this is still a very impressive number and remains tied for the lowest number days in the entire 36 month reporting period. Remember, however, that there are still thousands of Maricopa bank-owned, REO, foreclosure, bulk REO, and Arizona bank-owned, REO, foreclosure, bulk REO homes properties that have been “on hold” with the economic restructuring … we are still waiting to see when and how those properties will be introduced to the market and what impact those properties will have. For sellers who need to sell in this market, it is more important than ever to remain competitive and take advantage of the current buyer activity in the marketplace.

Buyers:

Buyers need to be aware of this number because it is an indicator of how long sellers have to wait to go under contract and close. The higher the number, the more control a buyer normally has. As this number drops, as it has in the last 2 months, buyers need to understand that competition for great homes will continue to remain very high, especially in the lower price ranges.

List to Sale Price Ratio Statistics and Analysis

Sellers:

After seeing several months of a rises in the list to sales price ratio, November saw a drop of nearly .3% over the prior month. This means that sellers are getting 3.2% LESS for their home than the listed price. This could mean many things … it could mean that buyers are having better luck at negotiating the price OR it could be that the prices of homes more closely mirror the current market. With the decline in Scottsdale bank-owned, REO, foreclosure, bulk REO, and all Arizona bank-owned, REO, foreclosure, bulk REO we may not be seeing as many “fire sale” prices on homes that raised this ratio in the year.

Buyers:

Buyers need to pay attention. Although the average is less than 100%, on lower priced/highly desirable properties buyers may still have to pay above list price. Since a home must appraise in order to obtain a loan, underwriters are looking very closely at prices and making sure that homes are selling at or below market value. Make sure your Tempe Short Sale Real Estate professional or Arizona Short Sale Real Estate professional helps you understand the competitiveness of the list price of the home you are wanting to purchase. You also need to be aware of the interest and sales activity in the area where you want to buy and how the offer you are making competes with the market AND with the trend toward higher sales prices.

Expired & Cancelled Listings Statistics and Analysis:

Sellers:

The number of expired and cancelled listings dropped 5.7% in November over the prior month. We continue to see more and more homes staying on the market AND selling. This means more competition for sellers AND is indicators that, at many price points, homes are selling.

Buyers:

For buyers, this statistic is a good one, because it means a few more homes are remaining on the market. However, with the shrinking inventory and increased sales, this is also a reflection that fewer homes are leaving the market because sellers are having more success. Continue to watch this trend, as this, combined with price, days on market, and list to sales price ratio are an important indicator of what buyers need to do in order to be successful in closing on the home of their dreams.

New Listings Analysis Statistics and Analysis:

Sellers:

November saw a 17.2% decrease in new listings entering the market. This is the lowest figure since December of 2008. The reduction in the number of Paradise Valley bank-owned, REO, foreclosure, bulk REO and Arizona bank-owned, REO, foreclosure, bulk REO is no doubt a factor as well as the normal drop off that happens in November due to our seasonality in our market. Sellers need to be prepared to see what impact the pending bank-owned properties will have on the market and their ability to sell their homes this month and as we enter 2010.

Buyers:

This is not good news for buyers, as it means fewer choices which could also result in more competition for homes that are available. It is very important that you continue to spend time with and listen to your real estate professional to develop your strategy for succeeding in a market that is constantly changing.

Active Listings Statistics and Analysis:

Sellers:

The MLS saw another increase in the number of active listings in October an increase of 4% over October. With 33,962 residential homes on the market in the MLS, there are still choices for buyers. Compared to December of last year when there were 57,350 homes on the market, sellers have the potential to be in a much better position when they are looking for the perfect buyer. As the projected waive of Phoenix bank-owned, REO, foreclosure, bulk REO, Tempe bank-owned, REO, foreclosure, bulk REO, and AZ bank-owned, REO, foreclosure, bulk REO enters the market after the first of the year, this will be another important statistic to monitor.

Buyers:

Buyers should be happy about this number, as it means more choices! We have had a steady increase in inventory of active homes since July of this year. Continue to monitor this, as it directly impacts the price you offer on a home as well as the terms you are able to negotiate in a contract.

Arizona Real Estate Months of Inventory Statistics and Analysis: (This report has been generated by taking the number of active listings and dividing it by SALES for the past month)

Sellers:

November numbers showed an increase to 5.1 months of inventory. This is up from 4.57 months in October, but well below the high of 22.74 months we had in December of 2007. It will be very important for you and your real estate professional to monitor this number so that you can make sure your home is priced accordingly.

Buyers:

Buyers will want to continue to monitor this, as 5 or fewer months inventory normally indicate a seller’s market, giving more control to the sellers than the buyers. However, the type of market will vary from price range to price range and even area to area. Work with your Phoenix Short Sale real estate professional and Arizona Short Sale Real Estate professional to make sure you understand the type of market you are in.

Arizona Real Estate Total Market Overview Statistics and Analysis:

Sellers:

This report provides a detailed breakdown of Queen Creek Homes for sale and all Maricopa County Homes for sale based on price … by determining the price range where your home SHOULD sell, you can see what the average list to sales price ratio is, the average days on market, and more importantly, the percentage of homes selling in that price range. Note that as the price increases, so does the days on market AND the list to sales price ratio decreases. You will also see a lower percentage of homes selling as the price increases.

Buyers:

By reviewing the price range where you are purchasing, you can determine what the average home is selling for vs. list price. This should help you make better and more acceptable offers based on the current market.

Arizona Real Estate Closed Sales Report Statistics and Analysis:

Sellers:

The November numbers showed a 6.8% decrease in the number of Arizona Real Estate homes sold over the prior month. This is due in part to the normal seasonality of the year as well as the decrease in available inventory. We actually expected a higher spike due to the end of the buyer’s credit; however, with the extension of this credit, we may not be benefiting from the sense of urgency that was present earlier in the fall. November had the lowest number of Ahwatukee, AZ Real Estate Listings, and All Arizona Real Estate closed sales since March of this year.

Buyers:

Anthem, AZ Real Estate and ALL Arizona Real Estate Buyer activity is still higher than in the same month of the prior 2 years, primarily because of affordability, low interest rates, and incentives. This is a great time for Ahwatukee, AZ Real Estate and Arizona Real Estate buyers to be active, as there tends to be less competition for homes during the holidays. Interest for homes still remains; however, the decrease in the number of bank-owned properties may have buyers focusing their attention even more on new builds (not reflected in this market report) and short sales.

Arizona Real Estate Distressed Sales Statistics and Analysis:

This has become an even more important part of the Avondale, AZ Real Estate Bank Owned/Foreclosed/ REO statistics and the entire Arizona Real Estate market report, as it shows the percentage of Arizona sales that were Bank Owned/Foreclosed/ REO, short sales, and Arizona Real Estate regular sales. This will be an important trend to watch as we move forward with this market to see if there are any shifts in the Arizona Real Estate type of homes being sold.

A Tempe, Arizona Real Estate bank owned/foreclosure/REO home and an Arizona Real Estate bank owned/foreclosure/REO home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on the home. Tempe, Arizona Real Estate Short sales, and Arizona Real Estate Short Sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure.

For the second month in a row, Carefree, Arizona Real Estate statistics, and Arizona Real Estate Statistics showed a significant increase in Arizona Real Estate non-distressed home sales … a 4% increase. Chandler, Arizona Real Estate Short sales and Arizona Real Estate Short Sales remained at the same percentage (20%), Cave Creek, Arizona Real Estate bank-owned, REO, Foreclosures sales, and Arizona Real Estate bank-owned, REO, Foreclosures sales dropped by 4%. As rumors of Tempe, Arizona Real Estate bank-owned, REO, Foreclosures sales, and Arizona Real Estate bank-owned, REO, Foreclosures sales entering the market after the first of the year play out, this will become even more important to watch.

Arizona Real Estate Pending Sales Report Statistics and Analysis:

Sellers:

Pay attention – November saw a 20% decrease in the number of pending sales over the prior month. This is the 7th month in a row, which the number of Fountain Hills, AZ Real Estate pending sales and Arizona Real Estate pending sales has decreased AND is the lowest this number has been since December of last year. Contributors definitely include the buyer credit deadline that just passed, shrinking inventory, the seasonality of home buying, and more homes remaining as Active With Contingency until they close. Since Tempe Short Sale homes and Arizona Short Sale Homes usually take 45-60 days to close after they go pending, it will be very important to continue to monitor the impact on Gilbert, AZ Real Estate and Arizona Real Estate closed sales over the next few months!

Buyers:

Buyers have been given a reprieve with the extension and modifications in the home buyer credit. As a result, this just might be the perfect time to look for a home – the holidays usually mean less competition, and buyers may be able to find the home of their dreams before buyer activity picks up again after the first of the year.

Arizona Real Estate Average Sales Price Statistics and Analysis

Sellers:

November saw an increase in the Goodyear, AZ Real Estate average sales price and Arizona Real Estate average sales price of 2.4%! This is good news as we enter the holiday season and finish off the first round of buyer credits. November traditionally does see a drop in average sales price, so there is no doubt that the buyer incentive and affordability are continuing factors in sales prices.

Buyers:

Buyers need to continue to monitor this statistic, as it shows how much home they are getting. We hit our 36-month lows in March and April of this year –since that time, the prices have steadily increased – buyers are paying on average 10% more for homes now than they did in the spring of this year. Continue to watch this as we go into 2010 with the increased Arizona Real Estate incentives and likelihood of more Goodyear, AZ bank-owned, REO, foreclosure homes, and Arizona bulk bank-owned, REO, Foreclosures sales properties entering the market.

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