REAL ESTATE
Well, it has been a while. Things are just moving to fast. Paperwork, Paperwork!
I have had to narrow down the area I am reporting on when it comes to Residential homes in the Phoenix metro area. The areas have divided into halves when it comes to which houses have started to flatten out or started up in sales and the areas that are still slipping and are holding their own and which are still slipping.
If you are looking to buy or sell in the Phoenix area, I hope you are prepared.
At the end of this article you will see 10 of the hottest areas in the Metro complex to live and as I predicted 5 months ago, the market is stabilizing and in some cases reversing the effect of the last three years of damage in the housing market.
You will see in the figures that we are dropping in the number of listings in many areas. If you look, you will see that we are probably looking at the lowest number of listings in the last two years. In many of the zip codes I listed, the number of foreclosures and short sales (pre-foreclosures) are dropping in numbers. Several zip codes have increased in sales and PRICE.
The monthly percentage of homes sold by Short Sales in all but one zip code has fallen. Foreclosure and traditional sales have increased.
You will also notice that the average days on market in most of the zip codes have dropped dramatically.
Why are the news media outlets stating that Phoenix metro is still declining? Well, there are over 12,900 listed homes for sale in the Phoenix Metro area for $150,000 or less. They are slipping. OK, so they slip 8% next year. So you might save $8,000 to $10,000 if you wait and take what is left over in the fall. You do know that interest rates have already increased a point from last year? Correct?
But
In the 10 zip codes I am following, in the Central, North and East part of the valley, there only are about 900 of the 12900 homes listed under $150,000 and most are not slipping. Many are steady or going up in price.
Buying
So, if you are buying, the west and far South Valley areas still look good. They may still slip further.
I would suggest, if you are looking to buy in the zip codes I have attached or the Central, North and East part of the Valley, you need to get started if you want to find a nice home available now, in this fantastic inventory, rather than taking the leftovers next year !
One more big clue! DON”T SHOP ON WEEKENDS with the other 2000 buyers! OPEN HOUSES ARE GOOD but don’t ask an agent to take you around to look at homes just listed on the weekend unless you want to take a big chance that you will be caught up in an auction atmosphere!
The first three days of the week are best.
If any questions, e-mail me to further explain. Mike@classicsouthwest.com
Selling
This is it. The beginning. Do it now! If you have a nice home in a good location, they are selling. The next figures you see from me WILL show sales figures are increasing and prices, probably going UP in a number of areas!
Get an agent! Call me at 602-531-8256 or reach me at mike@classicsouthwest.com.
Integrity is everything !
See Residential Chart Below!
| Listing Info for North Central and North Phoenix / Scottsdale & PV | ||||||||
| All locations are inside or near the 101 Freeway. | ||||||||
| Zip Code & Area – 85253 / PV | ||||||||
| Date | 3/1/2010 | 2/1/2011 | 1/1/2011 | 12/1/2010 | 11/01/10 | |||
| Physical Area | Paradise Valley | |||||||
| Active Listings | 395 | 385 | 382 | 392 | 390 | |||
| Sales Per Month | 25 | 26 | 29 | 24 | 27 | |||
| Sale – $/per Sq Ft | $274 | $295 | $269 | $260 | $250 | |||
| Days on Market – Sold | 209 | 240 | 215 | 288 | 225 | |||
| Average Sale Price % of list | 89.90% | 92.20% | 86.80% | 94% | 89% | |||
| Listing Success Rate | 58% | 41% | 56% | 44% | 59% | |||
| Lender Owned-% Active Listings | 4% | 4% | 5% | 5% | 4% | |||
| Lender Owned-% Monthly Sales | 24% | 19% | 27% | 25% | 22% | |||
| Pre-foreclosure % Monthly sales | 8% | 12% | 27% | 29% | 37% | |||
| 85254 – Noth Scottsdale | ||||||||
| Physical Area | North of PV – Scott & Phoenix inside the 101 loop | |||||||
| Active Listings | 283 | 317 | 323 | 356 | 373 | |||
| Sales Per Month | 62 | 67 | 77 | 52 | 56 | |||
| Sale – $/per Sq Ft | $120 | $126 | $134 | $131 | $135 | |||
| Days on Market – Sold | 123 | 137 | 125 | 119 | 114 | |||
| Average Sale Price % of list | 96.7 | 95.60% | 95.40% | 95.9 | 96.9 | |||
| Listing Success Rate | 67% | 57% | 66% | 62% | 57% | |||
| Lender Owned-% Active Listings | 14% | 17% | 15% | 13% | 13% | |||
| Lender Owned-% Monthly Sales | 29% | 33% | 35% | 29% | 20% | |||
| Pre-foreclosure % Monthly sales | 21% | 22% | 14% | 25% | 30% | |||
| 85260 – North Scottsdale | ||||||||
| Physical Area | North Scottsdale in the N.E. corner of the 101 Freeway | |||||||
| Active Listings | 220 | 205 | 221 | 239 | 241 | |||
| Sales Per Month | 30 | 37 | 45 | 32 | 43 | |||
| Sale – $/per Sq Ft | $141 | $147 | $157 | $126 | $150 | |||
| Days on Market – Sold | 93 | 170 | 119 | 104 | 85 | |||
| Average Sale Price % of list | 94% | 92.20% | 96.30% | 94.40% | 96% | |||
| Listing Success Rate | 70% | 49% | 68% | 54% | 57% | |||
| Lender Owned-% Active Listings | 14% | 11% | 12% | 10% | 12% | |||
| Lender Owned-% Monthly Sales | 30% | 22% | 32% | 47% | 26% | |||
| Pre-foreclosure % Monthly sales | 10% | 27% | 9% | 13% | 23% | |||
| 85020 – Central Phoenix | ||||||||
| Physical Area | Central Phoenix on Street Side of town | |||||||
| Active Listings | 207 | 199 | 199 | 186 | 178 | |||
| Sales Per Month | 17 | 22 | 25 | 30 | 27 | |||
| Sale – $/per Sq Ft | $82 | $81 | $85 | $111 | $102 | |||
| Days on Market – Sold | 75 | 112 | 116 | 106 | 146 | |||
| Average Sale Price % of list | 97.8 | 95.60% | 93.00% | 97.40% | 94.40% | |||
| Listing Success Rate | 49% | 43% | 54% | 60% | 60% | |||
| Lender Owned-% Active Listings | 22% | 21% | 18% | 19% | 17% | |||
| Lender Owned-% Monthly Sales | 47% | 45% | 36% | 43% | 41% | |||
| Pre-foreclosure % Monthly sales | 12% | 27% | 40% | 23% | 22% | |||
| 85021 – Central Phoenix, Az | ||||||||
| Physical Area | Central Phoenix on the Ave. Side of town | |||||||
| Active Listings | 134 | 154 | 151 | 159 | 161 | |||
| Sales Per Month | 25 | 21 | 35 | 28 | 22 | |||
| Sale – $/per Sq Ft | $86 | $78 | $73 | $67 | $75 | |||
| Days on Market – Sold | 84 | 93 | 96 | 145 | 96 | |||
| Average Sale Price % of list | 97.10% | 94.50% | 92.40% | 92.90% | 96.40% | |||
| Listing Success Rate | 64% | 53% | 71% | 53% | 48% | |||
| Lender Owned-% Active Listings | 16% | 21% | 21% | 17% | 19% | |||
| Lender Owned-% Monthly Sales | 60% | 52% | 54% | 46% | 45% | |||
| Pre-foreclosure % Monthly sales | 8% | 14% | 23% | 14% | 27% | |||
| 85016 – Central Phoenix | ||||||||
| Physical Area | Central Phoenix – East of the 51 Hwy. | |||||||
| Active Listings | 214 | 213 | 208 | 221 | 217 | |||
| Sales Per Month | 31 | 24 | 38 | 30 | 21 | |||
| Sale – $/per Sq Ft | $160 | $91 | $98 | $128 | $161 | |||
| Days on Market – Sold | 122 | 111 | 101 | 110 | 160 | |||
| Average Sale Price % of list | 96.3 | 94.60% | 94.90% | 94.20% | 91.70% | |||
| Listing Success Rate | 62% | 42% | 68% | 57% | 41% | |||
| Lender Owned-% Active Listings | 14% | 18% | 15% | 16% | 15% | |||
| Lender Owned-% Monthly Sales | 52% | 46% | 41% | 40% | 19% | |||
| Pre-foreclosure % Monthly sales | 10% | 21% | 23% | 20% | 24% | |||
| 85018 – Central Phoenix | ||||||||
| Physical Area | Central Phoenix – East of 32 street | |||||||
| Active Listings | 273 | 259 | 254 | 283 | 292 | |||
| Sales Per Month | 32 | 39 | 43 | 29 | 44 | |||
| Sale – $/per Sq Ft | $183 | $179 | $163 | $142 | $156 | |||
| Days on Market – Sold | 88 | 138 | 108 | 151 | 99 | |||
| Average Sale Price % of list | 93.40% | 90.50% | 92.00% | 92.50% | 91.20% | |||
| Listing Success Rate | 49% | 52% | 59% | 41% | 56% | |||
| Lender Owned-% Active Listings | 10% | 10% | 10% | 11% | 10% | |||
| Lender Owned-% Monthly Sales | 25% | 33% | 21% | 17% | 25% | |||
| Pre-foreclosure % Monthly sales | 13% | 15% | 21% | 31% | 23% | |||
| 85251 – Central Scottsdale | ||||||||
| Physical Area | Central Phx. And Scottsdale East of 59 Street | |||||||
| Active Listings | 119 | 124 | 118 | 120 | 120 | |||
| Sales Per Month | 19 | 21 | 23 | 24 | 24 | |||
| Sale – $/per Sq Ft | $128 | $179 | $134 | $114 | $154 | |||
| Days on Market – Sold | 122 | 117 | 75 | 113 | 159 | |||
| Average Sale Price % of list | 92.30% | 87.8 | 96.20% | 90.00% | 87.90% | |||
| Listing Success Rate | 53% | 57% | 72% | 55% | 52% | |||
| Lender Owned-% Active Listings | 17% | 15% | 21% | 14% | 13% | |||
| Lender Owned-% Monthly Sales | 32% | 29% | 27% | 29% | 13% | |||
| Pre-foreclosure % Monthly sales | 32% | 14% | 23% | 35% | 31% | |||
| 85262 – Carefree | ||||||||
| Physical Area | North of Troon and Carefree | |||||||
| Active Listings | 526 | 544 | 533 | 532 | 527 | |||
| Sales Per Month | 50 | 26 | 44 | 41 | 45 | |||
| Sale – $/per Sq Ft | $180 | $205 | $224 | $187 | $179 | |||
| Days on Market – Sold | 254 | 330 | 255 | 244 | 240 | |||
| Average Sale Price % of list | 89.90% | 91% | 88.70% | 88% | 90.50% | |||
| Listing Success Rate | 61% | 37% | 54% | 57% | 60% | |||
| Lender Owned-% Active Listings | 5% | 6% | 8% | 8% | 8% | |||
| Lender Owned-% Monthly Sales | 35% | 34% | 38% | 17% | 49% | |||
| Pre-foreclosure % Monthly sales | 18% | 19% | 36% | 41% | 20% | |||
What is This?
