Thursday, July 23, 2009

Mid-Year Market Update

Hi all,
I normally do not pass along stuff I have not created but since we do not have access to the Arizona MLS system that covers Phx. I am making an exception. This is very interesting stuff and please note that what effects the valley does in fact effect us. The numbers are telling! I got this information from a Phx. broker that really tracks it so I feel certain it is 100% accurate.

Please let us know what you think and any thoughts you might have,

Audra & Carolyn
hometeam2@cwbanker.com


Mid-Year Phoenix Real Estate Market Report by Jim Sexton
Posted: 22 Jul 2009 06:30 PM PDT

So the six month review of 2009 shows:
a) the Number of Sales up 50% from 2008 and 66% from 2007;b) average Sales Price down 33% from 2008 and 51% from 2007;c) Median Sales Price down 36% from 2008 and 52% from 2007;d) Foreclosure Notices are up 37% from 2008;e) Trustee Sales are up 23% from 2008. (Yes I left off the 2007 increase-You don’t want to see it)
Let’s look at our Mid Year trends- Sales increases are slowing down. Pending Sales are below 13,000 for the first time since March. Not a cause to panic as we started the year @ 6,500. Prices appear to be stabilizing for the past few months. A good sign for sellers, and an “Act Now” sign for buyers. Short Sale Active Listings, Pendings and Closings are trending up, while those same statuses for REO’s are dropping. Short Sales and Bank owned properties will continue to dominate the market for the balance of 2009. Why? The combined percentage for these 2 types is still 70% of all Pendings and Closings. And as REO’s have fallen recently, Short Sales have increased.

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