Information was provided by, Mike Orr, Founder of The Cromford Report. The Cromford Report reports daily real estate market insights from the Arizona Regional Multiple Listing Service.
Please click on the link below to see a great Real Estate power point report.
The incorrect perception of the Phoenix real estate market is that there is still a glut of foreclosed homes overhanging the market and that a new wave of foreclosure is coming. Besides that doom and gloom, many think prices are still declining and that short sales rarely succeed. Here’s a few facts you’ll find in the report:
Total number of homes for sale in Phoenix
- November 2010 – 37,500 homes (8,033 bank owned)
- September 2011 – 17,000 homes (2,833 bank owned)
Median Sales price for Phoenix
- Same as pricing in April 2009 (homes went down and back up but now at the same price)
Days of inventory for Phoenix homes for sale
- April 2008 – over 400 days
- September 2011 – about 100 days
Shadow inventory (homes taken by banks but not on the market)
- November 2010 – close to 50,000 homes
- September 2011 – under 30,000 homes
Arizona Real Estate Ranking for Foreclosed Homes
- February 2010 – #4 in the country
- August 2011 – #18 in the country
Arizona Homeowners not Current
- February 2010 – #3 in the country
- August 2011 – #24 in the country
The attached slides based on statistical data report a very different picture! Look in particular at slides 5 and 6 that show major declines in property listing categories. Monthly median sales prices are on the increase as reflected on slide 8.