Oct Market Analysis
Yearly Market Comparison by Volume of Sales
Maricopa County 2008 to 2009
September 2009 is showing signs of the market leveling off. While the volumes of closed sales for September are lower than August we are seeing about a 2.7% increase of pending and AWC listings. September also showed the lowest level of trustee sells since April of 2009 with 3,776 trustee sales for Maricopa County. Based on the current market trends it appears that July of 2009 had the highest volume of sales and with the inventory continuing to go down we could see the market level off by the end of 2009 4th quarter. What this means is in many of the markets for Maricopa County the bottom of the market might very well have been July of 2009. The other reason for the leveling off in the volume of closed sales is the continuing decrease of available inventory however. That said we are still seeing that 73% to 74% of the closed sales in Maricopa County are distressed sales (REO and Short Sale). The disturbing trend is the most of the closed sales are below $200,000 so homes in the high ranges are seeing long market times and deprecating values. We are far from being out of the woods yet but we could start seeing some appreciation in many of the area markets in 2010 with the higher end homes continuing to lag. Data from ARMLS Sept 2009 single family, detached homes
Yearly Market Comparison by Median Price of Sales
Maricopa County
September 2009 median prices have finally reached the same median price as January 2009. We also saw an increase of 2.7% of Pending and AWC over August of 2009 and in comparison to September 2008 we have seen a 93% increase of Pending Sales and a staggering 555% of AWC sales with 88% of the AWC sales being Short Sales waiting for lender approval. We are also seeing continuing success in closing of short sale homes. Much of this can be contributed to the lenders being more cooperative and even more significant is agents getting better handling short sales. However the top three reason short sales do not close continuing to be buyers walking because of the length of time for the lender to approve the short sales, lack of hardship on the seller�s side and lack of documentation. While we may not be able to control the buyers or the hardship agents should be able to assist in proper documentation another good reason for agents to get some training on working short sales. Data From: ARMLS Sept 2009 single family detached homes
Phoenix 2008 to 2009
Yearly Market Comparison
Anthem 2008 to 2009
Yearly Market Comparison
Mesa 2008 to 2009
Yearly Market Comparison
Tempe 2008 to 2009
Yearly Market Comparison
Chandler 2008 to 2009
Yearly Comparison
Goodyear 2008 to 2009
Yearly Market Comparison
Avondale 2008 to2009
Yearly Market Comparison
Scottsdale 2008 to 2009
Yearly Market Comparison
Surprise 2008 to 2009
Yearly Market Comparison
Peoria 2008 to 2009
Yearly Market Comparison
Glendale 2008 to 2009
Yearly Market Comparison
Sun City 2008 to 2009
Yearly Market Comparison
Sun City West 2008 to 2009
Yearly Market Comparison
Sun City Grand 2008 to 2009
Yearly Market Comparison
Gilbert 2008 to 2009
Yearly Market Comparison
Fountain Hills 2008 to 2009
Sept Market Stats
Yearly Market Comparison by Volume of Sales
Maricopa County 2008 to 2009
Yearly Market Comparison by Median Price of Sales
August 2009 median home brings did fall a little bit is August however this decrease can also be attributed to the decrease in total volume of closed sales. The good news is that even with a decrease in total closed volumes many of the markets are hold their own and show some signs of prices leveling off. The other positive sign in the market is the continue trend of decreasing inventory. With a decreasing supply and combined with an increasing demand many of the local markets could see some signs of appreciation. We still have long way to go and until we can see some significant decreases in distressed sales many of the local markets may see some continuing decreases in median home prices or some leveling off. The one thing that is still looming over the market is the 82,991 homes in pre-foreclosure and the 14,528 new foreclosures in August of 2009 in Maricopa County (according to Realty Trac).
Phoenix 2008 to 2009
Yearly Market Comparison
Anthem 2008 to 2009
Yearly Market Comparison
Mesa 2008 to 2009 
Tempe 2008 to 2009
Yearly Market Comparison
Chandler 2008 to 2009
Yearly Comparison
Goodyear 2008 to 2009
Yearly Market Comparison
Avondale 2008 to2009
Yearly Market Comparison
Scottsdale 2008 to 2009
Yearly Market Comparison
Surprise 2008 to 2009
Yearly Market Comparison
Peoria 2008 to 2009
Yearly Market Comparison
Glendale 2008 to 2009
Sun City 2008 to 2009
Yearly Market Comparison
Sun City West 2008 to 2009
Yearly Market Comparison
Sun City Grand 2008 to 2009
Yearly Market Comparison
Gilbert 2008 to 2009
Yearly Market Comparison
Fountain Hills 2008 to 2009
August Market Analysis
Yearly Market Comparison by Volume of Sales
Maricopa County 2008 to 2009
Yearly Market Comparison by Median Price of Sales
Maricopa County
The July Median home price indicates a very small increase in prices and is also being reflected in most of the markets across the valley. However this trend seems to be on a very gradual climb and we still have a long way to go to get back to the pricing we saw even a year ago. The primary reason for the slow increase in prices is because of the increasing volume of sales below $200,000 and the majority of these sales are distressed sales. However many first time home buyers are able to take advantage of the lower prices along with the Federal Tax Credits programs. According to the National Association of Realtors across the country markets are seeing as much as a 12% increase in first time home buyer sales. So now might be a good time for agents to educate themselves on some of the new local and national first time home buyer programs.
Yearly Market Comparison
Phoenix 2008 to 2009
Yearly Market Comparison
Anthem 2008 to 2009
Yearly Market Comparison
Mesa 2008 to 2009
Yearly Market Comparison
Tempe 2008 to 2009
Yearly Market Comparison
Chandler 2008 to 2009
Yearly Comparison
Goodyear 2008 to 2009
Yearly Market Comparison
Avondale 2008 to2009
Yearly Market Comparison
Scottsdale 2008 to 2009
Yearly Market Comparison
Surprise 2008 to 2009
Yearly Market Comparison
Peoria 2008 to 2009
Yearly Market Comparison
Glendale 2008 to 2009
Yearly Market Comparison
Sun City 2008 to 2009
Yearly Market Comparison
Sun City West 2008 to 2009
Yearly Market Comparison
Sun City Grand 2008 to 2009
Yearly Market Comparison
Gilbert 2008 to 2009
Yearly Market Comparison
Fountain Hills 2008 to 2009
July Market Analysis
Yearly Market Comparison by Volume of Sales
Data from ARMLS June 2009 single family, detached homes
Yearly Market Comparison by Median Price of Sales
June 2009 median prices show a continuing trend of median price increase what seems to be a leveling off point in March and April of 2009. While this increase of median price is welcomed we are still well under our lowest median price for 2008. The continued increase of distressed sales is still the primary factor for the lower median prices. While these numbers reflect the total market for Maricopa County below you will see that is some of the individual markets the median prices are increasing at a higher rate. This is proof that it pays to the local expert because in many of these markets houses are not only selling quickly but also many of them are selling with multiple offers.
Data From: ARMLS June 2009 single family detached homes
Yearly Market Comparison
Yearly Market Comparison
Anthem 2008 to 2009
Yearly Market Comparison
Mesa 2008 to 2009
Tempe 2008 to 2009
Yearly Market Comparison
Chandler 2008 to 2009
Yearly Comparison
Goodyear 2008 to 2009 
Yearly Market Comparison
Avondale 2008 to2009 
Yearly Market Comparison
Scottsdale 2008 to 2009
Yearly Market Comparison
Yearly Market Comparison
Peoria 2008 to 2009
Yearly Market Comparison
Glendale 2008 to 2009
Yearly Market Comparison
Sun City 2008 to 2009
Yearly Market Comparison
Yearly Market Comparison
Sun City Grand 2008 to 2009
Yearly Market Comparison
Gilbert 2008 to 2009
Yearly Market Comparison
Short Sale Froms
Short Sale Forms
As many of you know the short sale process can be very difficult and even if you do all the work correctly the sale may not close. The truth is that not all properties or property owners will qualify for a short sale.
Attached to this post are few forms that may assist agent in guiding a client through a short sale. Many of these forms are designed to work with an agent on the listing side. However if you are representing a buyer in a short sale transaction you may also find that these forms will assist in you qualifying a listing as to the possibility for a successful short sale closing. Just by asking the listing agents some of the questions from these forms you may be able ascertain if that lasting has the possibility of closing.
