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Oct Market Analysis

Posted on October 7, 2009

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 sellerï¿½s 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

Yearly Market Comparison

Phoenix 2008 to 2009