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I began a career as a Realtor in the Metro Phoenix Real Estate Market in 1999. See how I started investing in Real Estate Short Sales and Bank Owned Foreclosures in the Phoenix Housing Market in the Photo Albums seen below.
The Phoenix Housing Market began February 2013 with 17,643 homes for sale in the Metro Phoenix MLS. The number of MLS listings was up slightly from January 2013 but is consistent with the previous three-month average of 17,461 homes for sale. A continuing trend in the Phoenix Real Estate Market is the diminishing number of foreclosure-type sales, with only 12.5% of all active homes for sale being bank owned homes (REO's) or short sales. You have to go back to 2007 to find foreclosure-type listings this low. See here: Phoenix MLS Listings by Month
Here's our review of the Phoenix Housing Market for sales in January 2013, along with an outlook for February and predictions for March. Keep in mind that January is, seasonally, one of the lower sales months of the year just before the spring buying season arrives.
Home Sales in the Phoenix Housing Market
Price per SF in the Phoenix Housing Market remained at $108 for January 2013, as reported by our Phoenix Housing Tracker. $108 is the highest price per SF since October 2008 and the same as last month. See the history at this link: Metro Phoenix price per square foot.
There were 5,834 residential sales in the Phoenix Housing Market in January which is the lowest total since January 2010 and 22% lower than the average monthly sales of 7,513 for all of 2012. Yes, some of this is seasonal but I think the main reason is the lack of bargain priced Phoenix Foreclosures to attract buyers in the Phoenix Housing Market.
There were only 1,986 foreclosure type sales in January 2013 which accounted for 34% percent of total sales. I define foreclosure type sales as bank owned homes and short sales. This is the lowest percentage of sales for Phoenix Foreclosures in the Phoenix
Phoenix foreclosures no longer have the same presence that created bad memories about the Phoenix housing market. In fact, and according to Realty Trac, Phoenix is now the 8th worst city in which to buy foreclosures.
This article follows one I wrote yesterday about how Phoenix foreclosures are no longer the driving force in the Phoenix housing market. Additionally, and according to Realty Trac, foreclosure activity is down in 12 of the 20 largest metropolitan areas and up in eight of the 20 largest metros.
From Realty Trac:
To select the best and worst places to buy foreclosures in 2013, RealtyTrac scored all metro areas with a population of 500,000 or more by summing up four numbers: months’ supply of foreclosure inventory, percentage of foreclosure sales, foreclosure discount, and percentage increase in foreclosure activity in 2012.
Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: [1.] Default — Notice of Default (NOD) and Lis Pendens (LIS); [2.] Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and [3.] Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the quarterly report, if more than one foreclosure document is received for a property during the quarter, only the most recent filing is counted in the report.
Whether or not you agree with their methodology the report is certainly interesting. As a realtor who is also a real estate investor I find this information to be very useful. Just this morning Kristina and I were discussing the state of Phoenix foreclosures and the Phoenix housing market and decided we should look at a few other areas across the country. Like it says in the Bible: "Ask and ye shall receive!"
COURTESY OF REALTY TRAC, here are the top 20 BEST cities in which to buy foreclosures:
COURTESY OF REALTY TRAC, here are the top 20 WORST cities in which to buy foreclosures:
Phoenix Foreclosures and the Phoenix Housing Market
We have been tracking market statistics for over 5 years. To get a larger perspective of Phoenix foreclosures and the percentage of bank owned sales versus short sales visit this page: Bank Home Foreclosures and Short Sales
Phoenix Foreclosures have been steadily decreasing, as reported in our Housing Tracker since October 2010, and the news seems to ringing loud and clear in the media. Reports of doom and gloom are a faint memory in people's minds as real estate investors have had to reduce their ROI (return on investment) expectations or find other foreclosure ridden towns.
Home owners are the happiest as they see their equity steadily rise and many are even considering selling as values are higher than they have been in almost 4.5 years. See our price per square foot chart at this page: Price per Square Foot in Phoenix Area MLS. Price per SF has risen to $108 in January 2013, up from $85 last January and $81 in January 2011.
Curious about the current foreclosure inventory? Click on the below link:
SEARCH PHOENIX FORECLOSURES
From the AZ Republic:
For the past five years, Phoenix foreclosures have been one of the most important indicators to track metro Phoenixâs housing market. Not anymore.
Both Phoenix foreclosures and Phoenix
Tempe is a very desirable city in which to live because of Arizona State University, Mill Avenue, the Tempe Public School System, a variety of entertainment venues, Tempe Town Lake and so much more. As Tempe Realtors we've created a permanent page on our blog that will show you the most expensive homes for sale in Tempe AZ, as classified by the sales price of over $620,000.
Homes for Sale in Tempe AZ
You can now find this permanent page by bookmarking this link: Homes for sale in Tempe AZ over $620,000. The homes on this page are not filtered by any criteria other than the sales price. Because of that you will find single family homes and Tempe Town Lake Condos. Tempe Town Lake Condos are among the highest priced properties for all Tempe real estate. You will also find homes on golf courses, homes in gated communities, and waterfront properties.
However, and because we are Tempe Realtors, we have also created the following pages that caters to specific
Phoenix / Scottsdale Luxury Homes are off of most people's radar because a smaller percentage of people are willing (or able) to spend $1,000,000 or more for a home. By the way, depending who you talk to Scottsdale Luxury Homes could be classified as properties over $750,000 or over $1,000,000. Yet we are all fascinated with the designs, features, and locations of these Phoenix Area and Scottsdale Luxury Homes.
Click the link if you're interested in seeing Scottsdale Luxury Homes over $4,000,000.
I like to attend the annual seminar on Scottsdale Luxury Homes offered by the AZ School of Business and Real Estate because there is always good information to learn about luxury trends. Their learned and respected speakers, among whom are Michael Orr, have affirmed that the pricing trens for Scottsdale Luxury Homes follows the normal resale market by approximately 18-months.
Since our normal market hit bottom in the spring of 2011 (see stats here: Housing Tracker and look at the "Total $$ per Sq Ft" column) the Scottsdale Luxury Homes market would have hit bottom in the fall of 2012. However, this article says the bottom was in February of 2012.
Our Real Estate office is located in Tempe and that's also where I live. Homes for sale in Tempe AZ are one of my specialties and I've have created a brand new section of our blog titled "Homes for Sale in Tempe AZ." Because of the scope of information provided it is one of the most comprehensive places on the web to search for Tempe Homes.
Customers will also be able to access school information from GreatSchools.net and one of the most sophisticated crime statistics tools I've ever seen from RaidsOnLine.com. We've included these extras to make your home hunting experience as easy and pleasurable as possible. We offer these tools as a way to help all home buyers searching for homes for sale in Tempe AZ.
Be sure to try our map search feature with a direct feed from the Arizona Regional MLS (not one of those look-a-likes) embedded in the page that gives a great visual perspective of all properties. It takes you directly to Tempe and all homes for sale in Tempe AZ. Take it for a spin.
Homes for sale in Tempe AZ has options that are designed for our customers . You'll have a choice of searching homes for sale in Tempe AZ by a total of six price ranges, 4 specialty groups, and 5 of the most popular subdivisions in Tempe. The specialty
Are you living in the Phoenix area and want to sell your home quickly to avoid tons of strangers walking through it? There have been plenty of articles written on how to sell your house. However, they usually come from the perspective of a realtor telling the buyer what to do to make their house more presentable. This article will focus on a very important topic that many realtors want to avoid: professional quality photography.
Why do many realtors avoid the topic of photography? Quite simply, their knowledge of photography is limited and they don't want to pay a professional between $100 - $500 for a set of pictures. They hope to sell your home after taking 15 minutes to shoot some photos and uploading
We already wrote on how the present price per square foot trend for properties under a purchase contract can accurately forecast the price per square foot for residential properties sold 4 to 8 weeks into the future. The price for pending sales leveled out in December therefore we could forecast the sales price per square foot to level out in in January. As implied in the chart, we may forecast price per square foot in February to proceed upwards.
Price per square foot in the Phoenix Real Estate Market
The average price per square foot in the Phoenix Housing Market improved to $108, up $2 from last month. The year over year (YOY) growth is $24 from the prior December 2011, while the entire growth in cost per square foot from the bottom of the market (March-April 2011) is $31.
In the Phoenix Real Estate Market the first half of December was influenced through heavy sales of high-end residential properties although the last week saw a growth in more affordable houses especially short sales. Pricing subsequently rose higher strongly by the third week of December simply to go down dramatically in the last number of days. More: Phoenix Housing Tracker Price Per square Foot
Active Residential property Listings in the Phoenix Real Estate Market
The beginning of January 2013 is the 1st time period in 6 months that home listings in the Phoenix housing market have decreased. The drop-off was a little over 900 listings, as January began with 17,155 listings in the Phoenix MLS.
The Phoenix Real Estate Market typically averaged 20,000-25,000 active listings in the Phoenix MLS before the real estate market upsurge and successive foreclosure catastrophe. It will be essential to watch this number as we head into the spring buying season. The number of home listings on the Phoenix housing market goes a long way in figuring out if we are in a buyers market, the seller's market or a normal market. Complete details: Track Monthly Phoenix MLS Listings
The Phoenix Housing Market and Foreclosures
The Phoenix Housing Market is reaping the benefits of a sizeable increase in price per square foot due to the dramatic curtailment in foreclosure-type properties, which are ordinarily bank owned houses and short sales. The decrease is 44 % from last December and 85 % from December 2010. Property owners in the Phoenix Real Estate Market are not needing to contend with the unfairly reduced price of these kinds of foreclosures.
More regarding Foreclosures in the Phoenix Real Estate Market
Sections of these 2 paragraphs were taken From the Cromford Report, from which I am a paid customer: December was definitely an unpleasant calendar month for individuals who desire Phoenix foreclosures. New Notices of Trustee Sale for Maricopa County came in at 2,112 in total that included 1,994 for residential residences. The most recent time we experienced fewer than 2,000 residential notices in the Phoenix Housing Market in a month was May 2007. Recorded Trustee Deeds totaled 1,399 of which 1,302 were residential. This is the smallest monthly number of Trustee Deeds since November 2007 in the Phoenix Housing Market.
This is 82 % below the peak level of 47,606 in December 2009. We are clearly almost at the end of the foreclosure wave in the Phoenix Real Estate Market.
We've added a new page to our website that tracks Phoenix Home Prices Year Over Year (click the link to view it). We plan to update it on a monthly basis to give you, our readers, even more statistical information on the Phoenix Housing Market. Our pledge is to be the number 1 source for real estate information in our market.
What are Phoenix Home Prices Year Over Year(also known as YOY)? Year-over-year analysis is used by people seeking to measure whether home prices, investments, or companies are inclining or declining. As an example, a company may report gross revenues have increased for the fourth quarter on a year-over-year basis for the last three years. This means that revenues at that company in the fourth quarter of year three were higher than revenues in the fourth quarter in year two, which were higher than revenues in the fourth quarter of year one.
Phoenix Home Prices Year Over Year are now a regular part of our blog and will updated on a monthly basis. Be sure to book mark our site and return often. We strive to be the best resource for you to gauge the Phoenix Real Estate Market.
COURTESY OF REALTY TRAC, here are the top 20 WORST cities in which to buy foreclosures:
Phoenix Home Prices Year Over Year are now a regular part of our blog and will updated on a monthly basis. Be sure to book mark our site and return often. We strive to be the best resource for you to gauge the Phoenix Real Estate Market.
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