The price difference between "normal" and "foreclosure-type" sales was at it's lowest level in one year for the sales that occurred in September 2008.
Read the chart in this manner:
- 6,130 homes were sold in the Arizona Regional MLS for September 2008
- the average price per-sq ft of ALL homes was $112 per-sq ft
- for "normal sales," the average home was 1,971 sq ft and sold for $259,301; that equates to $132 per-sq ft
- for "foreclosure-type sales," the average home was 1,951 sq ft and sold for $174,476; that equates to $89 per-sq ft
- there was a $84,825 difference between the price of "normal" and foreclosure-type" sales, with "normal" sale prices being higher
- there was a $42 per=sq ft difference between the "normal" and "foreclosure-type" sales, with "normal" sale prices being higher
What could be the reason for this? One explanation is that many "normal" sellers are starting to realize they can either keep their house listed at a higher amount ... or lower it to compete against the "foreclosure-type" sales. We are clearly seeing "normal" sellers do this. It is very evident when looking at the column depicting "Normal Price." Normal Price is at a several year low (though not fully detailed on this chart).
Information obtained from the Arizona Regional MLS
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