The Phoenix real estate market set a new record in June 2011 with over 10,800 residential home sales. The previous record for home sales, which stood for six years, was set in June 2005 with 10,216 recorded residential housing sales. This is great news for home sellers, but not so good news for home buyers and entrepreneurs looking to spend cash for Phoenix Arizona investment real estate.
When home sales go up and housing inventory goes down (Phoenix -Scottsdale AZ real estate listings - June 2011) we can generally expect prices to start creeping upwards. That's exactly what's been happening with our local real estate over the last three months ( Phoenix housing tracker).
Read the chart in this manner: "There were 10,856 residential home sales in June 2011. 3,538 were 'normal sales' ( 32.6%) and 7,318 were 'foreclosure sales' ( 67.4%). Foreclosure sales continue to dominate the local real estate market. The chart also indicates that late spring and early summer tend to be the higher home sales months.
Let's explore the foreclosure sales in a little more depth. Read the chart in this manner:
7,318 foreclosures were sold in June 2011. 4,605 were REO homes, or bank owned property (62.9% of all foreclosure sales), and 2,713 were short sales ( 37.1% of all foreclosure sales). There were 1,233 canceled short sales which creates a 68.8% success rate in closing short sales when comparing the 2,713 that sold to the 1,233 that canceled (cancellations usually occur when the bank(s) holding the lien(s) would not agree to the short sale price.
Short sales are being closed more consistently over the last six months after reaching bottom in September of last year. Search Phoenix foreclosures
Cash is King or the Norm in Phoenix Arizona Investment Real Estate
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Posted by: Bookkeeping Services | July 28, 2011 at 03:07 AM
Yikes that's a lot of short sales and foreclosures!
Posted by: Sophie | August 26, 2011 at 07:05 PM
I am not sure how many people in sales really understand the difference between making major sales and making simple sales. The skill set for each is completely different. Very few books have been written on the subject.
Posted by: Vaughan Homes for Sale | October 10, 2011 at 01:36 AM
Nice informative blog, thanks for sharing.
Posted by: David Abraham | February 02, 2012 at 04:17 AM