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
34% of total housing sales were due to foreclosures! Wow, that statistic is pretty frightening particularly if people have ben able to refinance their mortgages for a while now due to the lower interest rates and new rules. It is very worrying that people would have to get into foreclosures. While I understand that some properties may have lost a lot of their value, still there are so many options under the new FHA rules to act on. What do you think?
Posted by: Stefan S. | March 10, 2013 at 03:54 PM