Average Selling Price by CityAn increase over the previous month is reported as a '^ decrease over the previous month is reported as a 'v
City
Single Family
Condo/Townhome
Chandler homes AZ
v
$217,097
v
$ 90,316
Gilbert homes AZ
^
$214,655
v
$101,889
Mesa homes AZ
v
$160,673
v
$ 65,632
Homes for Sale Phoenix
v
$150,313
v
$ 73,491
Scottsdale Homes AZ
v
$487,999
v
$174,701
Homes for Sale Tempe
v
$201,701
^
$142,514
RESOURCE INFORMATION FOR MORE DETAILS MARICOPA COUNTY SINGLE FAMILY DETACHED HOME SALES SUMMARY: Comparing July 2010 to July 2009 Home Sales are DOWN 24% from a year ago, Time to Sell remains at 80 days , average Home Sales Price is UP 3% to $189,660 and the average home SOLD for 99% of the average List Price ! Multiple Listing Service (ARMLS) Arizona houses for Sale ASU Carey School of Business - Real Estate Center Sales and Affordability Reports track single family detached home sales activity and condo/townhome sales activity separately. The data is drawn from the county recorder records and includes both MLS and non-MLS sales. The most current real estate market activity reports show the Phoenix real estate market prices bottomed out in March 2009 Builder "Spec" new homes vs Resale homes resale homes are priced approximately $70,500 lower than new homes and prices have rolled back to where they were in March 2001!!! Think it is finally time to buy? You're right. It is.Builders bought up $90M worth of residential lots at pre boom prices in 2010 - the highest rate since 2006. Greatest demand is in Mesa, Chandler and Gilbert. Read more LOCAL PHOENIX ARIZONA REAL ESTATE NEWS ...
Phoenix Real Estate Market is considered a Balanced Market with a 6 month supply of unsold Phoenix homes and foreclosed Phoenix homes on the market in the MLS based upon July, 2010 residential resale rate of 7,095 homes per month with a current inventory of 43,188 ACTIVE properties for sale. New home and Traditional home listings must still compete with short sale and bank-owned properties and must be "priced to sell" - not to "test the market", if we are to put this market correction behind us. Phoenix MLS Residential Sales DECREASED 23.6% in July 2010! Arizona Regional MLS (ARMLS) data shows there were 7,095 Phoenix residential sales during July 2010 - 2,194 fewer than during June 2010 and 21% fewer sales than a year ago during July 2009! The June 30th end of the first time home buyer incentives pulled sales from July into June to dramatize the normal dip in sales typical for the heat of our summer. Recent monthly sales counts: 9,289 June 2010Phoenix MLS Median Price - 52% Decline from our Peak in June 2006 There have been substantial New and Resale home price reductions.resales homes have declined 51% from our all time high of $264,800 in June 2006 to $127,000 in June 2010. The lower median price reflects the low end of the real estate market dominating sales with very little high end sales activity. The Median Price has risen 10% since the Median Price bottomed out during the spring of 2009.New home Phoenix prices are higher than resale homes because: 1.) Cities increased impact fees charged developers to cover the cost of expanding infrastructure (sewer, water, schools, libraries, roads, parks, etc.) and services to meet the needs of all of residents in the new communities, 2.) Land costs were higher when builders bought the land to build on now and 3.) Building materials and Labor costs are always increasing.If you know of any stock investors who are trying to buy at the "bottom", you'll appreciate what I am about to say. Don't try to wait until the home prices and mortgage rates are at their lowest. If you do, you are going to miss out on some great opportunities. No one can time the market that well and by the time you realize what you missed you are forced to wait a good long time in hopes of another great buying opportunity to come along again. In historic terms interest rates are low. If you look at home prices in the West, across the United States and around the world, you will appreciate what a terrific bargain Arizona prices are already. So in the meantime, enjoy the home buying opportunity you have. Be one of the savvy buyers who are going to enjoy a buyer's market with lots of inventory of Phoenix homes But don't be complacent. This won't last long ! Don't be one of the "Woulda - Coulda - Shoulda's"! Arizona Department of Real Estate has issued an Advisory warning to new home buyers of builders in financial trouble . . The Arizona Real Estate Commissioner offers a buyer advisory when your builder is in financial trouble.
Contact me to discuss ways to protect your earnest money depositSam@SamElam.com
STORY ABOUT LENDER OWNED PROPERTIES
Of the single family detached resale home sales reported through ARMLS for the month of July 2010, 37.2% of the listings were noted as "Lender Owned," an increase from last month.
The proportion of the MLS sales which are Bank Owned REO sales varies quite significantly by location within the valley.
Cities comprising the valley segments are plotted on this graph are shown in the table at the bottom of this article along with the percentage of the sales which were REO's.
REO vs. Non-REO Sales by City July 2010
New Home Phoenix Builders as of August 20, 2010 - have 494 Phoenix new home subdivisions (12 less than 6 months ago) with 1,759 SPEC homes for sale (43 less than 6 months ago ). Builders had been coping with slower sales by cutting the number of homes they build by about one half to 8,000 - 9,000 new homes and this has helped the overall market supply and demand to get back into balance. This graph shows how builders lag market trends But the recent increase in the number of Spec new homes indicates builders are more confident our real estate market turn around is near. median and average resale home pricing history shows home prices have rolled back to below where they were in early 2001!!! Don't you think it finally is time to buy? Our excess real estate inventory can't last forever and here's why: Arizona was the second fastest-growing state increasing 2.3 percent between July 1, 2007, and July 1, 2008.
This increase in population is a fundamental that helps reduce the oversupply of homes. Reducing the supply of homes helps stabilized our residential market. According to the press release, the only two states losing population were Michigan and Rhode Island.
Phoenix mortgage interest rates remain affordable, sharp median home price declines from our peak in June 2006 gives buyers many more choices than they have had in the last four years. Phoenix continues to attract employers and people seeking our desert climate and lifestyle. Homes for sale in Arizona are more affordable than most areas of the country. Phoenix has always enjoyed being in the top 3 in job growth in the U.S. until the recent financial crisis occurred. Maricopa County will once again be one of the leaders in the nation in job growth and attracting new residents wanting to move here. So when you add up lower prices, more people moving here for new jobs, the new ASU downtown campus with the new medical hospital under construction, the new light rail system under construction and the renaissance in the downtown area, any slowdown in the Phoenix real estate market will be short lived. So take advantage of the best home buying opportunity we may never see again. Moody's economic forecast predicts the Phoenix real estate market could rebound 7 - 8%. Now all we need to do is figure out when we have hit bottom. Check back here every month to learn when that has happened. We're closer than you think. Hold on for a bumpy landing. You can now buy a home for 2001 prices again! This is AN IDEAL TIME TO BE A PHOENIX HOME BUYER!!!! BUT DON'T EXPECT IT TO REMAIN A BUYER'S MARKET MUCH LONGER.
Phoenix Real Estate Agent and Arizona Associate Broker Full time Phoenix REALTOR® since 1990 ABR, CRS , GRI, e-PRO Prudential Arizona Properties 3701 E. Baseline Road, Suite F-102, Gilbert, AZ 85234 (480) 213-1799 Cell (480) 467-4900 Office Sam your Phoenix real estate questions for expert advice. Prudential Arizona Properties selling in real estate: • Cave Creek • Chandler • Gilbert • Mesa • Fountain Hills • Phoenix - Biltmore
