According to The W. P. Carey School of Business at Arizona State University, in an article entitled Phoenix-area Home Prices continue to Soar- Market also Has Short supply, Increase in Foreclosures… “Phoenix-area home prices have been zooming up for months, and the streak continued in May. However, a new report from the W. P. Carey School of Business at Arizona State University takes a closer look at the short supply of available houses, an increase in foreclosures, and a possible leveling off of skyrocketing prices this summer. The report on Maricopa and Pinal counties reveals:
The median single-family home price went up more than 32 percent from May 2011 to May 2012.
The overall housing supply dropped by 50 percent in the same time frame.
The number of completed foreclosures of single-family homes and condos combined went up 18 percent from April to May.
The report’s author, Mike Orr, says high demand and low supply remain the dominant factors in the Phoenix-area housing market. For example, the number of active listings for single-family homes without a contract in the greater Phoenix area was down to 8,550 as of June 1. Fierce competition for available homes has continued to push prices up.” You can read the entire article at: http://wpcarey.asu.edu/news-media/news-release-display.cfm
In keeping my commitment to you to remain updated on current market conditions… Below are some statistics compiled by Cromford Associates, LLC. As of August 1, 2012 from Arizona Regional Multiple Listing Service (Maricopa County):
There were 20,085 Active Residential Listings- Same time last year we had 27,787
This number includes “active with contingency” offers (6,682)- so if you exclude these “AWC’s”, the inventory available is even lower at just 13,403 Active Listings
Using the total and at a rate of 7,167 sales per month (as of 8/1/12), the months supply is at 2.9; however excluding the AWC, the supply is just over 1 ½ months!!
Of 20,085 total Active Residential listings:
1,177 were Lender Owned- (6%) - same time last year: 3,782 (14%)
6,966 were Pre-Foreclosure/Short Sales (35%)- same time last year: 10,823 (39%)
10,460 were Normal Listings (52%) – same time last year 11,611 (42%)
There were 10,412 transactions pending- same time last year 8,663
So as you can see, inventory of homes for sale remains EXTREMELY LOW!! Homes are typically selling quickly and sometimes going for more than list price- If you are thinking of selling NOW is a great time! Call me TODAY for a market analysis of what your home might sell for in today’s hot market conditions!
Real Estate is my FULL TIME career. I can help you navigate through all of this information to find answers that make sense for you- to make your best real estate investment decisions.
Please don’t hesitate to let me know if you have any questions on the information I send, or if I can help you or someone you know, with your real estate investment goals.