Ugly House Photos

Real Estate Statistics - November 9, 2009 update:

Bank-Owned Active Listings: There are only 4,614 active bank-owned foreclosure listings in all of the Phoenix metro area, an increase of nearly 200 over last week.  While this might seem as gloomy news, it’s actually welcomed; there are still about 5-6 buyers for every new foreclosure listing.  There has been less than a one-month’s supply of foreclosure listings in the Phoenix metro area for the past 3 months.  Bank-owned properties only account for 14% of all active listings.

Pending sales (properties currently under contract): Currently, there are 12,105 pending sales in the Phoenix metro area plus an additional 6,425 contingency sales (shaky contracts).  The total number of properties under contract today is 18,530.  This number has remained fairly steady for the past 3 months.

More and more buyers are being fooled into making offers on short sale listings.  Currently 9,546 properties under contract are short sale listings, or 51.5% of the total market in the Phoenix area.  This number keeps growing every week because the listings are not converting to actual sales; it’s like being in limbo forever.  Banks are taking 3-4 months to make a decision on short sale contracts and even then the percent that is actually approved is minimal.  25% of all active listings are short sale properties.

Inventory: Inventory is starting to climb again.  There are currently 33,179 active listings in MLS as of November 9, 2009, up 825 since last week.  We are still in a seller’s market in the under-$250,000 price range.

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Let’s look at Phoenix, Arizona specifically.

For the city of Phoenix only, as of November 9, 2009.  Numbers are based on the orange 90-day lines.  However, check out the black lines (7-day trends).  The Phoenix real estate market has shifted to a seller’s market.

Median sales price for Phoenix properties:  $180,138 (down $765 in the past week).  It is an odd occurrence.  We should see a jump in prices in November as buyers scrambled to buy and qualify for the first-time homebuyers’ tax credit that expires November 30.

Inventory of properties for sale in Phoenix: 5,847, down only 11 since last week.  See how the market supply has shrunk this year.  Amazing.

Median price per square foot for Phoenix properties: $98/sqft.