Ugly House Photos

Real Estate Statistics - November 30, 2009 update:

Bank-Owned Active Listings: There are only 4,724 active bank-owned foreclosure listings in all of the Phoenix metro area, an increase of 17 over last week.  There has been less than a one-month’s supply of foreclosure listings in the Phoenix metro area for the past 5 months.  Bank-owned properties only account for 14% of all active listings.

Pending sales (properties currently under contract):  Currently, there are 11,449 pending sales in the Phoenix metro area plus an additional 6,318 contingency sales (shaky contracts). The total number of properties under contract today is 17,767.  This number has remained fairly steady for the past 3 months but will likely drop due to the season.

More and more buyers are lured into making offers on short sale listings.  Currently 9,668 properties under contract are short sale listings, or 54.4% of the total market in the Phoenix area.  Because banks take 3-4 months to make a decision on short sale contracts, the properties under contract just hang in virtual suspension.  Over 25% of all active listings are short sale properties.

Only 23% of all properties under contract are “normal” sales (non-short sale, non-bank owned).

Inventory: There are currently 33,668 active listings in MLS as of November 30, 2009, down 29 since last week.  Usually inventory declines during the holiday season.  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 30, 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: $179,217 (down $384 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.  The 7-day trend does not look good (sharp decline).

Inventory of properties for sale in Phoenix:  5,795, down 19 since last week.  Phoenix is seeing a decrease while the rest of the metro area has an increase in inventory.  See how the market supply has shrunk this year.  Amazing.

Median price per square foot for Phoenix properties: $97/sqft, no change in the past week.