Ugly House Photos

Real Estate Statistics - December 14, 2009 update:

Bank-Owned Active Listings: There are 4,998 active bank-owned foreclosure listings in all of the Phoenix metro area, an increase of 274 over the past 2 weeks as buyers slow down for the holidays.  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 almost 15% of all active listings.

Pending sales (properties currently under contract):  Currently, there are 10,967 pending sales in the Phoenix metro area plus an additional 6,317 contingency sales (shaky contracts).  The total number of properties under contract today is 17,284.  This number has remained fairly steady for the past 3 months but is dropping slightly due to the holiday season.

More and more buyers are lured into making offers on short sale listings.  Currently 9,592 properties under contract are short sale listings, or 55.5% 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 33,970 active listings in MLS as of December 14, 2009, up 302 in the past 2 weeks as buyers slow down for the holiday.  Inventory usually declines during the holiday season.  The increase came from foreclosure properties; are investors on vacation?  We are still in a seller’s market in the under-$250,000 price range.

_______________________________________

Let’s look at Phoenix, Arizona specifically.

For the city of Phoenix only, as of December 14, 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: $178,070 (down $1,147 in the past 2 weeks).  It is an odd occurrence.  The 7-day trend does not look good (sharp decline).

Inventory of properties for sale in Phoenix: 5,756, down 39 in the past 2 weeks.  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 3 weeks.