April 27, 2013

Metro Phoenix Housing¹ Market Snapshot
April 27, 2013
City Active Pending Sales DOM² Avg $/SF
Anthem 143 103 79 92 $118.48
Chandler 604 500 434 55 $124.74
Fountain Hills 237 44 63 93 $171.61
Gilbert 746 642 447 58 $114.86
Glendale 507 567 348 51 $93.28
Laveen 159 155 81 44 $73.71
Maricopa 477 180 200 81 $66.98
Mesa 1,088 846 616 67 $105.30
Peoria 532 432 273 61 $109.83
Phoenix 2,843 2,383 1,614 58 $113.60
Queen Creek 722 541 390 67 $80.33
Scottsdale 1,865 572 521 87 $199.69
Tempe 192 163 127 61 $124.20
Note¹ – Housing = Single Family Homes, Note² – DOM = Days On Market
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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Cash Reign Ends in March 2013

For the first time since December 2008, more existing single family homes were purcahsed with conventional loans than with cash. It happened in March 2013 and it ended 51 consecutive months of cash purchases ruling over financed purchases here in the metro Phoenix housing market.

The numbers below pretty much tells the story of where we were and where the market is moving forward…

Mar-04 Mar-08 Mar-11 Mar-12 Mar-13  April 1-29
Cash Purchase 947 497 3134 2671 2130 2022
Financed Purchases 4424 1790 1904 2037 2196 2059
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Updates on Phoenix Housing Market

Some quick market updates to share with you all…

  • Active Notices of trustee sale for residential properties as of the end of March’13 were 9,194 units. Down from last month of 9,750.  Down from the all time high of December ’09 of 47,606.
  • The residential REO properties are sitting at 4,597 vs. last month of 4,713. Down slightly by 116 units from last month! March of 2012 there were 7,408 REO properties, down 38%! Listed REO properties are approximately 933 units and pending are 1470. So the total REO in MLS right now is at 2403. That tells us that there is approximately 2194 properties that are foreclosed but not yet on the market.
  • Residential Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 901 last month. This was down by 79 units from February.
  • Short Sales Represent approximatley 14% of the total sales and REO’s are down to 11%. Normal Sales is at the highest point in the last 5 years. They represent 75% of total sales!!
  • Pretty much all REO including HUD homes are for owner occupied buyers. Investors’ offers will not be considered in the first 2 weeks the properties being put on the market.
  • Minimum spec homes are available on the new homes market. Builders are increasing asking prices at every release of new lots.
  • Despite it is already the seller’s market, mortgage interest rates are still low.

 

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April 20, 2013

Metro Phoenix Housing¹ Market Snapshot
April 20, 2013
City Active Pending Sales DOM² Avg $/SF
Anthem 156 96 74 88 $118.91
Chandler 639 475 424 54 $124.82
Fountain Hills 240 51 58 104 $170.38
Gilbert 778 601 450 59 $113.61
Glendale 526 541 363 55 $93.13
Laveen 159 149 71 44 $73.71
Maricopa 500 262 211 82 $66.38
Mesa 1,085 814 631 65 $105.64
Peoria 536 415 277 57 $109.48
Phoenix 2,869 2,353 1,612 59 $113.65
Queen Creek 751 521 400 73 $79.48
Scottsdale 1,905 536 510 88 $194.34
Tempe 190 156 133 58 $124.93
Note¹ – Housing =  Single Family Homes, Note² – DOM = Days On Market
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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April 13, 2013

Metro Phoenix Housing¹ Market Snapshot
April 13, 2013
City Active Pending Sales DOM² Avg $/SF
Anthem 153 86 82 85 $118.43
Chandler 643 468 424 57 $124.56
Fountain Hills 236 59 52 108 $175.62
Gilbert 749 576 477 58 $112.62
Glendale 527 556 350 60 $93.06
Laveen 156 140 75 51 $72.82
Maricopa 513 278 175 81 $67.36
Mesa 1,101 840 631 63 $105.60
Peoria 486 434 286 70 $109.02
Phoenix 2,824 2,377 1,574 61 $112.60
Queen Creek 751 521 400 73 $79.48
Scottsdale 1,918 513 516 90 $196.96
Tempe 201 144 113 51 $123.79
Note¹ – Housing = Single Family Homes, Note² – DOM = Days On Market
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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Phoenix Housing Markets Roaring Back

The latest FNC Residential Price Index, an index created for the mortgage industry, recorded a 28-month high for home prices in February, the most recent data available. The index increased 6.1 percent — the fastest rate it’s grown since July 2006.

The index shows the strongest price momentum is occurring in Phoenix, where prices have surged nearly 30 percent in the past year.

“The city’s rapid price climb is attributable to active investment purchase of distressed properties that has pushed up overall home prices,” according to FNC.

Many of the hardest-hit markets during the housing crash are showing some of the strongest comebacks. The following housing markets have posted double-digit price gains in percentages year-over-year, February 2013 versus February 2012, according to FNC.

1. Phoenix: 29.3 percent

2. Las Vegas: 14.5 percent

3. Detroit: 13.1 percent

4. San Francisco: 12.3 percent

5. Denver: 11.3 percent

6. Sacramento: 10.8 percent

7. San Diego: 10.6 percent

Here is the complete Residential Price Index.

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April 6, 2013

Metro Phoenix Housing¹ Market Snapshot
April 6, 2013
City Active Pending Sales DOM² Avg $/SF
Anthem 152 80 69 70 $112.41
Chandler 621 476 405 53 $122.73
Fountain Hills 236 60 54 113 $179.37
Gilbert 759 541 462 55 $112.26
Glendale 536 519 300 62 $93.26
Laveen 154 139 75 49 $72.62
Maricopa 528 277 158 81 $66.85
Mesa 1,076 810 646 62 $104.76
Peoria 481 418 279 67 $109.27
Phoenix 2,916 2,205 1,554 64 $111.77
Queen Creek 790 506 374 74 $79.46
Scottsdale 1,915 494 534 91 $197.41
Tempe 188 146 108 50 $122.35
Note¹ – Housing = Single Family Homes, Note² – DOM = Days On Market
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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March 2013

Metro Phoenix Housing Market Snapshot
March 31, 2013
All Area TODAY LAST MONTH LAST YEAR 2 YEARS AGO
3/31/2013 2/28/2013 3/31/2012 3/31/2011
Active listing  20,794 21,460 22,000 37,673
Pending Listing 10,697 10,300 12,028 13,524
Sales Per Month  8,096 6,554 8,790 8,855
Monthly Supply 2.8 3.2 2.7 4.5
Monthly Sales $/SF $112.65 $111.63 $93.67 $82.11
Sale Price vs Listing Price 97.38% 97.21% 95.37% 95.13%
Listing Success Rate 82.00% 77.40% 80.80% 66.70%
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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Property Tax Valuation Will Rise for 2014

According to a recent statement from the Maricopa County Assessor’s Office, the metro Phoenix housing market has been improving so much that, for the first time in six years, residential properties across Maricopa County will see an increase in assessed valuations for the 2014 tax year.   Specifically, the approximately 1.02 million single-family homes in the county will see a median value of $127,000 next tax year, a 15.88 percent jump from 2013. The nearly 180,000 condos county-wide will see a more modest 13.71 percent rise next year to a median value of $70,500.

The assessor’s office sent out more than 1.53 million notices to inform all property owners of the 2014 valuations. Property owners who wish to appeal the changes have until April 23 to do so; the appeal process can be done via regular mail or online at www.maricopa.gov/assessor. The new valuations will be reflected in the Sept. 2014 tax bills to each owner. However, property owners will know how much they’ll owe in taxes for 2014 by the end of August 2013.

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