Housing Market Intelligence, Monthly Housing Market Snapshot

Greater Phoenix Housing Market – November 2012

Some headlines in the newly released Novermber 2012 Greater Phoenix Housing Report:

  • Single family home prices rose sharply between October and November and show very large increases since November 2011:
    • The median sales price is up 35.4% from $120,000 to $162,500
    • Average price per square foot is up 27.4% from $81.92 to $104.34
  • Townhouse/condo prices also moved higher between October and November 2012 and are showing substantial increases over November 2011:
    • The median sales price is up 42.9% from $70,000 to $100,000
    • Average price per square foot is up much less – 20.3% from $87.20 to $104.87
  • Overall supply (excluding homes already under contract) was down 7% at the start of December 2012 compared with December 2011, and distressed supply was down 43% over the same time frame. However overall supply increased by 31% between September and December.
  • Foreclosure starts on single family and condo homes fell by 17% between October and November 2012 and were down 48% from November 2011
  • Recorded trustee deeds (completed foreclosures) on single family and condo homes fell 17% between October and November 2012, and were down 34% from November 2011.
  • With bidders still very active at trustee auctions, 44% fewer single family homes reverted to lenders at trustee sales compared with November 2011.
  • Sales of single family homes were 1% lower than in November 2011.
  • The percentage of residential properties purchased by investors remains high at 27.5% but is now in a clear downward trend having peaked at 35.3% in August.
  • Single family home sales increased dramatically year on year for the most expensive sectors:
    • New homes (up 32%)
    • Normal re-sales (up 84%)
  • Single family home sales reduced year on year for homes sold at discounts to full market value:
    • Investor flips (down 10%)
    • Short sales and pre-foreclosures (down 22%)
    • Bank owned homes (down 53%)
    • GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 67%)
    • HUD sales (down 50%)
    • Third party purchases at trustee sale (down 23%)

Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.

The full report of November 2012 Greater Phoenix Housing Report for the W P Carey School of Business at ASU is available here.

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