Here below are some lightlights from Center for Real Estate Theory and Practice, W P Carey School of Business, Arizona State University —
- Single family home prices rose yet again between November and December and are dramatically higher than a year ago:
- The median sales price is up 33.9% from $122,500 to $164,000
- Average price per square foot is up 27.2% from $83.88 to $106.72
- Townhouse/condo prices were stable between November and December 2012 but are still showing very substantial increases over December 2011:
- The median sales price is up 42.7% from $70,000 to $99,900
- Average price per square foot is up 23.6% from $85.19 to $105.30
- Overall supply (excluding homes already under contract) was down 6% at the start of January 2013 compared with January 2012, and distressed supply was down 42% over the same time frame. However overall supply increased by 13% during the fourth quarter of 2012.
- Foreclosure starts on single family and condo homes fell by 4% between November and December 2012 and were down 40% from December 2011.
- Recorded trustee deeds (completed foreclosures) on single family and condo homes fell 16% between November and December 2012, and were down 51% from December 2011.
- Sales of single family homes were 12% lower than in December 2011 while sales of townhouse/condos dropped by 13%.
- Residential properties purchased by investors remains high at 32.4% (including trustee sales) but this is now in a downward trend having peaked at 39.7% in July.
- Only 652 new single family home permits were issued in December but in contrast developers purchased 2,272 vacant lots and several tracts of undeveloped land.
- Single family home sales increased dramatically year on year for the most expensive sectors:
- New homes (up 30%)
- Normal re-sales (up 65%)
- Single family home sales reduced year on year for homes sold at discounts to full market value:
- Investor flips (down 20%)
- Short sales and pre-foreclosures (down 36%)
- Bank owned homes (down 55%)
- GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 70%)
- HUD sales (down 44%)
- Third party purchases at trustee sale (down 51%)
Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.
