Metro Phoenix Cities

Surprise like many suburbs were hit hard, but these are also the areas in the midst of a hot real estate grab. Inventory is at a long time low of 800 homes and months of inventory is down to 2.7 months, which is very low even compared to a low 3.9 months last year.

It means increasing prices. The average price is up to $153,271 from $143,926 last year and the more meaningful Median price up to $135,000 which is a significant rise in one year from $123,550 last year. 

 (Graph - Cromford Report)

We've just added two very cool graphs to the site in the market trends section.

The graphs are:

Active properties in Greater Phoenix, though this is an interactive map so you can select the city, property type, status on whim and get ver detailed information like bank owned condos in Scottsdale or single family homes that are normal sales in zip code 85012. I think that's pretty awesome and it puts a lot of information in front of your readers helping us get to our goal of keeping clients well informed with information to help make better decisions.

Notices of Trustee Sale is the second addition. This graph shows a monthly number of 'notices of trustee sale' These are notices that a home is pending a foreclosure. Many of these homes will go into

Everyday we get multiple inquiries about specific properties from new visitors to our websites and these days well over 50% of the properties and in the last few days nearly 80% of the properties people inquire about I have to send back an email that the property is under contract. Most often these are short sale properties kept active to attract back up offers. However, often when one wants to make an appointment to view them, one is presented with a response akin to a brush off or commonly no response at all: these home should not be active, rather pending. The formal term is AWC or active with contingency. 

Anyway, there is a lack of inventory and it's getting harder to buy a home. The graphs below make this fact rather clear, but actually being

While the weather may be cooling down the real estate market in Phoenix continues its hotness, yet the seasonal trend continues: supply increased, demand slowed and prices moved up.

7,436 residential properties sold in October which is awesome good compared to 6,520 last year. I would dismiss 2009 numbers or at least adjust them because there were heavy government incentives to buy at that time. 

Considering how difficult it is to find good homes I think achieving this number is actually amazing. Take away all the over priced homes or homes with unmotivated sellers and the inventory is truly much lower. Just because a home is on the market and even priced properly does not mean it's going to sell. Case in point: we've been trying to get into one

A review of new home and resale home sales in Greater Phoenix from 2003 to September 2011. It's really hard for new home builders to compete with the low prices of resale homes, thus the deep dip in sales of new home and the brisk sales of resale homes.

Since June 2010 new home sales have been hovering at a maximum of about 450 with some dips into the mid 300 units per month. The last few months have been different with sales perking up over the long term low trend. Still they are below what they were the previous decade, but a rise in sales of over 100% over earlier this year is significant, although it is important to mention that just like the resale home sales, new home sales have a cycle with is evident in the chart above, with a slump in

The Phoenix real estate market continues to improve. One of the reasons is less bank owned homes out there. There is still a bunch out there: active and in the shadows, but take a look at the graph below, the entire mass: the total number of pending foreclosures, unlisted REO's, active REO's, pending sales and listed and off market properties. 

Over the last year the entire mass has moved down. There is less of everything, except sales. 

#market-trends-unit-one#

( Graph: Cromford Report )

Let's start of from left to right. That big purple mass squashing everything down is very symbolic: it is the number of still pending foreclosures - properties that may or may not become REO properties and hit the market. Sure it's big and influential,