Where Have All The Good, Real Estate, Deals Gone?
June 04, 2009
Finding well priced prime properties becomes a challenge as buyers pick up the pace of acquisitions.
The last few months, but especially the last 4-6 weeks, have been quite busy. Buyers and investors have been out in full force buying properties at a faster rate then they are replenished, especially those in the lower priced bracket where the interest is highest. The inventory was reduced by 9,300 for residential properties. This is the 8th highest month of sales, just 10% lower then the highest rate or reduction in mid 2005.
The graph above clearly illustrates the, across the board, decline in inventory. Of the cities note above, only Scottsdale continues to have a high inventory, one equal to the same time last year: this includes other high priced cities like Paradise Valley. Other cities are all down from 2007 and 2008 levels, often, to about 4 months of inventory.
The supply of REO is particularly low. This is good, except that people are in competition for prime properties and good deals are far and few between. Looking for a "great deal" is not easy to do.
The data below is put together by The Cromford Report (graph too) and shows current REO inventory by city and REO inventory for (March in brackets). Quite a difference!
- Phoenix 1,323 (was 3,409)
- Mesa 388 (was 803)
- Glendale 270 (was 743)
- Buckeye 170 (was 443)
- Scottsdale 154 (was 264)
- Chandler 155 (was 277)
- Peoria 139 (was 384)
- Queen Creek 137 (was 361)
- Gilbert 136 (was 330)
- Surprise 129 (was 429)
- Avondale 109 (was 404)
- Maricopa 90 (was 334)
- Goodyear 80 (was 247)
- El Mirage 45 (was 188)
- Tempe 24 (was 57)
It does not mean you can't find well priced properties, especially if you go up above $300,000. I've noticed a lot of properties that have been siting on the market a long time are now sold: many of these were just sitting there screaming "good price" people were hesitating and finally lost out.
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