Central East Valley Luxury Home Sales Including Lender Owned REO and Short Sale Properties.

November 04, 2009

A huge supply and low demand means lots of price changes and little turnover in the market, but it still may be hard to find a home.

There are 2,239 active homes in Phoenix, Scottsdale and Paradise Valley over $750,000. In October 2009, 113 total homes sold. This leaves a supply of 19 months, and squarely in the buyers favor.

As expected there are fewer distressed homes in this segment. Of the 2,239 active homes, 69 are lender owned and 134 are short sales.

As a share of the market, normal sales still make up the bulk, but 40% of the sales were distressed.

22 homes sold were lender owned and 23 short sales closed.

Of the distressed propertied combined the median sold price was $1,050,000. These homes sold for 96% of asking price and they sold in an average of 84 days.

Compare this to the normal sales. These took on average 177 days to sell at a median price of $1,132,000 and for 90% of list price.

All this indicates there is still price and demand pressures on this segment. The supply is extraordinary. None the less, many buyers in this segment have very specific desires and needs and despite the high supply some homes are difficult to come by. The high supply does not necessarily equal to ample choice.

The lender owned homes out there tend to spread out on the entire gamut of quality from several homes in Troon and Mirabel in the $2,000,000 to $3,000,000 range to...

a gated private estate on 6 flat acres of park like grounds with a specimen cactus garden, patios with fireplaces, with swimming pool, tennis court, gazebo, guest house and a private small golf course for $5,500,000, to...

a the Palazzo Regal Estate in Silverleaf for $6,500,000.

View all Lender Owned Luxury Homes in detail.