CactusCountryProperty

We continue on this roller coaster as we expected and just don’t have a clear destination.

Closed transactions in June dropped off from the previous month as expected due to the expiration of the tax credit. I watch in amazement as the media report this as some sort of a really big story when it should be anticipated. I am surprised that it was not a bigger drop off. The luxury market is actually showing some strength, more on that later in the report.

Total number of closed sales in June was 8454 which is only a 7% drop from the number of sales in May, hardly big news in my book. It was still the 2nd best closing month of the year.

We continue to see signs that the middle price range from $350-700k, has stabilized.

Now for the good news in the Luxury markets. The number of closes in Scottsdale $1M+, and Paradise Valley are the most I have seen in a long time.

Scottsdale $1M+ had 62 closings and PV had 40, 102 combined. Inventory levels dropped in both market areas. Both areas have less then a one year supply of homes at the current closing rate.

The last time Scottsdale had more closings was April 2008 with 64.

The last time PV had more was November of 2006 with 42.

The last time these 2 markets had over 100 combined was August of 2007.

All of these dates were PM! (Pre-Meltdown)

We are starting to see investors betting on the return of secondary financing and that is a good sign for the future. THERE IS HOPE!
I have attached the actual stats according to the MLS (Multiple Listing Service) These are stats and facts and I know many of you enjoy seeing for yourself
As previous months, short sales are up drastically now I grant you that most of the listings out there are short sales.
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July 20, 2010
SALES Month over Month
June showed 213 more homes sold than in May, with a total of 9,280 residential units. This continues an elevated sales pattern over five of the last seven months, and is the highest monthly sales total in the past 12 months, and the second highest month since August 2005 (when 10,031 homes sold).
SALES Year over Year
2009 was a banner year in terms of number of homes sold, the third highest on record. 2010 is showing signs of exceeding that figure. Despite NAR’s most recent data (May)1 that indicated a 2.2% decline in existing home sales on a seasonally-adjusted annual basis, the pattern here is just the opposite. Since January, monthly sales have exceeded the previous year’s monthly total in five of the six months. If sales continue on the present track, 2010 sales could exceed 100,000, making this the second highest sales year ever, exceeded only by 105,000 in 2005.
ARMLS STAT JULY 2010
1NAR May Sales report – http://www.realtor.org/press_room/news_releases/2010/06/may_strong_pace
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NEW INVENTORY
June showed a 5% increase over May (a bump to 12,303 from 11, 717), following the normal sea-sonal pattern as more sellers show their willingness to test the market during the summer selling season. Overall the new residential inventory for June remains close to the average of 12,559 new listings per month that has continued over the last 12 months. But June’s total is also the lowest for any June since 2004.
ARMLS STAT JULY 2010
TOTAL INVENTORY2
Total residential inventory for June (41,869 units) rose only slightly from the preceding month (41,317). This includes the 5% increase in new listings in June.
2Total active listings are pulled from flexmls on the 10th of every month.
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MONTHS SUPPLY OF INVENTORY (MSI)
This metric is a new addition to STAT. It is a macro level look at how long it would take to absorb the current active residential inventory. It divides the total residential active units by the num-ber of sold units in a given month to estimate how many months supply of inventory (MSI) exists in the market as a whole.
Over the last four months, MSI has stayed in the narrow range between 4.77 and 4.51 months. Normal convention holds that MSI less than 5 months indicates a seller’s market, while an MSI equal to 5-7 months is a balanced market, and an MSI exceeding 7 months equates to a buyer’s market.
This is a look at the residential MSI for the entire market and is not representative of smaller niches. For example, the MSI for the higher price ranges far exceeds the 7 month threshold of a buyer’s market. Likewise, residential inventory at the low price end moves much more quickly than the 4.51 reported in June. Over time though, the MSI for the entire market can serve as a barometer of overall market health. Nationally, current NAR reports indicate an 8.3 month sup-ply of inventory3.
ARMLS STAT JULY 2010
3NAR May Sales Report – http://www.realtor.org/press_room/news_releases/2010/06/may_strong_pace
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ARMLS STAT JULY 2010
SALES PRICES
As predicted by the ARMLS Pending Price Index™ last month, the June Median sales price declined 2.6% from $130K to $127.4K while the Average sales price increased 1.6% to $179.9K from $177.1K in May , a slight upward trend that has continued over the last three months. The decrease in me-dian sales price while the average continues to rise, indicates continued upward movement of resi-dential sales prices toward the higher price ranges.
The Average and Median sale prices have now increased year over year for the past five consecutive months reversing 29 and 42 months (respectively) of sometimes double digit declines. Whether this is an indicator of a longer term recovery has yet to be seen, but when looking for a glimmer of good news in the many indicators, sales price would be a good place to concentrate.
LIST PRICES
After a short burst of optimism in May when the average list price ($220.9K) rose by 5% over April, the average list price in June declined to $204.6K and set a new low record for the decade, eclipsing the previous low mark of $209.7K set last December.
Likewise, the median list price declined in June to $132.5K from May’s $136K and set a record for lowest median list price since current reports have been tallied (January 2001).
Both numbers reflect a decline in prices of 3 to 7%, reversing the trend of the last three months that saw the rate of decline slow over previous months.
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ARMLS STAT JULY 2010
THE ARMLS PENDING PRICE INDEX™
THE ARMLS Pending Price Index™ (PPI™) is a predictive market tool exclusive to ARMLS. The In-dex uses pending sales data from the Arizona Regional MLS system to predict Median sales price and Average sales price three to four months into the future. This information is only available through ARMLS the sole aggregator of pending sales data.
Pending sales data predict that the average price will drop slightly in July to $178.6K and con-tinue downward at a steeper rate in August ($170.3K) and September ($156.4K) then level out in October. The Median sales price shows more volatility rising fractionally in July and then falling back a bit in August (to $125K) and more in September before recovering in October.
If the predictions holds true, the Median price for September would be the lowest in the preced-ing nine years. The accuracy of the ARMLS PPI™ diminishes the further into the future the pre-diction are made because the sample size diminishes with time.
Overall, the Median and Average sales prices have remained relatively flat over the previous 12 months with only small monthly fluctuations. The market appears to be in a stable pattern al-though it is prone to slight dips indicating that the recovery is still tentative and subject to many outside economic factors.
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ARMLS STAT JULY 2010
LENDER OWNED SALES
Lender owned sales have declined each month for the past 18 months when measured as a per-centage of all residential sales. From January to April 2009 the percentage was 65-66%. This month it was only 36%, nearly half of the year ago figure. As the new FNMA and Freddie Mac Home Affordability Foreclosure Alternatives (HAFA) program is implemented, the market may expect to see the trend of lender owned sales as a percentage of total sales continue to decline. The impact of HAFA is yet to be realized but a positive impact could lead the way by example for other non-FNMA and Freddie Mac lenders to alter their policies regarding distressed home own-ers.
FORECLOSURES PENDING
Foreclosures pending in all property classes continue the downward trend of the last three months to 43,942 in June. It is unclear though if this pattern is reflective of greater lender suc-cess in expediting workouts with distressed owners to avert foreclosure, or is due to impaired lender capacity to initiate and process foreclosure inventory, due to inadequate resources. In any event, the downward trend of pending foreclosures is a welcome sign of progress toward a more normal market.
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© 2010 ARMLS, may be reprinted with proper attribution.
ARMLS STAT JULY 2010
COMMENTARY
The market recovery remains steady albeit tentative. Patterns established over the last three months have shown only slight fluctuations. Much of the sales data over the last several months has been fueled by the first time buyer tax credit which is no longer available. Many of those tax credit sales have yet to close.
Congress did not foresee that the extended length of the contract-to-close period for first time home buyer tax credit sales would place many of these closings in jeopardy. Their extension of the closing date of the tax credit sales to September 30 should retain closings in the sold inventory totals which might have been lost had the date not been extended.
In addition many market observers remain optimistic that the effects of the new government pro-gram, HAFA, a last resort for many home owners facing foreclosure, will reduce the number of lender owned sales. HAFA aims to address many of the complaints surrounding short sale and deed in lieu of foreclosure transactions. Timing of solid market recovery is directly related to the removal of distressed properties, i.e., lender owned and short sales candidates, from the active residential inventory.
Particularly noteworthy is the market wide month supply of inventory (MSI) at 4.5 months. While this figure does not give relief to properties at the extremes of the price range spectrum, it is a barometer of market health which as recently as December was in the 7.4 month range.
ARMLS staff provides this commentary on the market as fact-based analysis, not as opinion or edi-torial positioning. Your comments are welcome and opposing viewpoints on interpretation of the market trends identified in STAT are welcome. Send your comments to
communication@ARMLS.com .
AVERAGE DAYS ON MARKET
June showed a two day increase over May in the average days on the market to 98. The days on market figures have held relatively steady over the last eleven months, fluctuating slightly between 90 and 100 days. The prevailing pattern of average market times tracking proportionally to list price continues, as homes priced below $150,000 sell in less than 60 days while those over $750,000 are taking months rather than days, on average, to sell.

In Glendale Arizona, just as with the rest of the nation, people are losing their homes. Jobs are scarce, and unemployment rates are soaring. If you find yourself unable to pay your mortgage, a qualified realtor can help you make some wise decisions as to whether a short sale may benefit you. They can also help negotiate the sometimes tricky details, so that perhaps you can avoid foreclosure.

For buyers, the housing market is paradise! Home prices are at their lowest in years, which means you can get a real bargain on a home. Short sales in Glendale Arizona benefit both sellers and buyers, although you may sometimes hear otherwise. However you look at it, the buyer is going to get a deal. For the seller, while your credit won’t be completely left intact, it may not be completely ruined. In many instances, deciding on a short sale means that you may purchase another home in as little as two years. With foreclosure, the time period is usually 5 to 7 years!

A short sale is usually negotiated between the seller, their lender and the sellers agent. There are quite a few details to be worked through and sorted out, and the process can get pretty lengthy. This is where an experienced Certified Arizona realtor comes in. They have been through all of this before, and can help make the process less complicated and lengthy. Think of them as a ‘negotiator’ on your behalf.

Another benefit to the buyer is that they offer a price for the home. Of course, anything that is ridiculously low would be refused by the lender, but the buyer can often get a home at 30 – 40% lower than the normal asking price would be. This means that if you could not afford a $300,000 home previously, you may now be able to get a home in that price range for around $200,000. Quite a substantial savings!

In Glendale, whether you are a buyer or seller, you want to know all you can about the short sale process. This helps avoid much confusion and anguish. Many times, people get frustrated or lose patience with the process. If you are a seller who can no longer pay your mortgage, or a buyer looking for your dream home, contact a reputable Certified Distress Property Arizona real estate agent today. It will help make the entire process one you can endure!
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

When you are considering the perfect home your family or perhaps investing in real estate, don’t overlook Glendale Arizona.  Located nine short miles from downtown Phoenix, Glendale is known for its reputation for antiques, and its renowned Historic District.  An experienced realtor can give you all of the details and explain why this city is such a wonderful place to live. This area is a perfect location for first time home buyers and growing young families.  Glendale is a place that is called home by a diverse population.  One thing people love about this city is all of the activities available.  Shop for antiques in the historic downtown area, play golf on one of 118 golf courses, visit one of 64 libraries or browse the major museums.  There are also twelve universities, colleges and technical institutes, which is why this area is a fantastic location to invest. Investing in real estate is a huge decision for any family.  Choosing a home is probably the most important task you will ever face.  A reputable Arizona real estate agency with years of experience and vast knowledge of the area behind them can make the entire process stress-free.  When you choose a realtor with your best interests at heart, you can be sure that you will get a beautiful home or property at a price that is well within your budget.

Glendale is an area that is charming and unique from many other U.S. cities.  In fact, the city itself is older than the state of Arizona!  Another factor in the popularity of not only this city but the entire state is the fact that the sun shines on average 300 days a year.  This means that outdoor activities are always hugely popular.  Desert scenery can be enjoyed along the many biking and hiking trails winding through the area.

You will find this area totally charming and welcoming.  The community enjoys many events and celebrations all through the year, including the Jazz and Blues festival in April.  There are plenty of boutiques, restaurants and antique shops to browse and enjoy.  As you can see, whether man, woman or child Glendale is a place that will never bore you for lack of things to do.

Are you ready to find the home of your dreams in a town voted one of the best places to live?  Glendale is the perfect destination for young and growing families.  Let a dedicated Arizona realtor assist you in finding that perfect home!

Arizona Real Estate is a Prime Choice for Your Family The hottest area in Arizona is the Phoenix metropolitan area.  If you are looking to invest in real estate, this is prime property.  While every area of this beautiful state is inviting, this particular area is where much of the action is.  Whether you are just looking to invest in land, or want to buy a home for your family, Phoenix is an area you should make one of your top considerations.

When you are looking for the perfect home and location for your family, there are a lot of things to think about. Of course, you want the lowest price possible for the real estate you are considering, and an experienced Arizona realtor can help you locate homes that suit your style and size preferences at prices that are in your price range.

Many people have to relocate because of their jobs.  If this is the case, your agent can discuss the areas that have schools with good reputations for education and safety.  Of course, you want to evaluate your lifestyle and the activities of your family to choose an area that is the best choice for your family.

Those who are simply looking to invest in Phoenix real estate usually have more time to consider their options than a family searching for a home.  A reputable Arizona real estate agent can show you where to get the best deals for your investment, and keep an eye out for properties that become available. It is much simpler to let a realtor handle the negotiations when you are in the market to buy a home or land, and they can barter on the prices for you as well.

For one person, they may find the price of a piece of property a bargain, while another may not.  Why is this?  If the schools, shopping, available activities and general safety of the neighborhood is attractive to one person, this may be their motivation to buy.  These may not be the reasons another person is searching for a home, so the price may not look as attractive to them.  An experienced realtor with thorough knowledge of the Phoenix area will be able to help you locate properties that suit not only the style of home you want, but the other factors that are important to you as well.

No matter what the reason for your move, obtaining the services of a reputable Arizona realtor is essential to getting the most for your investment.  Don’t try to handle this yourself – it can be very frustrating, time consuming and stressful.  Let the experts handle the details for you!

Considering purchasing a home in Glendale Arizona? An Experienced Realtor Can Reduce the Stress

If you are considering beautiful Glendale Arizona as your next home place, a reputable realtor can help make it a seamless transition. Purchasing a home or property can be stressful, but it certainly doesn’t have to be. Let someone handle the work for you!

This area is one of the most desired in the world today. You can find real estate to fit any budget, from elaborate homes to houses for the moderate budget. Your family will love this area, and all the activities that go with it. Sports and some of the best antique shopping in the world are what you will find in Glendale. If Arizona is your intended destination, this city has national recognition.

Purchasing a home or property in Arizona can be very stressful and time consuming. Looking at dozens (or even hundreds) of homes to find the perfect one for you is enough to make you decide to stay put. An Arizona real estate agent with vast knowledge and experience will discuss your needs with you, and find properties that suit your needs and budget. This eliminates much of the work for you!

When you are in the market to buy a home or property, it is much easier to let someone who knows the area well handle it for you. A good agent knows what homes are available, and will keep an eye out for any suitable homes that come open. This will help alleviate much of the stress and aggravation for the client. Realtors can also give you much needed information about the area. Schools, safety, activities – these are just a few of the topics you will be concerned about.

You may also want to know the market values of the homes that are similar to the one you are considering, so that you can make an informed decision regarding the asking price of the home. When it comes down to it, you want an Arizona realtor who will help you negotiate the best transaction for the property you desire. Years of experience insure that you will be provided the best service, a commitment to your satisfaction, and someone who stands behind you when you are searching for that special home. In fact, you will not only have the best real estate agent, you will have the entire team to help take the pressure off!

For months now, we have all seen the headlines.  Home prices are decreasing, no more zero

down loans, etc.  Does this mean there is no good news in the Phoenix Arizona area? 

Absolutely not!  Amidst all of the doom and gloom, there actually is a silver lining for

those who look for it.

Prospering real estate investors will view the current market as a prime opportunity. 

New investors may not be able to look at things in this light, but a heavyweight will

definitely see how these unfortunate circumstances can work to his advantage.

In Phoenix, the time has never been better to snap up real estate to invest in.  Home

prices are at all time lows, making it an opportune time to buy at an unheard of price. 

Homeowners can no longer afford their mortgages and foreclosures are still rising.  If

you have money to invest, you are missing the best opportunity you may ever have to

purchase Phoenix properties at a bargain.

This is an extremely beautiful and popular area, with a population that rises every year.

 Arizona is prime property for retirees, because of the climate and low humidity level. 

When you invest in properties in Phoenix, you can be sure that you will turn them around

in to big profits in the coming years.

Experienced real estate investors know how to look for the best deals;  they also know

that purchasing property in just any area isn’t a smart idea.  If you are investing in

rental properties, you want an area where homes don’t sit empty very long.  These are

usually areas that are close to schools, jobs and shopping.  Homes in these areas

normally do not stay vacant long.

Phoenix properties are a prime investment for those who know their business well.  If you

make a living as a real estate investor, contact an agent with the knowledge and

expertise to know which areas are the best deal for your money.  The current economy,

although frightening to many, has made it an investors paradise.  Talk to your Phoenix

realtor today.

When you are ready to purchase your dream home or want to invest in real estate, hiring a Phoenix realtor who has plenty of experience is essential. Not only can they find properties that are within your budget easily, they can also help take much of the stress off of you. Here are some other reasons hiring a Phoenix real estate agent is so important.

There are many concerns when it comes to investing in your future home or property. If you have a family and children, the concerns are even greater. Schools, neighborhood safety and comparative home values are just a few of the areas you will have questions about. A reputable Phoenix realtor can answer any questions you may have about Scottsdale, Mesa and Glendale as well.

When you are interested in purchasing a home, there are many things the average person knows nothing about. The inspection period is one of those things. This may be the most complex and important part of the whole buying process in Arizona, and you need to know how it works.

If you decide to purchase a home in Arizona, you have a great opportunity to investigate the home thoroughly before making a decision on whether to go forward with the purchase. Your Phoenix real estate agent knows all about this inspection period and can help guide you through. You don’t want to miss the deadlines or mismanage your opportunities!

Actually, when you choose a dependable realtor they can handle the whole process for you. Here are a few notes about the inspection period:

During the inspection period, the buyer has the right to accept the home in the condition it is in. You may also want to cancel the contract, or give the seller an opportunity to fix the problems found during inspection.

When the buyer wishes to request that repairs be done, they will use the “Buyer’s Inspection Notice” form to let the seller know about the repairs they are requesting. There is a time limit on these things, which adds to why you should hire a well seasoned Phoenix real estate agent to handle this for you.

The seller also has limited time to reply. They may agree to make the repairs you request, agree to repair a portion of the damages or refuse to make any repairs at all. At this point, there are some options left for the buyer. All of this is enough to give many people a huge headache, and is really better left to someone who has experience in handling tasks like this.

When you get ready to purchase a home or property in Phoenix or the nearby area of Scottsdale, Glendale or Mesa, get professional help. When you hire a knowledgeable realtor in Arizona, it makes your life much easier.
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties