CactusCountryProperty

SALES Month over Month
Below are the stats supplied by Arizona Residential Multiple listing Service. As they come in, we have permission to send them out. This kind of information is so welcomed. Interesting that the bank owned property sales are only representing 38% of our market and I just have to think that short sales are going through the roof. Whatever it takes to get this market balanced. If you have real estate questions or needs please know I am a phone call or email away and would love to help you
Sales continue on a strong pace over the past three months. May sales of 9,077 represent a slight dip (2%) from April sales of 9,306. This trend follows a typical spring seasonal upswing pattern in sales activity. Nationally, sales, according to NAR’s most recent figures (April), show a gain of 1.52% year to date.
SALES Year over Year
Sales for May 2009 and May 2010 were virtually the same, a first for any month over the last
twelve. Last year the trend lowered in June after the spring upswing, only to remain flat through
the summer and take a plunge in November. The 2% dip in sales from April to May could be
reflective of this pattern repeating itself, but no other economic indicators signal that this April to May 2010 dip is the beginning of a downward trend.

NEW INVENTORY
New residential inventory declined from 13,871 in April to 11,717 new listings in May. The reduction in new listings added to the market since March represents is a healthy decline. Such a pattern affects the supply and demand ratio, which directly influences pricing. The downward trend may stay on course, or perhaps be affected by Sellers who will take advantage of the summer selling season to test the market.

TOTAL INVENTORY
As new inventory is declining, total residential inventory remains high with total residential inventory at the end of May at 41,326 units compared to 39,902 in May 2009. The total inventory trend remains relatively flat over the past twelve months, hovering below 40,000 twelve months ago to just above that level presently. Year over year it appears that total inventory for 2009-10 is stalled relative to 2008-09. However, the 2008-09 inventory had hit an unprecedented number close to 60,000, too high not to realize a sizable decline eventually.

LIST PRICES
The average list price in May was $220,900 which is a small (4%) but positive gain over the previous month. The median list price declined (slightly under 3%) from April to May to $136,000.The decline in the median price coupled with a rise in the average price indicates that there are more homes in the higher range that are making it to the market. Year over year the median list price remains fairly flat.

SALES PRICES
Average sales price remain virtually unchanged from April at $171,300. Median sales price for May however shows an increase over April from $127,500 to $130,000, an indicator that while additional higher end sales are coming to the market, they are not selling for as high a percentage of their list price as are the more moderately priced units. While not huge, it represents a 2% increase and continues a pattern of year over year price increases.

The ARMLS PENDING PRICE INDEX™
The ARMLS PPI™ predicts future average and median prices based on reports of pending sales
executed but not yet closed. The ARMLS Pending Price Index is available only through ARMLS, the sole aggregator of pending sales data.
The ARMLS Pending Price Index™ last month predicted that the median sales price for May would be $128,000. The actual May figure is $130,000, actualizing the upward prediction from the April forecast. In the near future, the ARMLS Pending Price Index is predicting a slight decline in median price in June, July and August, followed by a upward tick in September. The average price predicted last month for May was $173,000, and in actuality was $171,000.
The average sales price trend predicted by the ARMLS PPI™ for the rest of the summer shows an
up tick for June and July, a decline in August with an uptick again in September. Note that predictive accuracy declines the further into the future the prediction is made.

IMPENDING FORECLOSURES
Impending Foreclosures for Maricopa County for all property classes (residential, land and commercial) was 45,898 at the end of May. This represents a steady, yet slight downward trend since March. In contrast, the previous year’s (2008-09) impending foreclosures were on a significant upward trend from June 08 through May of 09. While the downward trend for the last three months is a good sign, it should be noted that the overall number of impending foreclosures is higher than at any time the previous year.

LENDER OWNED SALES
Lender owned sales (residential), which is sold inventory that the banks have taken back from the original borrowers, was at 3,430 in May, representing a much lower percentage (38%) of the overall sales in the market. This contrasts with the lender owned percentage of overall sales from a year ago of 62%. Clearly, the market is going in the right direction. As the lender owned percentage of overall sales declines, the influence of these distressed properties on median and average sales price also declines, inching us closer to a healthy market.
© 2010 ARMLS, may be reprinted with proper attribution.

AVERAGE DAYS ON MARKET
The average days on market (residential) in May, declined one day from April, to 96, showing only a modest decline and perpetuating the downward trend which started in March. Over time as the days in market decline, the absorption of excess inventory will increase, nudging us closer to a balanced supply and demand.

COMMENTARY
The Valley housing recovery at present seems content to move at its own deliberate pace, with its monthly gains and setbacks. While a monthly glimpse keeps our eye on the pulse of the recovery, longer term trends speak a more reliable truth. Speculation continues on the effects SB-1070 might have on the housing market. If many homeowners, regardless of nationality and immigration status, decide to sell or abandon homes in expectation of negative economic and social impact of this new law, the tenuous recovery could be undermined.
Signs are apparent that the Valley real estate is gaining ground in its recovery struggle. The decline in new inventory being added to the market hints that Sellers who are not serious are remaining on the sidelines. The sold unit trend has continued to climb since January. The slight dip in sold units from April to May is a somewhat positive sign, since a much greater decline would have seemed logical when the first time home buyer credit went away. Its absence caused very little change in the total sold units.
Most notable is the much lowered percentage of lender owned sales relative to total sales, coupled with the decline in impending foreclosures. The proliferation of foreclosure sales wreaks havoc upon pricing. Thus, a slowing of impending foreclosures which feed the total number of lender owned sales is a trend that signals a future recovery
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

It’s certainly no secret that the housing market has plummeted over the past couple of years.  What does this mean to you, if you are looking to buy an upscale home?  In Scottsdale, a well qualified realtor who is experienced and certified to deal with short sales can help you get the home of your dreams, at a greatly reduced price.  There has never been a better time to buy!  You do need guidance through this process, as it can get lengthy and you want to complete the deal as soon as possible.

Why can this take so much time?  When you decide to purchase a home through a short sale, you will be dealing with the seller, their agent and the sellers lender.  The bank must make the decision on whether they will accept the amount you are willing to pay.  If you have an experienced and certified distressed property Arizona realtor to represent you, they will handle the negotiations for you which can make the entire process much quicker, increase your chances of a successful transaction – and definitely less stressful on you.

Scottsdale is known for elegant, lavish, upscale homes

Designated Broker/Owner

.  The entire area is absolutely gorgeous, but out of many peoples price range.  Homeowners who live in the area are having a difficult time paying their mortgages, just as people in other areas are.  To avoid foreclosure and completely ruining their credit, they will often decide to go the short sale route.  This helps the owner save face, and decreases the damage done to their credit.

To you as a buyer, this means a savings of as much as 40% on the value of a home.  For instance, if a home would have sold for $400,000 before the housing market crashed, you may now be able to purchase that home for approximately $240,000 – $250,000.  Quite a substantial savings!  In essence, this means that for many buyers who would not have otherwise been able to afford an upscale home before, many can now.

The process can take anywhere from two to six months to complete, but much of it depends upon whether you have someone to help you negotiate.  When you try handle the process yourself, it will definitely take longer.  If you are interested in learning how short sale homes in Scottsdale may be an affordable option for you, contact a reputable Arizona realtor who knows the process inside and out!  With the time and hassle saved, you will be glad you did.

Signatures

Maureen Karpinski

Find your <a href=http://www.cactuscountryproperty.com/city/phoenix.htm>Phoenix Arizona Property</a> at Cactus Country <a href=http://www.cactuscountryproperty.com>Arizona Homes & Properties</a>

Designated Broker/Owner

Scottsdale Arizona has long been known for its luxurious home and condos. Although prices are higher in this area, they have decreased dramatically, making it a buyers market.  A reputable real estate agent can help you choose a property that is perfect for you and your family, and well below the prices of just two or three years ago!  Why should you buy now?  Because it is very likely that the chance will be gone one year from now, if not sooner.  This is the magic time to get the deal of your life.

In April of this year, home sales in the Scottsdale were up 12% over the same month last year.  Interest rates are at historical lows, prices are low and supply is up from normal.  What does this mean for you?  A stupendous deal, and one that you will probably never see again.  With well over 4000 homes and condos available in this magnificent area, there is sure to be one that is ideal for your situation.

Does it make any difference which Arizona realtor you choose when you are searching for the place you will call home?  It certainly does.  An experienced real estate agent that has lived and worked in this area for years has the knowledge and expertise needed to handle all of the transactions and take care of the dirty work for you.  A real estate transaction doesn’t only impact you financially, it can be very stressful and time consuming.  You need an agent that you feel comfortable and get along with.  A good one will also look out for your best interests.

Scottsdale offers many of the most beautiful, elegant homes and condos you will ever find.  It also offers many activities and the best golfing available.  With prices like these, you really cannot afford to miss your chance to have a luxury home at prices that will most likely never be seen again.  When the housing market begins to stabilize, it will be too late.

Are you in the market for a beautiful home that will be perfectly suited to you and your family?  If Scottsdale is your dream destination (and it is for many), don’t wait.  Contact a realtor who is a complete professional, and has what it takes to quickly and efficiently find the perfect home for your family, and your budget.

Locating an experienced Scottsdale Arizona realtor is your first step toward getting the home or property of your dreams, without all of the hassle of doing it yourself.  Buying real estate can be a very complex process, and it is time consuming.  A reputable agent is capable of finding properties that suit your preferences and handling negotiations for you.  If you are considering a move to Scottsdale, this article will explain the benefits of letting a licensed realtor handle it all for you.

Most people have full time jobs, and don’t have a lot of extra time to look for real estate that is in the perfect area and still at a price they find desirable.  A compassionate agent is flexible and able to work with your needs on your time schedule.  They know where properties are that suit your needs and budget, and they will negotiate the deal for you.  This saves you an abundance of time and stress.  A Scottsdale realtor will be willing and able to go the extra mile to make sure you are satisfied with your property and the price.

You want to make certain that the agent you choose is well qualified to handle your needs.  If they have vast experience in the area, they won’t mind you checking their references.  A real estate agent who has been in this business for years will know the market, the benefits and attractions of the area, and how to get the most for your investing dollar.  You should always find a good agent to represent your needs.  The realtor who is representing the seller of the home is looking out for the best interest of their client, so of course they want the best price they can get for the home or property.  You want to spend as little as possible, so you need a realtor of your own to represent your needs.

Scottsdale Arizona is known for its luxury homes, condos and other real estate.  Even when you have money, you don’t want to spend more than is necessary to own your dream home.  While some are happy to pay whatever the asking price is for a property, this is not necessary most of the time.  Anyone can be bargained with, and a qualified reputable realtor will be able to save you a pretty penny on a luxurious home that suits your lifestyle.

People have very busy lives these days, and their extra time is valuable.  You want to spend time with your family and doing the things you love to do.  Why spend all of your available time searching out the perfect home in the price range you desire?  This can take months or longer when you do it yourself.  Get the Scottsdale home of your dreams without unneeded stress and frustration.  Let an experienced Arizona realtor who truly cares about the needs of you and your family handle it for you!

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.

The month end numbers for April 2009 are reflected in this weeks information.
A 6% drop to 29,836 was observed in single family detached homes. Since a high of nearly 50,000 available homes just over one year ago, we are now under 30,000. This indicates almost 40% correction . . . . . . AMAZING!
During April, the closing trend continued upward with 8716. This dropped the overall supply to only 3 ½ months!
Both Phoenix and the West Valley are at 2 ½ months of supply. The available supply of homes in the SE Valley is at 3 months.
Continuing to climb, pending sales rose to 16,070.
In a trend that continues to improve, the Scottsdale under $1M has moved to a 7 ½ month supply.

Although the luxury markets of Paradise Valley and Scottsdale continue to languish because of a lack of Jumbo financing options, both are below 3 years of supply for the first time since September 2008. Paradise Valley is at 34 ½ with Scottsdale coming in at 30 months.

Overall Market. From last week, inventories have decreased by 6%. The total closings last month were 8716, with 29836 active listings. Supply levels are about 3 ½ months.

Phoenix. From last week, inventories have decreased by 7%. The total closings last month were 2499, with 6445 active listings. Supply levels are about 2 ½ months.

West Valley. From last week, inventories have decreased by 8%. The total closings last month were 2645 with 6738 active listings. Supply levels are about 2 ½ months.

North Phoenix, Cave Creek, Carefree, Desert Hills. From last week, inventories have decreased by 3%. The total closings last month were 450 with 5121 active listings. Supply levels are about 11 ½ months.

Mesa, Tempe, Gilbert, Chandler. From last week, inventories have decreased by 6%. The total closings last month were 2146 with 6636 active listings. Supply levels are about 3 months.

Scottsdale over $1m. From last week, inventories have decreased 3%. The total closings last month were 44 with 1341 active listings. Supply levels are about 30 months.

Scottsdale under $1m. From last week, inventories have decreased 4%. The total closings last month were 302 with 2230 active listings. Supply levels are about 7 ½ months.

Paradise Valley. From last week, inventories have decreased 2%. The total closings last month were 16 with 554 active listings. Supply levels are about 34 ½ months.