May 2009 ~ the 8th largest closing month in Arizona Regional MLS history

No question that sales are up in the Phoenix metro area.

May was the 8th largest closing month in Arizona Regional MLS history (number of homes sold) and June is expected to be the largest ever. 

Of the 9290 closed home sales in May, 63% were lender owned (REO), 11% were short sales & 26% were marked “other”.  Wow, a whopping 74% were non-traditional sales (how long before REO and short sales ARE considered traditional? Never, I hope.)

76% of these sales were under $200,000. 

Interesting to note that 55% of all May home sales in the greater Phoenix area were sold to either investors or second home buyers.

And now…for your viewing pleasure ~

Chandler’s Inventory, Sold and Price per square foot graphs~

Chandler solds

Chandler Homes for sale

Chandler homes price per sf

Comments

  1. Steve says:

    Looks like things are “heating up” in Pheonix in more ways than one?!! Great! I wonder what the long term implications will be in that 55% of all May home sales in the greater Phoenix area were sold to either investors or second home buyers? In other words, do you think this a “fire sale” mentality where by folks are not planting roots and are just looking for an investment with a short term turn around? If so, what is the longer term market outlook?
    I was not planning to make an investment in the Gilbert area for a 3-4 years but you now have me thinking I should do it sooner than later.

  2. Hi Steve,
    I do think the opportunity is great for someone who wants to get in on the ground floor (hopefully, this is the ground floor) of our values. There are a lot of investors who are buying REO’s and fixing them up to flip them. Those investors are doing pretty good. We are seeing a lot of first time home buyers as well, cashing in on the $8000 tax credit.

    All in all, it’s simply a good time to buy. Interest rates are still good for now and prices are as LOW as they’ve been in years.