What's selling in the Maricopa County real estate market?

phoenix real estate update

Short Sales represent 24% of the homes currently for sale in Maricopa County, and a whopping 44% of our “pending” inventory, but “pending” is about as far as many short sales get.  

Since January, only 10% of homes closed in Maricopa County were short sales.  I’ve heard the banks are starting to try to get these short sales closed and last month we did see a slight improvement with 14% of our closed sales coming from short sales.

ACTIVE LISTINGS
There are 26, 839 active Maricopa County listings in the Arizona Regional MLS. 

64% of all active listings are listed under $300,000

16,307 are “regular” sellers (8260 or 51% are under $300,000)
6,407 are short sales (5397 or 84% are under $300,000)
4,125 are Lender Owned (3673 or 89%) are under $300,000)

PENDING LISTINGS
There are 16, 079 pending listings.  Of these:

88% of all pending listings are listed under $300,000
3,558
are regular sales (2,734 or 76% are under $300,000)
7,113 are short sales (6260 or 88% are under $300,000)
5,408 are REO (5,087 or 94% are under $300,000)

SOLD 6/26/2009 – 7/26/2009
7558
homes were sold.  Of these:

6,619 or 87% sold for under $300,000.
2339 were regular sales (1755 or 75% were under $300,000)
1098 were short sales (945 or 86% were under $300,000)
4141 were bank owned (3919 or 95% were under $300,000)

SINCE JANUARY 1, 2009~
44,702 homes have sold in Maricopa County
of those:

39,579 or 88% sold for less than $300,000
11,966 or 27% were regular sales
4,641 or 10% were short sales
28,095 or 63% were lender owned

$27,000 ~ the price of the least expensive home sold in Maricopa County this year.  A short sale 829 sf, 3 bedroom, 2 bath home in Glendale.
$8,497,500 ~ the price of the most expensive home sold in Maricopa County this year.  A new custom11,7000 sf, 5 bedroom, 9 bath home in Scottsdale.

*Data obtained from the Arizona Regional MLS and is deemed reliable but not guaranteed.

Comments

  1. Lots of good info in your article.
    I’m starting to see more activity (sales) on our owner occupied listings which I believe is a good indicator that the market is at least attempting to correct its self

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