2009 in Review ~ Just how good was the Phoenix Real Estate Market?

Ok, maybe good isn’t the right word.  Foreclosures were at an all time high and prices tumbled steadily throughout the year.  However, based on the annual totals for Maricopa County that I ran off the MLS, at least homes were selling.  In fact, almost 30,000 more homes sold in 2009 that sold in 2008.  So that’s good, right?

The bad news is only 30% of homes sold were traditional sales (which means they weren’t being sold as lender owned or as short sales).  That is a lot lower than the 65% that were sold “traditionally” in 2008.  So that’s not so good (I refuse to look at a cup half empty though).

Another good sign is the rise in successful short sale closings.  14% in 2009 as compared to only 1.7% in 2008.  That means lenders are finally getting it right and agents are getting educated resulting in homeowners being saved from foreclosure…another good thing.

I think the most noticeable thing for me was the number of sales UNDER $100,000.  A whopping 35% of all Maricopa County home sales in 2009 were under $100,000 as compared to only 9% in 2008.  Considering this data doesn’t include Pinal County where Maricopa and Queen Creek are located. This is particularly shocking to me.

Surely prices can’t go much lower, right?  Otherwise, you’ll be picking up your next house down at the Ford Dealer ~ “Buy a house for $50,000 and we’ll throw in car.  Buy 2 and we’ll include a tire pressure gauge. “ Have I just stumbled upon the next government incentive?

Below are the numbers I compiled from the Arizona Regional MLS and as always, this information is deemed accurate by not guaranteed (are there ever any guarantees in life?)

~ In 2009 ~
homes SOLD in Maricopa County of those sold:

28,601 (35%) sold for UNDER $100,000

71,414 (89.5%) sold for $300,000 OR LESS

746 (Less than 1%) sold for over $1,000,000

24,574 (30%) were Traditional Sales

44,742 (55%) were Lender Owned Sales (REO)

11,712 (14%) were Short Sales

~ In 2008 ~
51,510 homes SOLD in Maricopa County

of those sold:

4,694 (9%) sold for UNDER $100,000

39,202 (76%) sold for $300,000 OR LESS

971 (1.8%) sold for over $1,000,000

33,249 (65%) were Traditional Sales

17,360 (34%) were Lender Owned Sales (REO)

900 (1.7%) were Short Sales

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.