Here's our review of the Phoenix Housing Market for sales in January 2013, along with an outlook for February and predictions for March. Keep in mind that January is, seasonally, one of the lower sales months of the year just before the spring buying season arrives.
Home Sales in the Phoenix Housing Market
Price per SF in the Phoenix Housing Market remained at $108 for January 2013, as reported by our Phoenix Housing Tracker. $108 is the highest price per SF since October 2008 and the same as last month. See the history at this link: Metro Phoenix price per square foot.
There were 5,834 residential sales in the Phoenix Housing Market in January which is the lowest total since January 2010 and 22% lower than the average monthly sales of 7,513 for all of 2012. Yes, some of this is seasonal but I think the main reason is the lack of bargain priced Phoenix Foreclosures to attract buyers in the Phoenix Housing Market.
There were only 1,986 foreclosure type sales in January 2013 which accounted for 34% percent of total sales. I define foreclosure type sales as bank owned homes and short sales. This is the lowest percentage of sales for Phoenix Foreclosures in the Phoenix
Wednesday, February 20, 2013
Monday, February 18, 2013
Phoenix Foreclosures Fade as Phoenix Leads Rise in Nations Home Prices
Phoenix Foreclosures have been steadily fading for 18 months and all the press is talking about it. See our Housing Tracker Stats for a long term perspective. This week Bloomberg is on the bandwagon with a story stating home prices have risen in the 4th quarter of 2012 in almost 88% of US cities and Phoenix is leading the charge.
We recently quoted an article from Realty Trac saying that the decline in Phoenix foreclosures made Phoenix the 8th worst place in metro areas with populations over 500,000 to buy foreclosures. Another story reported by the AZ Republic stated Phoenix foreclosures are no longer driving the market.
In a Bloomberg story by John Gittelsohn & Prashant Gopal:
"The median sales price rose from a year earlier in 133 of 152 metropolitan areas measured, the National Association of Realtors said in a report yesterday. In the third quarter, 120 areas had gains.
An improving job market and low interest rates are driving up prices by fueling demand for a tightening supply of listings. The national median price for an existing single-family home was $178,900 in the fourth quarter, up 10 percent from the same period last year. That was the biggest gain since 2005, according to the Realtors group.
More on Phoenix homes prices
Saturday, February 16, 2013
Houses for Sale in Tempe in The Lakes Community
This is our February edition of houses for sale in Tempe in The Lakes Community. The Lakes Community is located between Rural Road and McClintock Road, just south of Baseline Road. The homes were built between 1971 and 1986 and range in size from 1,260 square feet to almost 6,000 square feet.
There were 18 active houses for sale in Tempe in The Lakes to begin in February 2013. You can see all those homes directly from the Phoenix area MLS right here: Homes in The Lakes. 10 homes are currently under contract and in some stage of the home buying process. 19 properties sold in the time frame between Thanksgiving 2012 and the 1st week of February 2013.
Here's a breakdown of the active houses for sale in Tempe and The Lakes:
the average listing price is $212,954, the average home is 1810 square feet, and the average days on
There were 18 active houses for sale in Tempe in The Lakes to begin in February 2013. You can see all those homes directly from the Phoenix area MLS right here: Homes in The Lakes. 10 homes are currently under contract and in some stage of the home buying process. 19 properties sold in the time frame between Thanksgiving 2012 and the 1st week of February 2013.
Here's a breakdown of the active houses for sale in Tempe and The Lakes:
the average listing price is $212,954, the average home is 1810 square feet, and the average days on
Thursday, February 14, 2013
Phoenix Real Estate Investment: No guts no glory
Metro Phoenix real estate investment is a way to cash in on big profits, though one certainly doesn't need to limit themselves only to the Metropolitan Phoenix area. Because I'm a real estate investor I always enjoy seeing what other people are doing.
I've bought property at the trustee's sale, sight unseen, and have done pretty well fixing and flipping. All of my purchases were under $120,000. Today I saw a Metro Phoenix real estate investment that took some vision and guts. It was on a grander scale than anything I've tried in the past. The pictures will be at the bottom of this article. It inspired me to think on a bigger
I've bought property at the trustee's sale, sight unseen, and have done pretty well fixing and flipping. All of my purchases were under $120,000. Today I saw a Metro Phoenix real estate investment that took some vision and guts. It was on a grander scale than anything I've tried in the past. The pictures will be at the bottom of this article. It inspired me to think on a bigger
Tuesday, February 12, 2013
Phoenix Foreclosures: now the 8th worst area to buy Foreclosures
Phoenix foreclosures no longer have the same presence that created bad memories about the Phoenix housing market. In fact, and according to Realty Trac, Phoenix is now the 8th worst city in which to buy foreclosures.
This article follows one I wrote yesterday about how Phoenix foreclosures are no longer the driving force in the Phoenix housing market. Additionally, and according to Realty Trac, foreclosure activity is down in 12 of the 20 largest metropolitan areas and up in eight of the 20 largest metros.
From Realty Trac:
To select the best and worst places to buy foreclosures in 2013, RealtyTrac scored all metro areas with a population of 500,000 or more by summing up four numbers: months’ supply of foreclosure inventory, percentage of foreclosure sales, foreclosure discount, and percentage increase in foreclosure
This article follows one I wrote yesterday about how Phoenix foreclosures are no longer the driving force in the Phoenix housing market. Additionally, and according to Realty Trac, foreclosure activity is down in 12 of the 20 largest metropolitan areas and up in eight of the 20 largest metros.
From Realty Trac:
To select the best and worst places to buy foreclosures in 2013, RealtyTrac scored all metro areas with a population of 500,000 or more by summing up four numbers: months’ supply of foreclosure inventory, percentage of foreclosure sales, foreclosure discount, and percentage increase in foreclosure
Monday, February 11, 2013
Phoenix Foreclosures no longer driving force in real estate market
Phoenix Foreclosures have been steadily decreasing, as reported in our Housing Tracker since October 2010, and the news seems to ringing loud and clear in the media. Reports of doom and gloom are a faint memory in people's minds as real estate investors have had to reduce their ROI (return on investment) expectations or find other foreclosure ridden towns.
Home owners are the happiest as they see their equity steadily rise and many are even considering selling as values are higher than they have been in almost 4.5 years. See our price per square foot chart at this page: Price per Square Foot in Phoenix Area MLS. Price per SF has risen to $108 in January 2013, up from $85 last January and $81 in January 2011.
Curious about the current foreclosure inventory? Click on the below link:
SEARCH PHOENIX FORECLOSURES
From the AZ Republic:
For the past five years, Phoenix foreclosures have been one of the most important indicators to track metro Phoenix’s housing market. Not anymore.
Both Phoenix foreclosures and Phoenix
Home owners are the happiest as they see their equity steadily rise and many are even considering selling as values are higher than they have been in almost 4.5 years. See our price per square foot chart at this page: Price per Square Foot in Phoenix Area MLS. Price per SF has risen to $108 in January 2013, up from $85 last January and $81 in January 2011.
Curious about the current foreclosure inventory? Click on the below link:
SEARCH PHOENIX FORECLOSURES
From the AZ Republic:
For the past five years, Phoenix foreclosures have been one of the most important indicators to track metro Phoenix’s housing market. Not anymore.
Both Phoenix foreclosures and Phoenix
Monday, February 4, 2013
The Most Expensive Homes for Sale in Tempe AZ
Tempe is a very desirable city in which to live because of Arizona State University, Mill Avenue, the Tempe Public School System, a variety of entertainment venues, Tempe Town Lake and so much more. As Tempe Realtors we've created a permanent page on our blog that will show you the most expensive homes for sale in Tempe AZ, as classified by the sales price of over $620,000.
Homes for Sale in Tempe AZ
You can now find this permanent page by bookmarking this link: Homes for sale in Tempe AZ over $620,000. The homes on this page are not filtered by any criteria other than the sales price. Because of that you will find single family homes and Tempe Town Lake Condos. Tempe Town Lake Condos are among the highest priced properties for all Tempe real estate. You will also find homes on golf courses, homes in gated communities, and waterfront properties.
However, and because we are Tempe Realtors, we have also created the following pages that caters to specific
Homes for Sale in Tempe AZ
You can now find this permanent page by bookmarking this link: Homes for sale in Tempe AZ over $620,000. The homes on this page are not filtered by any criteria other than the sales price. Because of that you will find single family homes and Tempe Town Lake Condos. Tempe Town Lake Condos are among the highest priced properties for all Tempe real estate. You will also find homes on golf courses, homes in gated communities, and waterfront properties.
However, and because we are Tempe Realtors, we have also created the following pages that caters to specific
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