This post is exclusively for City of Phoenix homes for sale (not the entire ARMLS). It reports on normal, pre-foreclosure and lender owner properties as indicated by the dark blue, light blue and red colors respectively. The left side of the chart is dedicated to "active listings" and the right side to "monthly sales" for Phoenix homes for sale.
The chart indicates approximately 57.6% of active listings and 77.1% of recent monthly sales are distressed properties. Roughly speaking, on average 67.3% of Phoenix homes for sale are distressed properties as of September 2009.
It's particularly interesting to note the $75 difference in price per square foot between the asking price of normal "active listings" and the sales price of normal "monthly sales" for Phoenix homes for sale. Normal sales account for only 22.9% of recent monthly sales, but buyers are unwilling to pay for overpriced listings. On the other hand there is only an $8 difference for pre-foreclosures and $12 for lender owned Phoenix homes for sale. However, there is evidence in parts of the city that distressed properties are selling for 5% above asking price.
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