Real Estate Update
Arizona Homeowner May / 2010
As the 1st quarter of 2010 comes to a close and is just a page in the history books, the Phoenix real estate market is on pace for another record year. According to the Arizona Regional Multiple Listing Service (ARMLS) in January we closed 5789 sales, the 2nd highest January in the past decade. In February we closed 6595 sales, also the 2nd highest February in the past decade. At the time of this writing, ARMLS estimates 7568 closed sales for March which is right in line with our 2009 March sales which was the 3rd highest in the past decade. For the past year the median sales price has fluctuated between $115,500 in April 2009, where we hit the bottom of the market, and $130,000 in November 2009. The median price seems to be holding steady around $125,000 through February 2010. Days on the market are significantly shorter than they were last year at this time. Last year in February it took 123 days on the market versus 99 days on the market this year. New listings are about the same as last year in volume, but prices are down about 10%. As the market has come into line and stabilized, homeowners are realizing that if they want to sell their homes they need to set a realistic price. Foreclosures and short sales have taken their toll on the entire market – not just the outlying areas. It seems that no area is immune. If you are interested in finding out what is happening in your city or one that you are interested in purchasing a home, please give me a call. There are wonderful tools available to me to give you a “snapshot” of your market. Wendy is a full-time Realtor who pours her heart and soul into serving her clients’ best interest. Whether listing and selling your home for the best price in the shortest amount of time or finding the perfect home to suit your needs, she is tireless in her efforts. When not working with clients she spends time furthering her real estate education. In 2009 she completed courses to become an “Accredited Buyer’s Representative,” a “Certified Distressed Property Expert,” a “Certified Negotiation Expert,” a “Short Sale and Foreclosure Resource,” and other additional courses.
Short sales are still the buzz!
Average Sales Price By City
2009
Q1 2010
Phoenix..............................$127,979.................. $140,541
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Glendale............................$129,479.................. $130,295 Mesa...................................$159,018.................. $159,446 Peoria.................................$189,403.................. $182,220 Litchfield Park....................$208,402.................. $216,724 Tempe.................................$222,263.................. $218,853 Gilbert................................$222,539.................. $214,176 Chandler............................$231,523.................. $221,301 Cave Creek........................$360,759.................. $357,092 Fountain Hills.....................$483,854.................. $562,882 Scottsdale...........................$541,747.................. $573,655
According to The Cromford Report, a local real estate reporting service, we closed 14,066 short sale listings in the past 12 months compared to 3,837 in the previous 12 months. We have gone from a 27-month supply of short sale inventory to an 11.2-month supply in February 2010. Short sales are getting easier and are getting closed. If you have any questions regarding short sales, whether it is the definition, the process or whether you are a candidate to sell your home or purchase a short sale, please give me a call. When it comes to short sales there are no stupid questions and no two short sale situations are alike.
Carefree.............................$772,884.................. $652,452 Paradise Valley...............$1,749,717............... $1,540,536 Statistics gathered from ARMLS. All information deemed reliable but not guaranteed. (Single-Family Residences)
Sales By Price Range
FIRST QUARTER 2010 MARICOPA COUNTY
WENDY KIRTLAND RE/MAX Fine Properties 21000 N. Pima Rd., Suite 100 Scottsdale, AZ 85255 eFax: 480.355.9514 WKirtland@FineProp.com If you know of anyone who may be interested in receiving this newsletter, please send me an email or give me a call. I am always happy to add more subscribers to the list. If your home is currently listed, this is not a solicitation for that listing.
Under $400K • 93.7% $400K - $1M • 5.3% $1M - $2M • .7% $2M+ • .2%
Source: ARMLS. Information is deemed reliable but not guaranteed. Data maintained by ARMLS may not reflect all real estate activity in the market.
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