REOs, short sales and smoking deals!
When most people think of Arizona real estate, they think of inventory. They recall what they have heard on the national news about hundreds of homes sitting on the market with no movement whatsoever. BUT, ask the people that are actively buying right now and you will most definitely get a different story....
Homes are being listed and getting snatched up within days in some cases. I actually had a listing on the market for a mere two hours before I received a full price offer. What is the catch? How is the news portraying a devastated market and local buyers are painting a different picture of multiple offers and bidding wars?
The fact of the matter is that there ARE hundreds of homes on the market and if you are looking for a home that is in great shape, you have a fight on your hands. There are so many distressed properties due to the foreclosures and short sales and lack of care that the good ones go quickly. Not only do they go quickly, but they go for above asking price more times than not. The Arizona real estate market is on fire!
Are you looking for a "project"? If so, there is an opportunity to make some good money these days if you are able to buy NOW. The ones that are sitting for any period of time right now are the ones that need a little TLC. If you are handy and have the know how or funds to give a facelift, the sky is the limit these days.
Take a look at the chart below: So far, every month in 2009, the number of sold listings has increased over 2008. Not only that, the sales prices are slowly starting to make a climb!
| Number of Sold Listings | Dollar Volume of Sold Listings | Median Sale Price | ||||||||||
| 2008 | 2009 | Diff | Chg | 2008 | 2009 | Diff | Chg | 2008 | 2009 | Diff | Chg | |
| January | 2,027 | 3,652 | 1,625 | 80.2% | $ 711,753,808 | $ 700,800,663 | -10,953,145 | -1.6% | 250,000 | 139,900 | -110,100 | -44.0% |
| February | 2,514 | 4,175 | 1,661 | 66.1% | $ 812,777,658 | $ 772,934,787 | -39,842,871 | -5.0% | 234,986 | 134,000 | -100,986 | -43.0% |
| March | 3,090 | 5,866 | 2,776 | 89.8% | $ 1,016,164,852 | $ 983,820,494 | -32,344,358 | -3.2% | 233,800 | 125,000 | -108,800 | -46.5% |
| April | 3,527 | 6,605 | 3,078 | 87.3% | $ 1,085,561,505 | $ 1,114,050,498 | 28,488,993 | 2.6% | 230,000 | 124,000 | -106,000 | -46.1% |
| May | 4,108 | 7,104 | 2,996 | 72.9% | $ 1,214,737,024 | $ 1,244,614,607 | 29,877,583 | 2.4% | 225,000 | 130,000 | -95,000 | -42.2% |
| June | 4,291 | 7,197 | 2,906 | 67.7% | $ 1,231,443,251 | $ 1,324,348,244 | 92,904,993 | 7.5% | 220,000 | 135,900 | -84,100 | -38.2% |
| July | 4,462 | 6,929 | 2,467 | 55.3% | $ 1,203,356,338 | $ 1,317,346,115 | 113,989,777 | 9.4% | 210,000 | 136,000 | -74,000 | -35.2% |
| August | 4,281 | 6,006 | 1,725 | 40.3% | $ 1,090,977,578 | $ 1,111,903,791 | 20,926,213 | 1.9% | 197,900 | 139,000 | -58,900 | -29.8% |
| September | 4,773 | 5,877 | 1,104 | 23.1% | $ 1,111,016,276 | $ 1,127,111,229 | 16,094,953 | 1.4% | 184,000 | 145,000 | -39,000 | -21.2% |
| October | 4,125 | 6,004 | 1,879 | 45.6% | $ 939,274,537 | $ 1,131,432,482 | 192,157,945 | 20.4% | 179,900 | 140,500 | -39,400 | -21.9% |
| November | 3,390 | 5,575 | 2,185 | 64.5% | $ 743,417,330 | $ 1,080,166,830 | 336,749,500 | 45.2% | 164,900 | 145,000 | -19,900 | -12.1% |
Don't let the news fool you...come find your AZ home at last!
Jami Asanovich
Ashby Realty Group, LLC
www.AzHomeAtLast.com
480.518.0285
Recent Comments