Thank you Fletcher Wilcox of Grand Canyon Title for the great sales update below. Still a great time to buyer, sell and invest in Arizona Real Estate.

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Greater Phoenix Single Family Property Report

While listing inventory under $200,000 is very low it has edged up.  In the last three weeks, July 18 to August 9, Greater Phoenix single family listings under $200,000 increased 5.7% and 10.3% since June 26.  A trendor just the time of year? 

 

Dates

June 26

July 18

August 9

Increase in single family listings under $200,000 June 26 to August 9

Single family active

listings under $200,000

in Greater Phoenix

2,430

2,534

2,680

+ 250 listings

+10%

Estimated months of supply of listings under $200,000

.62 or less than a one of a month supply

.64 or less than a one month supply

.82 or

less than a one month supply

 

The properties analyzed in this report unless otherwise stated are single family detached properties in Greater Phoenix.  Greater Phoenix is defined as the cities in Maricopa County.  The information in this report is from NetValueCentral.com and ARMLS.  ARMLS stands for Arizona Regional Multiple Listing Service, Inc.  Eighty-five percent of all residential sales in July 2012 were single family properties. 

July 2012 sales were down sixteen percent from June 2012 sales.  This decrease in July sales is part seasonal.  For ten of the last twelve years July sales were lower than June sales.   

July 2012 sales were down sixteen percent from July 2011 sales.  While less sales this July than last July,  there is an important difference.  The median sales price per square foot was up for the eleventh consecutive month increasing 1.6% from June 2012, while July 2011 sales prices decreased 4.0% from June 2011.  See pages four and five.    

In July 2012 the median sales price per square foot was $86.77 compared to $66.59 in July 2011 for an increase of thirty percent.  See page six. 

What else is up or down in July?

  • Short sale median price per square foot was up 6.9% or $4.61 over June and had a higher  percentage increase than lender owned sales and traditional sales, but still trails both of them. See page six.  The short sale median price per square foot had been flat. 
  • The median sales price was $165,000 compared to $162,000 in June 2012.  See page seven. 
  • The mean sales price per square foot paid by third parties (investors) at trustee’s auctions was $81.08 in week twenty-eight of this year, the highest so far, but was down in week thirty-two at $77.09 or five percent.  See page seven. 
  • July 2012 foreclosure starts down twelve percent to 2,836 compared to 3,222 in June 2012.  July 2012 foreclosure starts down nineteen percent from July 2011 and down sixty-three percent from July 2009.  See page eight.
  • Total distressed title transfers were 3,719, up seven percent in July over June.  Distressed title transfers are the combined total of single family properties foreclosed on and single family short sales.  The direction of this number affects the single family rental market.  See page nine.
  • Short sales were thirty percent of sales up one percent over June 2012. See page eleven.

Pages twelve and thirteen show how single family properties were purchased.