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November Real Estate Stats for Phoenix metro area



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Hi, I am Adam Tarr, associate broker with Citywide Real Estate in Phoenix Arizona, and this is your market update for the phoenix metro area with statistics for November.  This information is gathered from the Cromford Report.  As of the end of last week the November stats we showing 6,791 recorded sales across all areas and types in the month of November. This is up 3.1% from October and, pending sales are showing a 2.9% increase. This is a positive sign that demand is slowly but surely recovering from the collapse after the expiration of the tax credits back in the spring.

Supply was down a very slight 0.4% to 44,941 between November 1st and December 1st. While this isn’t a big number, it is a reversal of the large increases we have seen every month since June.

Sales pricing has been stable when measured on a price per square foot basis, hovering between $82 and $84 since September 19th.  average pricing in November fell to $158,427 and the median dropped to $150,500, both lower than we have seen since April of 2009. But the average size of homes sold declined a little so that will mitigate that decrease somewhat.

REO monthly sales were up 0.9% compared with October, short sales and pre-foreclosures were down by 1.4% and normal sales increased by a healthy 9.4%. Normal sales are being boosted heavily by the number of fixed-up foreclosure properties being sold back into the market by investors.

All the above observations are trivial compared with the dramatic changes in foreclosures.

  • 5,891 new notices of trustee sale, down 17% from October and the lowest monthly total since March 2008 over two and a half years ago.
  • 2,694 trustee sales, down 37% from October and also the lowest monthly total since March 2008.

Part of this is surely due to the suspension of trustee sales by Bank of America (and a few others). But the decrease is bigger than expected.  Don’t forget they only suspended sale, not notices, so the drop in notices is definitely something to watch.  This may be an indication that the worst is behind us, but we’ll need to see the trends for the next couple of months to get a clearer picture

So, we did see a deterioration in market balance between June and September which has ceased and there is a very slow but gently accelerating improvement in demand.  Pricing recovery will lag these indicators. But as long as the Cromford Market Index™ keeps rising this will probably limit any negative price trends to relatively slow changes rather than sharp falls.

 Adam Tarr PC
Citywide Real Estate
Phoenix, AZ
480-236-7374
adam@WeAreAZRealEstate.com

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