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Friday, July 27, 2012
Are You Kidding? 4055 SqFt In Queen Creek At $267,600?
Thursday, July 26, 2012
DO YOU NEED 5, 6 OR 7 BEDROOMS IN CHANDLER?
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Wednesday, July 25, 2012
Short Sale in Power Ranch across from the Park
If you need short sale help please do not hesitate to contact us for a no obligation consultation 602-290-8833
Phoenix Real Estate is changing every day is here are some recent statistics
July 24,
2012
The Story Continues:
Prices rise again, low inventory, cash dominates, hot single family rental
market, sales prices rising faster than rental rates, some sellers of short
sales being paid by lender to short sale.
Sale prices pushed up
again by high demand and low supply. June was the ten consecutive month the
median sales price per square foot increased. It increased 23.7% or $16.35 from
June 2011 to 2012.
When breaking out
different categories of sales and comparing June 2011 to June 2012 lender owned sale prices increased 36.7%, traditional sale
prices increased 11%, but short sale
prices were flat. The reason for flat short sale prices is because lenders are approving many short sales below market
value to get through the real estate mess as fast as possible. So lenders are
short selling more and foreclosing less. June short sales in Greater
Phoenix were 1,895 the highest number ever in a
month, while the number of lender owned sales was 726, the lowest number in
years. Lenders are taking advantage of the investor demand in Greater Phoenix
for single family properties by short selling to them, and investors are
flocking to short sales because of purchase price. In June, 56% of short sales
were purchased with cash. Also, I have been told Chase has paid some short sale
sellers between $10,000 and $30,000 on the short sale.
Overall estimated
months of supply on July 18 was 1.2 months, but the estimated months of supply
differs greatly by price range.
Forty-two percent of
sales were purchased with cash, thirty-six percent were purchased with
conventional loans, seventeen-percent with FHA insured loans, four-percent with
VA insured loans, and one-percent of the sales were purchased by none of the
aforementioned.
Sixty-two percent of
all sales were under $200,000. Eighty-percent of all short sales and
seventy-four percent of all lender owned sales were under $200,000.
June 2012 sales down
seventeen percent from June 2011.
Signed leases in June
2012 were 2,270, eleven-percent higher than the 2,038 signed leases in June
2011.
The June 2012 median
rent per square foot was .67 cents compared to .66 cents in June 2011 for an
increase of two-percent. The median rent in June 2012 was $1,202.50 compared to
$1,200.00 in June 2011.
Sales prices rising
faster than rental rates. See page twelve for the rent versus own ratio.
The lease rate range
with the most signed leases was between $900 and $999 with thirteen-percent all
leases and finishing number two was the $1,200 to $1,299 range with
twelve-percent.
Anthem edged out
Gilbert with the lowest estimated months of supply of single family rentals at
1.0 months compared to 1.1 for Gilbert. El Mirage had the lowest median monthly
lease rate at $800 and Paradise Valley had the highest at $3,250.
The properties
analyzed in this report unless otherwise stated are single family detached
properties in Greater Phoenix. Greater Phoenix is defined as those cities that
are in Maricopa County. The term ARMLS stands for Arizona Regional Multiple
Listing Service, Inc.
For more
information contact me.
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