A quick overview of key real estate indicators shows that overall 2011 was definitely a step in the right direction for Phoenix metro real estate.
Total sales exceeded 100,000 transactions up, exceeding our last “normal” years in 2002, 2003, and 2004.
Total new listings of 121,041 also approached the pre-boom years.
Months supply of inventory is also righting itself, and now hovers about 4-4 1/2 months.
Pending foreclosures dropped significantly, and are now 60% below the decade high.
Distressed sales (short sales and foreclosures) dropped from 70% of total sales to just under 60% for each of the final two months of the year.
Short sales now exceed foreclosures.
Median sales price increased about 5%, while average sales price inched up 3%.
Unemployment started the year at over 9%, and dropped almost 1.5% through Novembers estimates.
All in all, these numbers paint a picture of a Phoenix real estate market that is strengthening and gaining steam. Seems that 2012 is going to be a pretty good year!
Credit goes to the Arizona Regional MLS for these stats. If you’d like to see their full report, complete with some very helpful charts, click here: Stat 2011 Year in Review
My dear friend and fellow Realtor, Luetta Newnam, posted me this wonderful slideshow for my birthday. And, she more than made me smile as she reminded me of the depth and beauty of my life.
To another great year. 2012 is going to be the best year yet!
Here’s a once in a lifetime opportunity. Free to members of the public!
As part of Arizona’s Centennial celebration next month, the Scottsdale Area Association of REALTORS® is sponsoring a "Once in a Century" class: The Passage of Time: A History of Arizona. This class, taught by Bill Gray, offers REALTORS® and members of the community a chance to learn about the history of Arizona – and includes 3 Fair Housing CE Hours.
• Sandra Day O’Connor will be the Keynote Speaker • Lunch is included! • "Are You Smarter Than a Fourth Grader" • The Valley’s own 94.5 KOOL FM morning hosts Tom & Maria • 16 historical exhibits by Scottsdale School District 4th grade classes • Exhibits of the "Five C’s of Arizona"
REALTORS®: Register before January 30th for only $35! Note: This class is FREE to members of the public
Look at this chart for a striking view of the amazing free fall of total home inventory in Phoenix during 2011. The heavier line shows that from a high of 42,881 in January to a low of 24, 712 in December, housing inventory has dropped over 40%.
No wonder buyers are saying things like, “I never knew it’d be so hard to find a home.” Well-priced homes are attracting buyers, and in some cases, houses are going over list. Really. One of my clients offered 15% over list on an entry-level townhouse. Multiple offers. And his bid was not accepted.
Lack of inventory will create an interesting environment. While the last time around, the lack of inventory created a buying and selling frenzy, driving home prices sky high, this time around, both buyers and sellers are taking more time to make decisions and not rushing into a sale.
With temperatures in the high 70’s and low 80’s, you might be thinking about doing some spring cleaning…
Rid your home of household hazardous wastes by bringing them to Household Hazardous Waste Collection Day from 7:30 a.m. to 2 p.m. Saturday, Jan. 7, at the city Corporation Yard, 9191 E. San Salvador. For a list of accepted items, visit www.ScottsdaleAZ.gov/recycle or call (480) 312-5600.
Dru did a first class job, not just because the property sold (in a terrible market), but in her communicating the various nuances of the sale ... more
5.0/5.0
by M.J.CUNNINGHAM
90978
It was such a pleasure to work with Dru in selling our house. She was very knowledgeable with the process and was on top of every detail. She returned ... more
5.0/5.0
by Henry Y
41760
Dru wa a pleasure to work with, professional, knowledgeable, focused and quickly responsive. Being from Indiana we had very limited time constraints, ... more
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