Mesa Homes for Sale AZ
January 2011 Stats of Chandler, Gilbert and Mesa AZ homes for sale
January 2011 Sales Summary for Chandler, Gilbert and Mesa homes AZ
Phoenix Real Estate MLS Sales Update for January 2011
In January 2011 there were 6609 sales of all Phoenix residential property types reported in the Arizona MLS with:
48% – Foreclosures
22% – Short Sales
30% – Other sales including Investor Fix and Flips and Traditional sales
70% of January 2011 metro Phoenix sales were distressed sales (foreclosures or short sales) and most of these previous homeowners are ineligible to qualify for a home loan to purchase a home for 2-7 years. Therefore, these homeowners are looking for homes to rent and this explains the red hot Phoenix rental housing market.
Phoenix investors are trying to meet the rental housing demand by buying distressed properties and fixing them up to rent out to displaced former homeowners.
But this is an excellent time for homeowners to take advantage of the low housing prices to upgrade into their dream home that seemed impossibly out of reach just a few years ago. With the strong rental demand, they can rent out their current home and wait for the real estate market to turnaround and then sell.
While the average January 2011 price of Gilbert AZ homes for sale was – 0.3% lower than December 2010, the average price of Mesa homes for sale AZ was up + 0.7%.
The average January 2011 price of Chandler AZ homes for sale was – 3.6% lower, while homes in Phoenix AZ were – 6% lower and Scottsdale homes for sale were –16% lower.
Tempe AZ homes for sale had a very good month with the average January 2011 sales prices up + 10%, as compared to the December 2010.
Scottsdale had the lowest percentage of distressed home sales at 51%, followed by Tempe at 66%, Mesa at 67%, Chandler and Gilbert at 71% and finally Phoenix with 77% of its total January 2011 sales being either a Foreclosure or Short Sale.
The good news is the January 2011 Median Sales Price remained the same as December 2010 at $110,000 – the lowest Phoenix area Median Sales Price in over a decade.
If you are one of the fortunate ones able to buy a home in any of the cities in the Phoenix area, you will be getting an unbelievable housing value!
Average January 2011 Sales Price for Single Family Detached and Patio Homes by city in the metro Phoenix area are:
Avg. Units Avg. % of
Sales Price Sold List Price
Chandler AZ homes for sale $195,841 277 96
Gilbert AZ homes for sale $192,715 334 98
Mesa AZ homes for sale $145,601 506 96
Phoenix homes for sale $120,695 1,367 96
Scottsdale homes for sale $447,145 352 94
Tempe AZ homes for sale $175,328 69 95
Go to Phoenix real estate market statistics for a comprehensive review of what is happening in Phoenix real estate
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
December Sales of Chandler, Gilbert and Mesa AZ Homes INCREASE
December 2010 closings of homes for sale in Chandler, Gilbert, Mesa and Queen Creek, AZ are up 25%
AZ MLS Sales Summary – December 2010 comparison to November 2010
Chandler AZ homes for sale – Sales of 347 homes rose 14% over November 2010 while the Average Sales Price dipped 2% to $203,434.
Gilbert AZ homes for sale – Sales of 448 homes rose 22% over November 2010 while the Average Sales Price dipped 1.9% to $193,980.
Mesa AZ homes for sale – Sales of 610 homes rose 26% over November 2010 while the Average Sales Price increased $374 to $145,867.
Queen Creek homes for sale – Sales of 143 homes rose 14.4% over November 2010 while the Average Sales Price dipped 3.7% to $153,156.
All ARMLS Single Family Detached homes – Sales of 7,077 homes rose 25% over November 2010 while the Average Sales Price increased 8.6% to $207,381.
Conclusion:
The southeastern section of the Phoenix Arizona Metro area including Chandler, Gilbert, Mesa, Queen Creek and Tempe, AZ remains in high demand due to the close proximity to High Tech businesses as Intel, Orbital, Free Scale, Micro Chip, Boeing and Northrop Grumman/TRW, ASU Research Center, Banner Health Network, First Solar; beautifully planned communities with parks, sports centers and shopping and many of the best performing public and charter schools in the Arizona.
As a result prices are up over last month but are down 3% from a year ago. There is still more housing inventory we need to sell off before our real estate market correction can be completed. But with these favorable numbers, 2011 may be the year of the correction.
Higher inflation is predicted and as a result mortgage rates will go higher. A one point increase in interest rates will cost you more in monthly payment than a 10% decrease in housing values can save you. We only saw a 3% decrease last year, so don’t anticipate a huge drop in prices and end up paying more for your house because the rates shot up. Be ahead of the game and buy at current mortgage rates.
For more details about homes for sale in Chandler, Gilbert, Mesa and Queen Creek AZ check out Phoenix homes for sale and Phoenix real estate investment.
For more information contact Sam Elam, Associate Broker at Prudential Arizona Properties, Gilbert, AZ (480) 213-1799
Some Banks Ignore Arizona Anti-Deficiency Laws
Arizona anti-deficiency laws limit the homeowners liability in the event of loan default to the amount the lender can recover at at trustee sale or judicial sale providing the real property is 1) on a 2.5 acre or smaller lot, 2) restricted to and utilized for a single-family or dual- family dwelling and the 3) proceeds of the purchase loan (or a subsequent refinance loan) used to pay all or part of the purchase price of the property (better that all of it was). However, some lenders are forcing sellers to take back a personal note in favor of the lender as an inducement for the lender to cooperate in a short sale.
J. Robert Eckley, a prominent Arizona real estate and banking attorney, argues in Counselor’s Corner – Unlawful Acts of Banksthat some banks ignore the Arizona anti-deficiency protection during their negotiations with the seller, who is requesting the bank accept less than the balance owed on the loan and release the lien so the home can be sold in a “short sale”. Some sellers have refused to accept these terms and let their Phoenix property to be foreclosed to avoid any additional financial obligations. Other sellers, who were not made aware of the limitations of the bank to request a personal note, agreed to accept a personal note for all or a portion of the shortfall in the amount the lender received at the time of the short sale closing.
Sellers with limited assets and income at the time of the short sale have been told they may be subject to a deficiency judgment lien for a period of six years from the date of the Phoenix short sale or the banks may opt to sell off the right to recover against the defaulted loan to collection agencies. We’ll have to stay tuned for Mr. Eckley’s next addition of Counselor’s Corner to learn more about your rights and protections under the law.
My area of service and expertise is the Phoenix southeast valley including Chandler homes AZ, Mesa homes AZ, Queen Creek, Tempe and Gilbert AZ homes for sale. If you find you are unable to make your house payments or won’t be able to in the future, call me. I will send you the Arizona Seller Short Sale Advisory and Disclosure and recommend local attorneys who know Arizona law to explain your options and liabilities. If a Chandler, Gilbert, Mesa or Queen Creek short sale is your best option, I will list, market and get it sold for you so you can get on with your life and build for the future.
Sam Elam, Associate Broker with Prudential Arizona Properties, 480-213-1799
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Nearly 1M Loan Modifications So Far in 2010
Nearly 1M Loan Modifications Means Nearly 1M Fewer Foreclosures!
Our much maligned Lending Industry is finally rewriting loan terms to head off foreclosures rather than just being concerned about selling foreclosures the lenders were forced to take back. This will have the effect of stabilizing neighborhoods, communities, home values and our economy.
HOPE NOW Reports Close to One Million Permanent Loan Modifications Completed in 2010
975,000 permanent loan modifications have been completed so far in 2010 and that is 975,000 fewer foreclosures we avoided.
More than 174,000 Loan Modifications finalized in the month of June reflects an increase in the rate of loan modifications as Lenders become more proficient in processing loan modifications.
From January 2010 through June 2010, about 78% of mortgage servicers’ proprietary loan modifications included principal and interest reductions. These are real modifications that make homes affordable in this economy where so many are unemployed or worse – underemployed and underpaid.
In June, the industry completed about 123,000 proprietary loan modifications ~ a 10% increase from the previous month while another 51,205 HAMP Modifications were completed.
Since June 2007, nearly 3.4 million homeowners have saved their homes via permanent loan modifications.
Other June 2010 highlights:
- Foreclosure Starts decreased from 205,479 in May to 191,764 in June, a decrease of 7%.
- Complete Foreclosure Sales decreased from 98,963 in May to 90,350 in June, a decrease of 9%.
- Proprietary loan modifications completed increased from 112,088 in May to 123,150 in June, an increase of 10%.
- Principal and interest reduction modifications completed increased from 86,908 in May to 98,336 in June, an increase of 13%.
- Other retention plans completed increased from 74,004 in May to 83,222 in June, an increase of 12%.
While these statistics show progress is being made in avoiding Phoenix foreclosures AZ, the expiration of the Bush Tax Cuts at the end of 2010 is going to make it more difficult for people to pay for basic expenses and will slow job growth.
Contact your Congressmen and demand they extend Tax Cuts until our economy is back on track and growing again!
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Arizona School Achievement Results Posted
TOUGHER AIMS TEST STANDARDS CAUSE DROP IN ARIZONA SCHOOL ACHIEVEMENT LEVELS
All Arizona school districts are seeing lower school achievement levels as a result of tougher test standards for the 2010 – 2011 school year. Chandler, Gilbert and Mesa school districts are among the most successful and even they have seen schools achievement levels downgraded. But Chandler, Gilbert and Mesa schools were are to increase the total number of Excelling and Highly Performing schools – albeit with fewer Excelling (with a Grade of A) and more Highly Performing (with a Grade of B as the letter grade for Above Average Schools).
Check out the achievement level of your local Arizona schools in Maricopa and Pinal Counties with “Excelling” as the highest school achievement level followed by “Highly Performing”, “Performing Plus”, “Performing”, “Under Performing” down to the lowest level of “Failed to Meet Academic Standards”.
Chandler homes, Gilbert homes and Mesa homes located in excelling Chandler, Gilbert and Mesa school districts are in high demand and buyers with school age children are willing to pay more to send them to top rated schools. They know a good education is extremely important to the future success of their children and the well being of our communities. Everyone needs to support our local Arizona schools!
CHANDLER, ARIZONA
Chandler School District 2008 – 2009 School Year – 27 Excelling and 5 Highly Performing schools.
Chandler School District 2009 – 2010 School Year – 23 Excelling and 8 Highly Performing schools.
Chandler School District 2010 – 2011 School Year – 19 Excelling and 10 Highly Performing schools
GILBERT, ARIZONA
Gilbert School District 2008 – 2009 School Year – 33 Excelling and 6 Highly Performing schools.
Gilbert School District 2009 – 2010 School Year – 17 Excelling and 12 Highly Performing schools.
Gilbert School District 2010 – 2011 School Year – 7 Excelling and 27 Highly Performing schools.
MESA, ARIZONA
Mesa School District 2008 – 2009 School Year – 28 Excelling and 18 Highly Performing schools.
Mesa School District 2009 – 2010 School Year – 21 Excelling and 21 Highly Performing schools.
Mesa School District 2010 – 2011 School Year – 18 Excelling and 34 Highly Performing schools.
Support our Chandler Schools, Gilbert Schools and Mesa Schools
Sam Elam, Associate Broker with Prudential Arizona Properties, (480) 213-1799 has 20 years of experience and in-depth Phoenix real estate market knowledge to help buyers find Chandler homes, Gilbert homes AZ and Mesa homes for sale AZ served by top rated schools!
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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