Phoenix homes for sale
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.
Phoenix Investors Stabilize Home Prices
Even in this depressed Phoenix real estate market, investors see the value of owning homes in Phoenix area including Chandler Arizona houses and Gilbert homes AZ for sale. As the number of bank-owned REO homes have increased, investors, recognizing the long term value of Phoenix homes, have stepped up to buy REOs in record numbers and help to stabilize Mesa home prices.
Rents are strong and returns from real estate far exceed what an investor is paid on their cash in a bank account. Fixed income investment have disappointed many investors, even though they have performed better than the equity market. Secure your future and invest in real estate today as you invest in the future of our Arizona communities, too.
Long term prospect for homes in Phoenix for sale are very good. Phoenix has been #1 or #2 in job growth for years before falling off the high growth list. But demand to move here and live in our warm climate remains strong and it’s only a matter of time before employment and high growth rates return again. When that happens tenants, who lost their homes through foreclosure, will be able to buy and patient investors will be able to sell their rentals for big profits. It’s a win-win for everybody. Want to know other reasons why Phoenix investment real estate is a smart buy? Contact Sam Elam today to discuss them.
Read more about Phoenix real estate investor successes.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Metro Phoenix Real Estate Market Is Looking Up!
June 2010 results are now available for homes in Phoenix for sale and closed sales. As compared to May 2010, the average sales price of Single Family Detached homes is up 10% to $203,417, median sales price is up 6%, days on market are down 3% to 79 days and homes are selling for 98% of list!
The number of sales and the average sales price of homes in Scottsdale and Mesa homes for sale AZ are up and the number of days on market to sell are down as compared to a year ago June 2009 and as compared to a month ago May 2010! Even more impressive — these STATS apply to both detached and attached property types in both communities!
Also on the honor roll of high performing real estate markets are Phoenix, Tempe, Gilbert and Chandler homes for sale AZ – all reporting the average Single Family home sales price is also up!
In spite of the end to the First Time and Long Time home buyers Tax Credit, buyer demand remains strong with the number of sales exceeding sales during May 2010 – keeping the available inventory of homes for sale low.
Mortgage rates are under 5% and prices are 50% below where they were at the peak in 2006. Fence sitters are going to miss out on a terrific home buying opportunity if they continue to wait. The Phoenix real estate market bottomed out last spring. High buyer demand and low inventory levels are going to push prices higher than they are now. Don’t miss out!
For all the details about the real estate market in your favorite area, go to Phoenix real estate market conditions.
Sam Elam, Associate Broker, ABR, CRS, GRI, e-PRO, SFR, Prudential Arizona Properties (480) 213-1799
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Phoenix Homes Sales Soar in March 2010
PHOENIX HOMES SALES SOAR IN MARCH 2010
Arizona Regional MLS (ARMLS) data shows March 2010 Phoenix Homes Sales of 8969 properties is a 39% increase over February 2010 sales numbers and a 19% increase over sales a year ago during March 2009! We’re not “out of the woods” yet, but indicators point to an improving Phoenix real estate market.
OTHER GOOD NEWS
The number of Traditional (non-distressed) Sales of Phoenix homes matched the number of sales of REO or Foreclosed Phoenix homes with each representing 40% of March sales. Short sales lagged at 20% of Sales.
This indicates buyers are looking for homes that are a very good value and are salable – as the tax credit deadline of April 30, 2010 deadline to have the property in escrow rapidly approaches.
Phoenix Average and Median Home Sales Prices increased slightly and remain above where they were when the Phoenix real estate market bottomed out in the Spring of 2009.
Builders continue to build new homes since buyers are willing to pay a substantial premium to purchase a brand new home. As a result, the number of actively selling new home subdivisions reversed direction and have increased modestly and so have the number of Spec homes being built in anticipation of buyer purchases.
WHAT CAN WE EXPECT?
If the jobs market stabilizes and starts to improve, buyer demand for homes remains strong after the tax incentives expire this month, interest rates remain low since the government stopped buying mortgage backed securities in March, lenders don’t saturate our resale market with foreclosed REO properties, and Freddie Mac/Fannie Mae and responsible banks continue to rehab foreclosed homes before putting them up for sale, we should continue to see an improving Phoenix real estate market. That’s a lot of “ifs”. We’ll just have to wait and see what happens next month. Stay tuned!
Sam Elam, ABR, CRS, GRI, e-PRO, Associate Broker, Prudential Arizona Properties http://www.SamElam.com
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.FHA Home Loan Costs to buy Phoenix Homes for Sale Increase
FHA Loan Policy Changes impact loan acquisition costs by reducing the maximum amount of buyer closing costs a seller can pay on behalf of the buyers from 6% to 3% of the total sales price. At the same time FHA is increasing the up-front Mortgage Insurance Premium from 1.75% to 2.25% of the loan amount to be paid at close of escrow or rolled into the new home loan. If approved, FHA will also consider increasing the annual MIP payment. Details to follow upon approval of their recommendation.
FHA is qualifying buyers based upon their FICO score to the extent that those with a FICO score below 580 are eligible for a 90% LTV loan with the minimum down payment increased from 3.5% to 10%. Read the new FHA Loan Policy for more details.
These policy changes show the U.S. government is no longer willing to make what they perceive to be higher risk loans at very favorable loan terms. With the rampant loan defaults and huge amount of government deficit spending, loan interest rates will eventually rise.
Those buyers waiting for the opportune time to buy have already missed their chance. The Phoenix real estate market bottomed out in March/April 2009 and average prices of Chandler, Gilbert, Mesa, Scottsdale and Phoenix homes have gone up since.
If you continue to wait, you may be priced out of the market as higher loan costs and mortgage interest rates rise. Buy now to lock in a fixed rate loan that are historically very low levels and to take advantage of the First Time and Repeat Home Buyer tax credit (Up to $8000 and $6500, respectively) by contracting by April 30 and closing by June 30. This primer at explains New Home and Existing Home tax credits and how you can take advantage of them. Hurry before they expire. Call Sam Elam for assistance with your next home purchase.
For assistance with the purchase of one of our homes in Chandler, Phoenix, Scottsdale, Gilbert, Mesa or Tempe contact:
Sam Elam, Associate Broker, Prudential Arizona Properties, (480) 213-1799 or SamElam3@gmail.com
Additional buyer resource information and MLS access visit: Phoenix homes for sale – Phoenix real estate & investments
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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