- Joined
- Jul 14, 2009
- Messages
- 28
(From the Cromford Report published in Arizona)
Greater Phoenix ` Single Family Detached
Market Headlines
 Except above $800,000, sales prices in $/SF are now higher than a year ago.
 Inventory is falling again for all price ranges.
 Above $400,000 demand remains relatively weak.
 Lender-owned inventory is still falling and REOs are losing market share in sales.
 Active short sales are fewer in number, with normal listings gaining market share.
Overview
argin-left: 0px; color: #222222; font-size: 13px; text-align: -webkit-auto; background-color: rgba(255, 255, 255, 0.917969); font-family: arial, sans-serif;">Between November and December we saw a change in direction for inventory and supply is once again on a downward trend for all price ranges. The strongest decline in supply is for homes under $100,000. Sales rates look better between $200,000 and $400,000 while above $400,000 demand is still a problem. Price per sq. ft. below $800,000 is up compared with last year. We cannot say the same about prices above $800,000 but this is not because of weaker pricing in December 2011, but instead because December 2010 was an exceptionally strong month for luxury home pricing. Demand from owner occupiers remains subdued due to strict underwriting standards, but cash buyers including landlords and other investors are quickly snapping up a large part of whatever comes onto the market. Lenders and normal sellers are raising their asking prices. Short sales are showing the weakest price trends.
The supply from foreclosures continues to fall with more pending foreclosures getting resolved by short sales. Lenders are receiving fewer homes into REO inventory as a higher percentage of trustee sales result in a sale to a third party.
Despite public perception to the contrary, price per sq. ft. has appreciated between December 2010 and December 2011 except for the range over $800,000. The strongest recent movement is for the price range below $100,000, where price per sq. ft. hit bottom in February and is now up nearly 7% over the last 12 months. With supply on a downward trend again we anticipate that the peak spring season will find most buyers frustrated by a lack of choice and fierce competition from other buyers.
I will post charts regarding this activity in early January. Here is to a very prosperous New Year with a little bit of help from REIN!
Greater Phoenix ` Single Family Detached
Market Headlines
 Except above $800,000, sales prices in $/SF are now higher than a year ago.
 Inventory is falling again for all price ranges.
 Above $400,000 demand remains relatively weak.
 Lender-owned inventory is still falling and REOs are losing market share in sales.
 Active short sales are fewer in number, with normal listings gaining market share.
Overview
argin-left: 0px; color: #222222; font-size: 13px; text-align: -webkit-auto; background-color: rgba(255, 255, 255, 0.917969); font-family: arial, sans-serif;">Between November and December we saw a change in direction for inventory and supply is once again on a downward trend for all price ranges. The strongest decline in supply is for homes under $100,000. Sales rates look better between $200,000 and $400,000 while above $400,000 demand is still a problem. Price per sq. ft. below $800,000 is up compared with last year. We cannot say the same about prices above $800,000 but this is not because of weaker pricing in December 2011, but instead because December 2010 was an exceptionally strong month for luxury home pricing. Demand from owner occupiers remains subdued due to strict underwriting standards, but cash buyers including landlords and other investors are quickly snapping up a large part of whatever comes onto the market. Lenders and normal sellers are raising their asking prices. Short sales are showing the weakest price trends.
The supply from foreclosures continues to fall with more pending foreclosures getting resolved by short sales. Lenders are receiving fewer homes into REO inventory as a higher percentage of trustee sales result in a sale to a third party.
Despite public perception to the contrary, price per sq. ft. has appreciated between December 2010 and December 2011 except for the range over $800,000. The strongest recent movement is for the price range below $100,000, where price per sq. ft. hit bottom in February and is now up nearly 7% over the last 12 months. With supply on a downward trend again we anticipate that the peak spring season will find most buyers frustrated by a lack of choice and fierce competition from other buyers.
I will post charts regarding this activity in early January. Here is to a very prosperous New Year with a little bit of help from REIN!
