The summer of 2009 is coming and that means Phoenix Arizona temperatures and homes prices are going up!
A sure fire test as to whether a Real Estate market is mild, medium, hot, or extra hot is to simply look at the housing prices and the trends over the past few months. But nibbling your way though Phoenix Arizona”s housing market may raise eyebrows with issues surrounding factors like Foreclosures, Bank owned properties, short sales and REO’s.
2009 Home Sales compared to prior year’s results.
Total Sales Single Family Detached Homes,
Numbers as of 4/15/2009, adjusted MLS numbers*
Feb 09 Total Sales 4,869 Below $400,000 4,525 Above $400,000 344 REO Sales 3,278 Short Sales 444
Mar 09 Total Sales 6,881 Below $400,000 6,504 Above $400,000 603 REO Sales 4,709 Short Sales 690
Mar 08 Total Sales 3,575 Below $400,000 2,973 Above $400,000 377 REO Sales 75 Short Sales 43
The market is much different than it was even a year ago with almost twice the number of homes sold in March of 2009 as were sold in March of the prior year, and you have to go back to 2005 to find a month with more home sales.
So the question is, have we peaked? Well as of 4/28/2009 there are over 10,000 single family homes pending sale in the Phoenix market. Yes thats right over 10,000. More transactions are currently pending that were sold at the peak of the market activity.
Pricing is still falling but that might change. The good news is it’s still a buyer’s market. In March of 2009 the median sold price for a single family detached home was $125,000 compared to 133,900 in February this looks like the bottom folks. This pricing is below replacement cost in most cases, and we have already seen multiple offers on a lot of homes especially in the below $80,000.00 price range.
Single Family, Detached Median Sold Price
January 2009 – $140,000
February 2009 – $133,900
March 2009 – $125,000
*This representation is based in whole or in part on the data supplied by ARMLS. ARMLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by ARMLS may not reflect all real estate activity in the market.
With over 10,000 home sales pending and homes still available at below replacement cost, this is shaping up to be the best time to buy a home in Phoenix Arizona in generations. 100% financing programs are available as well as listing of over 900 homes priced below $80,000.00.
If you rent, the time to buy is here and you could qualify for an big fat tax credit at the same time.
If you are looking for a larger home here is an example, 3,100 sq foot home in the East Phoenix Arizona area is avaliable today for $130,000.00. It’s qualified for 100% financing by the USDA Rural Development program. Yes you can save you down payment with this no down payment program. And you might even be qualified for the $8,000.00 first time home buyer tax credit.
Richard Bonn is the owner of Awesome Web Marketing. For more information on Richard please visit http://www.Phoenix-AZ-RealEstate.com
[tags]phoenix az real estate, Foreclosures, REO, USDA Rural Development, Phoenix arizona real estate,[/tags]
|
|