Hi its Jeff Cameron with Keller Williams and welcome to my Real Estate Market update for the Metro Phoenix real estate market May 2010. Good News, Good Signs and Good Numbers.
Before I go there, I just want to say, can you remember a better Spring here in the valley. It has just been exceptionally beautiful. What beautiful weather to have for Mother’s Day!
Happy Mother’s Day to my wonderful mom, Penny, and my beautiful wife Lisa! Thank you for everything you do and I love you!
one last thing, I am so excited to have released my new website. www.jeffrcameron.com where you can find helpful videos from saving your home, loan modifications to Short Sales, bank owned and fun stuff like Fun in Arizona. Please check it out. jeffrcameron.com
Let’s get ready for the Numbers!!!
Since the weather was cool in April, something had to sizzle and it was home sales. My preliminary numbers, from our MLS system, show the best April ever. Beating last year, beating 2005 and beating last month. In April we closed escrow on 7,835 homes.
Even better, while closing 7,835 homes, another 9,292 went under contract. This took the Pending homes soaring! Due in part to the expiration of the Federal Tax Credit.
So far YTD, 25,756 Single Family Residences have closed escrow. Compared to 2009, that’s a 9.53% increase in sales year over year. Remember 2009 was the second best year ever for number of homes sold.
Inventory! Available homes continues to decline. The foreclosures are diminishing, Buyers are finally turning to Short Sales as a viable purchase. As Short Sale closings surged in April.
With the current rate of homes closing at 7,835 per month and 25,600 available homes in Inventory, we now have a 3.3 month supply of homes. In normal circumstances this would be defined as a seller’s market. And it is in many sub markets across the valley.
Pending homes have climbed to 19,400. This is an incredibly high number, traditionally. But in today’s world of Short Sales taking 1 to 3 months for approval, we expect a high number of Pending homes. By the way, the press and ASU will state a number half as high, they do not understand the different designations of Under Contract. In my opinion this is poor reporting standards.
The price per square foot here in the valley surged to $91.08 per square foot. An increase of 8% from March. This is a great time to make a wise purchase. You can see home values are moving up along a trend line.. Looking back 5 years from now, don’t be saying If I would of…
In Scottsdale, a bottom is still trying to form. The price per square foot in Scottsdale dropped to $168.32 per square foot. It has been bouncing in a relevant range since last May. Being a smaller market with a huge range of values, luxury homes and view homes; these factors are contributing to this inconsistency. Still, a great time to buy with a wise thought out decision.
What does this mean? These low prices have attracted buyers to take advantage of the market, REO’s diminishing and Short Sales are now a regular part of our market. They no longer need to be deeply discounted to attract a buyer!
I hope you find this informative. Please let me know if you have any issues you want me to address. Remember if you or anyone you know is struggling from the financial crisis. You can watch Free videos explaining the options to foreclosure or call me for a FREE one hour interview!
Thank you and remember You decide will it be a great day! I going with the YES.
Jeff Cameron
Foreclosure and Short Sale Specialist
Focusing on Scottsdale and McDowell Mountain Ranch but available Valley Wide
480-652-2004