Real Estate Market Sales Report – The Foothills Tatum n Bell North Phoenix by Jeff Cameron

Foothills Neighborhood at Tatum and Bell in North Phoenix Real Estate Market Report for August 2010

Let’s get to the numbers

currently there are 27 homes available for sale, down about 7% from last month

there are 20 homes Pending a contract

and in August 11 homes closed escrow.

there have been 54 homes that closed YTD.

Short Sale and bank owned Foreclosure homes continue to dominate the market in this neighborhood.

Lets take a closer look at some of the numbers.

First of the homes that closed last month, 6 were short sale, 1 bank owned, and 4 retail sales. Those retails sales break down to a relocation, flip bought at foreclosure, fixed and fliped. Then 2 regular equity sales.

Available                    Pending                   Closed

REO bank owned foreclosure            6                              5                             1

Short Sale                                          10                             13                           6

Retail                                                  11                              2                           4

In a nut shell, until we work through the Short Sales and the bank owned that are distressed property values will be under pressure.

At the same time, we are seeing nice homes in all categories sell at higher prices.

If you have any questions about the real estate market, short sales and bank owned property. Call me JeffrCameron at Keller Williams 480-502-7699