This is a valley wide CMA, attached. I was just checking before the 1st on what to expect for February.
Below is from my spreadsheet of tracking:
the first line below is January numbers the next is as of this morning, so partial for February.
Available homes change Under contract change closed
escrow YTD sales sold this month listed this month
| 13739 | -603 | 15391 | 1732 | 5400 | 5400 | 7,132 | 6,529 | ||||||||
| 12797 | -942 | 17335 | 1944 | 4391 | 9791 | 6,335 | 5,393 | ||||||||
I saw this and wanted to share it immediately. Inventory dropped by nearly 1000. When we hit 18000 home available valley wide, that was the same as October 2005. We entered October 2005 with 14,000 homes for sale. I thought we would never bust through October’s numbers. I don’t have exact records,but I am guestimating we are now at early Sept / Aug2005 levels.
What does this matter? Comparing to 05 isn’t huge. It is analyzing what is happening to our inventory that is so important. For the past 3 years we have averaged about 8000 home sales per month for March through June. We don’t have the inventory to handle that demand this year. When the public becomes more aware of this FACT, we will see prices rise. I believe buying a home at market value will appear to be a steal in just a
few months.
With less and less foreclosures prices will increase. Now short sales still mess up the stats as most of their agents and seller’s don’t care about value. I just sold a short sale before listing it at the last comp. No incentive to wait months. No issue with selling. It is gone!Most shorts are selling in less than a week.
After checking these numbers this morning I felt compelled to send this out. I am sending this out to a few of my investors.
While typing this email, I was just flashed on my phone that Pending home sales rose 8% year over year, national news. And Warren Buffet is saying Homes are a great investment right now.
Call me with questions!
Jeff Cameron
Follow this link to see the page:
Warren Buffett on CNBC: I’d Buy Up ‘Millions’ of Single-Family Homes If I Could
Warren Buffett says along with equities, single-family homes are a very attractive investment right now.
Appearing live on CNBC’sSquawk Box, Buffett tellsBecky Quick he’d buy up “millions” of single family homes if it were practical to do so.
If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks. He advises buyers to take out a 30-year mortgage and refinance if rates go down.
Report: Upbeat findings for Arizona housing market
33 comments by Catherine Reagor – Feb. 23, 2012 06:35 PM
The Arizona Republic | azcentral.com
Metro Phoenix home prices are up. Fewer inexpensive homes are for sale, and the number of pending foreclosures is down.
The positive housing-market update comes from Arizona State University’s newest real-estate report.
It’s the first monthly housing analysis from Mike Orr, who was recently named director of the Center for Real Estate Theory and Practice for ASU’s W.P. Carey School of Business.
“Single-family home prices overall in the Phoenix area have been moving up since they reached a low point in September,” Orr said in his debut monthly housing report.
“Also, looking forward, I expect a declining trend in foreclosures.”
Orr also publishes a daily online analysis of Phoenix-area housing indicators called the “Cromford Report.”
The median price of all home sales, including new homes, reached $120,500 in January of this year, Orr reports. That compares with $113,166 a year earlier.
The average price per square foot of Valley houses has climbed 3 percent since last year.
There were approximately 8,000 new and used homes sold in January, up from 7,500 in January 2011.
480-652-2004