Metro Phoenix Home Sale Report for February 2011
Hi this is Jeff Cameron with Keller Williams here in Scottsdale Arizona. Welcome to your place on line to get the real estate facts. Today we are reviewing the single family home sales for February 2011. So, let’s get to the numbers!
First, did you see in my report for January? January set a record for the number of homes closing escrow. 5,521 homes closed escrow beating January 2005’s number of 5,343.
February SFR closings were 5,996, not a record, 2nd to 2005 by a couple hundred home closings. But up 10.9% from last February’s home sales. That was when the tax credit was in place. So, we are selling more homes now than compared to when the tax credit was in place.
So far year to date, we are up 12.5% from last year. Awesome!
Available homes for Sale. This inventory number continues to decline as sales increase and fewer homes hit the market. Down 8.1% to 27,396. I checked it again today and it was down another 2%. This again is good news.
Pending/AWC home sales are up 13.1% to 15,833. I heard a guy on the radio screaming doom and gloom as national pending sales have dropped. I wish he would have checked the valley before blasting his message, that implied our market was weakening.
Sold homes in February jumped to 7,856, 7.5% higher compared to last February and 9.3% from January. This is the highest level since last April. Sold homes is different than closings in that closing means closed escrow, sold means net new sales for the month. Which I have a complicated formula to calculate this number.
The supply of homes based on the number of months supply continues to decline. There are 4.7 months of supply based on closed homes and 3.5 months supply based on new sales for February.
Mark Zandi of Moody’s stated on CNBC the other day that home values are down 35% nationally. That’s not the case here in metro Phoenix, is it? No, here home values are down 50-70% depending on the neighborhood.
Stop watching national numbers and toon in here monthly for our numbers. I pull them right from the Multiple Listing Service on the first of each month and try to have these reports posted by the following Wednesday after a full week.
What does this all mean? In my opinion, based on traditional statistics for a real estate market we should be in a Seller’s market with prices increasing. However, national news of a pending double dip forced values down as banks and short sales dominate over 70% of our real estate market.
When will values bounce? I don’t know, to be honest with you. The biggest factor is the time for approval of Short Sales. That has declined and buyers are buying short sales. What I do know is that since Valentine ’s Day, the traditional beginning of our selling season, I have sold 10 of my listings and only have 7 left. We are seeing multiple offers. Every sign is out there that this is the bottom. Some markets are going up in value while some are still declining. We are working with our buyers to make a wise decision and live with it. 2 years ago the stock market bottomed at around 6200, it has doubled since then. You don’t hear people crying about buying in at 7500 on the way down today. Timing is difficult.
Are you a buyer looking to purchase a Short Sale Home at a Great Price? If so, you want to be aware of the fact that some listing agents continue to search out other buyers, keep the home on the market for sale, have other offers and when they get a response from the bank they go back to ALL the buyers looking for highest and best. When you buy a Short Sale, you want an agent that knows the ins and outs. What to look for to secure as the only buyer for that home, The Cameron Team and our buyer specialists are experts in Short Sales and Bank Owned Foreclosure homes. We know the tricks and are your best choice. Call 480-502-7699 or email Jeff@TheCameronTeam.com
Are you a Seller Looking to sell your home in a Short Sale? Before you act, know your options. We have videos that walk you through the process in the privacy of your own home at what every time you wish to watch as many times as possible!
the links below will take you there:
Before Foreclosure and Short Sale: What are my Options?
Before Foreclosure and Short Sale: Save my Home!
Before Foreclosure and Short Sale:
Before Foreclosure and Short Sale: Save my Credit Through Short Sale
Before Foreclosure and Short Sale: Last Step – How to Clean up My Credit!
Or for a Free 1 hour consultation and a referral to an Attorney for 5-10 minute Free consultation call me at 480-502-7699 or click here to contact me!
480-652-2004