Real Estate Market Update
The market is changing!
Reviewing what happened across central AZ
in 2011 starts to paint the picture:
Sales were the second highest ever
with 101,436 houses sold, just short of the 104,725 sold in 2005
The number of listings for sale fell to
121,041 which is the lowest number since 2002.
The number of pending foreclosures is
falling fast from a high at the end of 2009 of 50,568 to 19,979 at the
end of 2011
The percentage of distressed sellers, that
would be lender owned or short sales has fallen to below 60% from 70% at
the start of the year, and for the first time short sales out number
lender owned sales.
Finally sales prices ended the year up
just a bit from a median of $110K at the beginning of the year to $117K
at the of the year.
Unemployment dropped across Arizona, and
Arizona ranked in the top 10 as far as job growth.
The final thing to look at is population
growth, which combined with the slow rate of new construction should add
put additional pressure on inventory and contribute to a recovery in