Goodyear Market Activity Update. August 31, 2011
I’m about to share something that will shock you! It’s quite
possible that many of you will not believe it even though it’s on the internet!
Those of you that have been trying to purchase a home in the greater Phoenix
area know very well what I’m about to write.
WE HAVE A HOUSING
SHORTAGE! The available number of homes on the market is very near the
levels we had in 2005 when prices shot up dramatically. Here are some initial
stats on sold units:
Year to date, 69,424 homes have closed sale in the mls.
Same period in 2004-64,804 2005-72,238 2006-51,578
There are currently 19,369 active listings.
7733 have closed sale in the last 30 days (there will
probably be over 500 that will close today)
This leaves us a 2.5 month supply of homes. A normal market
is 5-7 months supply.
Something that’s really scary is eliminating mobile homes
townhomes and condos and just looking at single family detached homes
inventory:
15,273 Active, 6628 closed in last 30 days (2.3 month
supply)
Ready for more? Single family homes under $200,000: 7796,
5168 closed in last 30 days (1.5 month supply)
Ok, one more stat: Single family under $100,000: 3263
Active, 2808 closed in last 30 (1.16 month supply).
In the past 3 months we have continually seen trustee sale
notices decline, lender owned listings decline and homes purchased at trustee
sale increase. We are also seeing an increas in the number of short sales closing. We are slowly but surely weeding through the glut of
foreclosures and because of the difficulty in securing a home, new construction
is booming, especially in the North West valley. I have heard from almost every
new home sale person I have spoken with that they are selling more homes in the
last 2-3 months than they have in 4-5 years.
Of the most recent buyers I have worked with, 3 of 5 have
purchased new construction! It’s nice being able to design your home, not have
to put up with multiple offers and get a NEW home with a warranty and the
latest energy conscious appliances, windows and air conditioning. Many builders
are offering solar packages at little or no cost to you. I have one client that
has purchased a Beazer home in Palm Valley that is adding a solar package with
zero start-up and approximately a $60 monthly charge that will save them an estimated
$80 a month in electric! Not huge, but imagine taking advantage of solar and
coming out ahead and doing your little part to become “green”!
I’m
going to leave you with some actual stats for Goodyear:
421 active listings, 153 closed in the last 30 days (2.75
month supply)
Single family under $250,000: 267, 139 closed in last 30
days (1.9 month supply)
Average days on market for sold lisings:85
Average sold price $137,391
Median sold home price $145,000
Median home price for active listings: $210,000
Those of you struggling with the loss in value of your home,
just hang in there. With a shortage like this, prices have to start increasing.
It’s just going to take a while.
A
little about myself. My wife Tracy and I moved here from Rochester NY in 2003.
We became Realtors in the fall of 2004. It was a difficult time to get into the
business especially since we didn’t know anybody but since 2006 our business
has flourished and I have never been busier. We live in North Peoria, with our
three Shetland Sheep Dogs. We also foster dogs for the Arizona Sheltie Rescue.
Let me know if anyone needs a loving pet!
As far
as my real estate specialties, I do not list short sales or bank owned homes
but specialize in “non distressed” listings. In working with buyers I have closed many short sales and lender owned homes, that's mostly what's for sale! Being a Realtor is all about helping
people get what they want and doing my best to help them make educated
decisions. I work with a large group of professionals that do specialize in
distressed properties so if you need help or advice feel free to contact me and
I will place you in the hands of someone that has your best interests in mind.
Neal
