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The Arizona Short Sales – Foreclosures – July 2013 report is in. This month’s report portrays the continuing downward trend in short sales and foreclosures (aka Bank Owned or REO properties) here in Arizona and particularly the Valley. The areas included for the Arizona Short Sales – Foreclosures – July 2013 report are Chandler, Gilbert, Mesa, Phoenix, Queen Creek, San Tan Valley, Phoenix, Scottsdale and Tempe, Arizona.
Arizona Short Sales – Foreclosures – July 2013 – Let’s take a look at the total number of distressed sale units by City:
Concentrations of active short sales across the Valley in Arizona, by zip code.
Foreclosures for the Valley, here in Arizona. July 2013.
This report reinforces the fact that the distressed home sale market in Phoenix, Arizona is continuing to decline, while normal or traditional sales continue to play an even larger role in the overall real estate market. The ever increasing numbers of traditional home sales here in the Valley corresponds to the continued rise in home values, especially as the inventory for homes for sale here in Phoenix, Arizona continue to stay at record lows. To see an overview of the Phoenix real estate market for July, including the total distressed sales year over year summary, click here.
These number are compiled by the Arizona Regional Multiple Listing Service on a monthly basis. See the Distressed Sales Report, including an interactive map in it’s entirety.
If you would like a detailed, confidential market anyalysis of your home, click below.
The Market Statistics July 2013 – Phoenix, AZ post includes real estate market statistics for the surrounding cities, which we collectively call “The Valley.” These cities include (not limited to) Chandler, Gilbert, Mesa, Phoenix, Queen Creek, San Tan Valley, Tempe and Scottsdale, Arizona.
Month over month home sales in the Valley dropped off by 12.8% from May, down to 8,228 total units. It’s very typical to see some decline in home sales this time of year as temperatures can hit the mid 110’s. More than likely we will see a little more slow down when we see the July numbers. Year over year numbers are up slightly by 1.2%.
New home inventory is also down for the month of June, as many potential sellers may have escaped the Valley for cooler weather.
Total home inventory for the Phoenix area has remained fairly flat over the past few months. Coupled with low average market times, this reflects continued buying demand.
The total number of active homes for sale that are not under contract has come in at 15,725. The total number of active homes that are under contract and accepting backups are at 3,786, which is 19% of the total actives.
The months supply of inventory of homes for sale ticked up a bit to 2.37. This figure is based on how many months it would take to deplete our inventory based on current buying demand.
Pending foreclosures continue their downward trajectory. This long term downward trend should ease many concerns about the impending shadow inventory.
Distressed home sales are also down year over year in the Valley. A great indicator of continuing strengthening of the real estate market here in the Phoenix area.
Market Statistics July 2013 – Phoenix, AZ – Click here for the entire report.
If you would like a free market analysis of your home and to find out what your home is worth, let us know below. We are happy to help you and will contact you shortly.
According to a recent article in CNN Money, foreclosures are down 70% in Arizona. This is not a surprise, if you’ve been paying (even slight) attention to our market here in Phoenix. As a buyer, your choice of bank owned properties continues to dwindle here in Arizona, while there are still more short sales and growing numbers of traditional sales.
Foreclosure filings are continuing to drop across the United States. Year over year, foreclosures (actual bank repossessions) were down 26% last month and are currently at 50% of the peak in 2010. Foreclosure filings have dropped for the third straight month in a row. Foreclosure activity for April was down 5% as compared to March. Foreclosure activity includes notices of default, repossessions and scheduled auctions.
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