Real Estate Market Statistics May 2014 – Phoenix, Arizona

Short on time? Receive the latest edition of this PDF report by email!

Monthly Home Sales for Phoenix, Arizona May 2014

Real Estate Market Statistics May 2014 – Phoenix Monthly Sales

Homes sales in the Phoenix area are down, predictably, year over year. This continues to signify a lower buyer demand for homes in the Valley.

New inventory for resale homes

Real Estate Market Statistics May 2014 – Phoenix New Inventory

New inventory for resale homes is down and should start to flatten out as we move closer to summer.

Total inventory for resale homes

Real Estate Market Statistics May 2014 – Phoenix Total Inventory

Total inventory for resale homes remains flat month over month, up almost 50% year over year.

Active inventory vs. homes under contract (UCB)

Real Estate Market Statistics May 2014 – Phoenix Actives vs. UCB

Months supply of inventory

Real Estate Market Statistics May 2014 – Phoenix Months supply of inventory

New list prices

Real Estate Market Statistics May 2014 – Phoenix New list prices

Sale Prices

Real Estate Market Statistics May 2014 – Phoenix Sale prices

Sales Price Forecast

Real Estate Market Statistics May 2014 – Phoenix Sales price forecast

Pending foreclosures

Real Estate Market Statistics May 2014 – Phoenix Pending foreclosures

Distressed sales

Real Estate Market Statistics May 2014 – Phoenix Distressed sales

Get This Report Every Month

While home buying demand is still down, we are seeing fewer and fewer distressed sales each month. This is a great indication of the real estate market getting healthier overall. 90% of homes sold in the Valley are normal sales.

Average days on the market

Real Estate Market Statistics May 2014 – Phoenix Average Days on Market

We are seeing what appears to be a balancing of the market, with monthly supply staying under 4 months and days on market flattening out.

Buyer demand continues to be a question mark in the current real estate market. There is definitely potential for a greater influx of home buyers:

Retiring baby boomers
Boomerang buyers (buyers with a previous short sale or foreclosure)
First time home buyers

We can only wait and see what factors will come into play that will help these potential buyers to decide to enter the real estate market and purchase a home.

We provide you, the home buyer, the tools you need to find a distressed property for sale in the Phoenix metro area.

Many home buyers may not know that they can look specifically for a distressed property for sale.

Many home buyers may not even know what a distressed property is.

What is a distressed property?

A distressed property is typically a home that is sold under some sort of duress.

That means that the seller may not necessarily want to sell the home. The home owner, to some degree, is being forced to sell their home.

In many cases, such as with bank owned homes, the seller may not even want to own the home in the first place. The bank may have had to take the home back through a foreclosure process and now they must dispose of it.

Why worry about a distressed property for sale?

If you are in the market to purchase a home, then finding out whether or not a home is a distressed property could be very important to you.

For example, if the home in question is a short sale, it’s beneficial to know that because if you decide to purchase the home, you need to know that it may take several months (or more) to negotiate that short sale with the seller’s lender.

That’s not to mention that it might be possible to pick up the home at a discount, because of such a long wait time.

Now you can recognize when a home is a distressed property.

In your search for a home, you may run across a distressed property for sale and not even know it. So, to help you recognize what properties are distressed, here is a list of names that are very often used:

Short sale
Pre-foreclosure
Bank owned
Foreclosure
REO
Real estate owned
Lender owned
HUD Owned
Fannie Mae owned
Homepath owned
Freddie Mac owned

Finding a distressed property for sale.

Here is how we recommend finding a distressed property for sale:

Find the zip codes that have distressed properties, with our Distressed Property Reports.
Use our Multiple Listing Service search tool to quickly find which distressed properties you are interested in.

Below is a step by step how to so you can quickly find a distressed property for sale.