Greater Phoenix June 2010 Residential Real Estate Market Review

[mEDITate-OR:

not see the huge shift taking place all around you....

The two charts below from Phoenix Market Trends show U.S. two very different things.

The first chart show U.S. that while REO listing are about the same for the last year...

their pending sales have dropped from 52% to 38% and sales from 60% to 39%.

Same number offered, 21% decline in REO sales!

It also shows U.S. that while Pre-foreclosure (short sales?) listings when up by only 8%

the pending sales are up by 22.7 to 37.8% or over 15%

and while completed sales are only up 13% for the year...

they are UP by 5% this month and over 7% over the last 60 days - doubled

What the 2nd chart shows U.S. is that while the total RE market appears to be stable over the last year, there are some interesting factoids:

1st, pending listings went from +16.8% in the 1st Q to - 17.1% today = not good

2nd, sales are about the same as last year, but day on market are down = good

3rd, active listing per sq ft are down from $ 176 last July to $ 139 this year = not good.

     {that is a $ 37 drop per sq ft OR today is 21% less than last year}

4th, while the dollar volume, average & median prices are all up... = good

the average annual prices are down by $ 13,500 and median by $ 16,500  = not good.

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Greater Phoenix June 2010
Residential Real Estate Market Review
http://www.phoenixmarkettrends.com/public/item/256054
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