April 13, 2012    

Inventory continues to be on the fast decline for single family homes, 10-20 offers on a home is not unusual.  More and more listings come out over market price, mainly traditional sales and short sales.  The bank owned properties seem to come out consistent with market price. …..I am seeing some signs of new construction around town and that is always a good sign, mostly government projects though.

For those of you who don’t know I began my real estate career selling vacant land.  I really loved doing that and still do.  It isn’t a part of the market I really discuss in my weekly e-mail, but I really should be!  The prices for raw land are also at all time lows and there is a lot of good inventory.  Taking a look back at sales over the last 10 year of all vacant land sales the numbers look like this:

These following actual property SOLD figures are all for the month of March in the corresponding year:

2002 – 290

2003 – 335

2004 – 559

2005 – 951

2006 – 519

2007 – 283

2008 – 89

2009 – 88

2010 – 222

2011 – 164

2012 – 240

….As you can see land sales are barely recovering and there are some really amazing deals to be had. 

If you are looking to diversify and want to consider vacant land as a possible investment, let me know…I can help you with that!

Have a great weekend!

Here are your weekly Inventory Levels: 

Supply numbers are based on the number of closings in the previous month, divided into the total number of active listings today.   

This data is for Single Family Detached homes only and does not include Patio Homes, Condos, or Townhouses .

The total number of single family homes on the market in the Arizona Regional Multiple Listing Service is currently 10,767.

A decrease since last week.    

We are seeing an average supply rate of less than 1 1/5 months.

The current number of pending sales are 11,032.  An increase since last week. 

The current number of pending listings that are “active with contingencies”, are 6,945.  An increase since last week. 

           Search #1 – Phoenix (City of Phoenix) 

·         Total of 1,656 active listings.  Less than a 1 month supply.   A decrease since last week.

           Search #2 – West, Far SW & Far NW Valley

·         Total of 2,963 active listings.  About a 1 1/3 month supply.  A decrease since last week. 

(Cities of: Cordes Lakes, Bumble Bee, Crown King, Wagoner, Yarnell, Date Creek, Constellation, Black Canyon City, Castle Hot Springs, Wickenburg, Aguila, Gladden, Morristown, Circle City, Wittmann, Harquahala, Tonopah, Paloma, Sentinel, Gila Bend, Mobile, Arlington, Hassayampa, Palo Verde, Congress, Peeples Valley, Yarnell, Cleator, Cordes, Glendale, Litchfield Park, Goodyear, Avondale, Tolleson, Cashion, Estrella Mountain Ranch, Laveen, Peoria, Surprise, Sun City, Sun City West, Glendale, El Mirage, Youngtown, New River, Anthem, Buckeye) 

Search #3 – Northeast Valley 

·         Total of 503 active listings.  About a 3 3/4 month supply.  A decrease since last week.   

 (Cities of: Rio Verde, Fountain Hills, Sunflower, Camp Creek, Desert Hills, Cave Creek, Carefree, Fort McDowell)

Search #4 – East Valley

·         Total of 1,866 active listings.  Less than a 1 month supply.  A decrease since last week.    

(Queen Creek, Chandler, Gilbert, Apache Junction, Gold Canyon, Tortilla Flat, Mesa, Tempe, Ahwatukee,Guadalupe, Komatke)

Search #5 – Southeast Valley  

·         Total of503 active listings.  About a 1 3/4 month supply.  A slight increase since last week.

(Arizona City, Eloy, Picacho, Toltec, Arizola, Casa Grande, Randolph, Coolidge, Valley Farms, Florence, Johnson Ranch, Sacaton, Bapchule, Stanfield,

Maricopa, Ak Chin, Santa Cruz)

Search #6 – Scottsdale (Over 1 Million)

·         Total of 584 active listings.  About 12 month supply.  A decrease since last week. 

Search #7 – Scottsdale (Under 1 Million)

·         Total of 942 active listings.  Just under a 2 month supply.  A decrease since last week.   

Search #8 – Paradise Valley (Over 1 Million)

·         Total of 279 active listings.  About a 6 4/5 month supply.  A decrease since last week.     

·         Total of 768 active listings.  Less than a 2 week supply.  A decrease since last week.    

 Search #10 –  Under 50K (Single Family Homes)