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Metro Phoenix Economic Snapshot
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Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.netIf your home is currently listed, this is not a solicitation for that listing.
“MakingitHappen”ismorethanjustatagline.JanandMaryputthosewordsintoACTIONeveryday!AsRealtorswithextensiveexpertiseandexperience,JanandMaryknowhowtomakerealestatetransactionssmoothandsuccessfulforeachandeveryclient.SellingValleyhomessince1976,JanandMarynotonlyhaveaclearunderstandingofhowtonavigateintoday’smarketplace,theyappreciatetheuniqueneedsanddesiresoftheirclients. Consideringbuyingorselling?Mightrealestatebeacomponentofyourinvestmentstrategy?Putustoworkforyou…weprovideastandardofcareunsurpassedintheindustrytoday.
If you’re ready for Buyer and Seller representation with a standard of care unsurpassed in the industry today, give Jan and Mary a call!
MARY SWENSONABR, CRS, e-PRO
Board Member & Co-Chair, Luxury Home Tour
Past Chair, Premier Marketing Group
JAN ROSSAssociate Broker,
ABR, CRS, GRIBoard Member & Past Chair,
Luxury Home Tour
Please visit our NEW websitewww.YouMakeItHome.net
It’sokaytobea“nosyneighbor”,checkouthomesforsaleinyourneighborhoodusingourmappingfeature!Orcallustodesignacustomportaltofityourrealestateneeds.
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The Metro Phoenix Housing Market EncouragingFacts&Figures
Economic Alphabet Soup WhatWillBeTheShapeOfOurRecovery?
M E T R O P H O E N I X
Eight National Economic Forecasts
ThelastcoupleofyearshavebeenaroughrideformanyAmericans.Caughtinthethroesofadebilitatingrecession,householdsacrossthenationhavebeenstrugglingwithjoblosses,lowerincomesandformany,thelossoftheirfamilyhometoforeclosure. 2010bringsnotonlyanewyear,butanewdecade.It’sawelcomeharbingerofchangeinwhichmanyAmericansresttheirhopesforafreshstartandabettereconomicenvironment.Indeed,theeconomyappearstobeimproving.
WELCOME SIGNS OF A RECOVERY Mostmeasuresofeconomicactivityhavemovedupward.Pendinghomesalessawyear-over-yeargainsineveryregionoftheUS.Grossdomesticproducthasturnedpositiveafterfourquartersofdecline.Consumerspendingisrising.Industrialproductionandmanufacturingactivityarepostinggains.Constructionexpenditureisfinallyincreasing.Thelabormarketshowssignsofstabilizationandthestockmarkethasmadesignificantstridesoverthepastseveralmonths.
Housing Salesofexistinghomeshaveshownencouraginggrowththroughoutmostof2009andinto2010.Lowinterestratescoupledwithhighaffordabilityhaveaidedthesurgeinhomebuying.Thegovernment’sFirst-TimeHomeBuyerTaxCredithasplayedalargeroleinthehousingmarket’ssuccess.Neartheendof2009,theupto$8,000taxcreditforfirst-timebuyerswasextendedinto2010andanupto$6,500provisionformove-upbuyerswasadded.HomebuyershavejumpedattheopportunityandsomepoliticalinsiderssuggestthattheObamaadministrationwillextendthetaxcreditsonceagaininmid-2010.
Labor Market Theeconomyhaslost7.3millionjobssincetherecessionbeganinDecember2007.Withanunemploymentrateover10%,thereisnodoubtthattheendoftherecessionhingesuponthiscriticalindicator.Whileunemploymentfiguresaren’texpectedtodecreasedramatically,thenumberofjobslostandplannedlayoffshavebeguntostabilize.StevenWood,chiefeconomistatInsightEconomicssaid,“Themagnitudeofjoblosseshasprogressivelydiminishedoverthepasteightmonths.Ifthistrendweretocontinue,thejoblosseswouldendsometimeearlyin2010.”
Stock Market Sincethecrashandpanicoflate2008andearly2009,thestockmarkethasshownencouraginggrowth.WhiletheDowJonesgainedanimpressive20%in2009(thebestannualgainsince2003),thebiggernewsisthe60%increasesinceitsMarch2009bear-marketlow.Americanshavebreathedacollectivesighofreliefasretirementfundsandinvestmentportfolioshaverecoveredsomeofthoseseverelosses.
REASONS FOR CAUTION Whilewe’reseeinghealthysignsoflifeinoureconomy,therearestillmanyfactorsatplaythatbearcaution.Attheheartofitallliesemployment.Whiletheamountofjoblosseshasslowed,westillcannotexpecttohavea“normal”economywhensomanyAmericansareoutofwork. Whiletheresidentialhousingmarkethasshownvastimprovements,thecommercialsectorisexperiencingcontinuedtrouble.Vacanciesarewellabovehistoricalaverages,demandforcommercialpropertiesisdown,creditconditionsaretightandtheamountofdistressedpropertiescontinuestogrow. Thelowmortgageinterestrateswe’veseenmaysooncometoanend.Rateshavebeenhelddownduetothepurchaseofmortgage-backedsecuritiesbytheFederalReserve.ButthescheduledendoftheFed’sinterventioninearly2010willlikelypushratesupcloserto6%bytheendoftheyear.Giventhattheprojectedlevelof6%isstillanextremelyattractiverate,itdoesn’tappearthatpotentialhomebuyerswillbedissuadedinmakingapropertypurchase. A“shadowinventory”ofhomesonthevergeofforeclosurehassomeeconomistsworriedthatourhousingmarketmaylosemanyofthegainsit’sseeninrecentmonths.AccordingtoFirstAmericanCoreLogic,arealestateresearchfirm,approximately1.7millionhomesarecurrentlydistressedandcouldholddownrealestatevaluesforthenextseveralyears.Thegoodnewsisthatmanyhomeownersarenowavoidingforeclosurethroughloanmodificationsandshortsales.Further,FirstAmericanCoreLogicestimatesthatnearly30%ofthose1.7milliondistressedhomesareactuallyalreadyonthemarket. Sowhileitappearsthatthereareseveralfactorsthatcouldimpedeacompleteeconomicrecoveryin2010,thefactisthattheUSisinabetterpositiontodaythanin2008or2009.We’lltakeit!
Whathas2010broughtusintheGreaterPhoenixlocalhousingmarket?Goodnews!Whileunemploymentanddistressedpropertiesmaystillplagueourarea,theresidentialhousingmarkethasbeenpickingupsteamandisgoingstrong!
A BANNER YEAR FOR SALES 2009turnedouttobethethirdbestyearonrecordforoverallsales.Approximately93,000propertiesclosedescrow.Thatdegreeofvolumeonlylagsbehindour“boomyears”of2004and2005.Itwasahugeincreaseover2008–about55%higherthanthe60,000+propertiesthatsoldthatyear. Inventorylevelshavedroppedsignificantlyoverthelastyear.Attheendof2009,theoverallsupplyofhomeswasabout3.5months,comparedto8.75monthsattheendof2008. Theoverwhelmingmajorityofthosesaleshavebeeninthelowerpricepoints,namely$400,000andunderwheretherearemultipleoffers,biddingwarsandfinalsalespricesoftencominginhigherthanlistprice.(Seechart:Sales by Price Range.)
HOME VALUES STABILIZING Theincreaseinsalesvolumehascreateda
stabilizationandimprovementinpricing.Homevalueshitabottom-lowinAprilof2009buthaveralliedstronglywithayear-end14.8%increase.(Seechart:2009 Sales Statistics.)AccordingtoTheCromfordReport,alocalrealestateresearchfirm,lender-ownedsaleshittheirpricebottominlateApril2009andhavebeenrisingsince;non-distressed“normal”saleshittheirpricebottominmid-November2009;andshortsalepricesareexpectedtohavehitbottominlate2009orearly2010. Annualappreciationhasrisento-6%fromarecordlowof-44.5%inApril2009.TheCromfordReportestimatesthatifpricingstaysatitscurrentlevelorbetter,theannualappreciationwillturnpositiveinthefirstquarterof2010.
DISTRESSED PROPERTIES Homesfallentoforeclosureandpre-foreclosureshortsaleshavebeenasizeableportionofourlocalhousinglandscape.Whiletheselender-ownedanddistressedsaleshavedraggeddownhomevalues,thegoodnewsisthattheyarebeingsnatchedupbyahungryhome-buyingpublic.Infact,lender-ownedhomesmadeupthemajorityofsalesin2009.(Seecharts:Sales by Property Type.)Byyearend,short
saleshadincreased2.5timesfromyearend2008andbecausebanksaremakingtheshortsaleprocesseveneasier,wecanexpecttoseemanymoresuccessfulshortsalesin2010.Thatbodeswellonhomevaluesasthepricepersquarefootforforeclosuresalestendtobelowerthanforashortsale.THE LUXURY MARKET Whiletheoverallhousingmarketisrecoveringnicely,theluxurymarketislagging.Oneofthebiggestimpedimentstorecoveryisthelackofjumboloanfinancing.Bankshavebeenverylimitedinloanofferingsatthispricerangeandit’scontinuingtoaffectpricestability.It’sestimatedthattheluxuryhousingmarketwillstillseesomepricedeclinesinearly2010withapossiblestabilizationmymid-year.Alreadytheenvironmentishealthier.TheScottsdale$1M+marketnowshowsabouta24-monthsupply,downfroma60-monthsupplyatthebeginningof2009.ParadiseValleyhasimprovedfroma28-monthsupplytojustundera13-monthsupplyinthatsametimeframe.
A BUYER’S PARADISE Thecurrentcombinationofaffordableprices,lowmortgageratesandthegovernmenthome-buyer
taxcreditshascreatedanexceptionallyattractiveenvironmentforbuyers.FannieMae’s2010forecastsuggeststhatsalesofexistinghomesshouldjumpbyanother10%withsalesofnewhomesincreasingby26%.Dr.LawrenceYun,chiefeconomistfortheNationalAssociationofRealtorssaysthatsometimeinthefirsthalfof2010,thehousingmarketshouldreacha“self-sustaining”pointwherepricesaremovingupmoderately,andthatbuyerdemandwillremainstrong. AccordingtoaBarclaysglobalsurvey,investorsareplanningtoputmoreintorealestatethanwhattheyplantoinvestinstocksandbonds.Twiceasmanypeoplewithatleast$800,000toinvestplantoincreasetheirpurchasingofrealestatethanthosethatplantoreduceit.Barclays’surveypredictsthatrealestateinvestmentwillrisetoanaverageof30%oftheseinvestors’portfolios. Andwhynot?Investorsareseeingbetterratesofreturnonpurchasesin2009and2010thananyyearsincepriorto2000.Further,realestatehasoutperformedtheDOW,S&P500andNASDAQsince1990,evenafterthepriceadjustmentswe’veexperienced.Bottomline?Buynow!
R E S I D E N T I A L R E A L E S TAT E
G E N E R A L E C O N O M I C S N A P S H OT
GDPAbout 3% growth in ‘10
TRADE DEFICIT Expanding to
$530 billion in ‘10
INTEREST RATES Prime at 3.25% to mid-’10
10-Year T-notes rising to 4%
ENERGY Crude averaging
$75 a barrel in ‘10
INFLATION About 2% in ‘10 after 2.5% in ‘09
HOUSING SALES 2009 was the bottom
of the market
UNEMPLOYMENT Peaking around 10.5%
in early ‘10Net yearly gain of
1 million jobs in ‘10
RETAIL SALES A tepid 3% increase in ‘10
Source: kiplingerbiz.com
National Economic Forecasts
RECOVERY BY THE LETTER
The worst of The Great Recession
appears to be behind us. The question
now is what type of recovery can we
expect? Often, economic recoveries
mimic the shape of letters. Here are
four possible scenarios we may see:
U: The U-shape illustrates a bottoming out and a recovery that bumps along the floor for a while
before the economy starts its upward climb again: A slow but steady recovery.
V: Here we see the lowest point followed by an immediate, robust recovery. Perhaps
already unlikely given the indicators showing continuing economic troubles.
W: The W-shape would show a sharp decline followed by an immediate, strong recovery only to have the economy falter once again before finally normalizing. Many fear this
“double-dip” recession scenario should there be a stock-market crash or a terrorist event.
L: This shape shows a flat economy after the bottoming out, never really recovering
to the previous levels.
Source: ARMLS. Information is deemed reliable but not guaranteed. Data maintained by ARMLS may not reflect all real estate activity in the market.
$400K - $1M • 5.3%
$1M - $2M • .7%
$2M+ • .2%
Under $400K • 93.7%
“Normal” Non-Distressed • 28%
Short Sales • 15%
Lender-Owned • 57%
2009
“Normal” Non-Distressed • 51%
Short Sales • 6%
Lender-Owned • 43%
2008
“Normal” Non-Distressed • 95%
Short Sales • 4%
Lender-Owned • 1%
2007
SALES BY PRICE RANGE2009 Maricopa County
Source: ARMLS. Information is deemed reliable but not guaranteed. Data maintained by ARMLS may not reflect all real estate activity in the market.
2009 SALES STATISTICSSingle-Family Homes | Metro Phoenix
Median Sales Price Number of SalesJanuary ..................................$130,000 ............................... 4,234February .................................$127,780 ............................... 4,848March .....................................$120,000 ............................... 6,832April .......................................$117,500 ............................... 7,604May ........................................$121,500 ............................... 8,172June .......................................$130,000 ............................... 8,178July ........................................$130,000 ............................... 7,887August ...................................$130,000 ............................... 6,943September .............................$135,527 ............................... 6,790October ..................................$134,900 ............................... 6,936November ..............................$136,000 ............................... 6,439December...............................$134,900 ............................... 5,971
Source: The Cromford Report. All residential single-family dwelling types recognized by ARMLS are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units and multiple dwelling units are also excluded.
$400K - $1M • 5.3%
$1M - $2M • .7%
$2M+ • .2%
Under $400K • 93.7%
“Normal” Non-Distressed • 28%
Short Sales • 15%
Lender-Owned • 57%
2009
“Normal” Non-Distressed • 51%
Short Sales • 6%
Lender-Owned • 43%
2008
“Normal” Non-Distressed • 95%
Short Sales • 4%
Lender-Owned • 1%
2007SALES BY PROPERTY
TYPESingle-Family
Homes_______ Metro Phoenix
ThelastcoupleofyearshavebeenaroughrideformanyAmericans.Caughtinthethroesofadebilitatingrecession,householdsacrossthenationhavebeenstrugglingwithjoblosses,lowerincomesandformany,thelossoftheirfamilyhometoforeclosure. 2010bringsnotonlyanewyear,butanewdecade.It’sawelcomeharbingerofchangeinwhichmanyAmericansresttheirhopesforafreshstartandabettereconomicenvironment.Indeed,theeconomyappearstobeimproving.
WELCOME SIGNS OF A RECOVERY Mostmeasuresofeconomicactivityhavemovedupward.Pendinghomesalessawyear-over-yeargainsineveryregionoftheUS.Grossdomesticproducthasturnedpositiveafterfourquartersofdecline.Consumerspendingisrising.Industrialproductionandmanufacturingactivityarepostinggains.Constructionexpenditureisfinallyincreasing.Thelabormarketshowssignsofstabilizationandthestockmarkethasmadesignificantstridesoverthepastseveralmonths.
Housing Salesofexistinghomeshaveshownencouraginggrowththroughoutmostof2009andinto2010.Lowinterestratescoupledwithhighaffordabilityhaveaidedthesurgeinhomebuying.Thegovernment’sFirst-TimeHomeBuyerTaxCredithasplayedalargeroleinthehousingmarket’ssuccess.Neartheendof2009,theupto$8,000taxcreditforfirst-timebuyerswasextendedinto2010andanupto$6,500provisionformove-upbuyerswasadded.HomebuyershavejumpedattheopportunityandsomepoliticalinsiderssuggestthattheObamaadministrationwillextendthetaxcreditsonceagaininmid-2010.
Labor Market Theeconomyhaslost7.3millionjobssincetherecessionbeganinDecember2007.Withanunemploymentrateover10%,thereisnodoubtthattheendoftherecessionhingesuponthiscriticalindicator.Whileunemploymentfiguresaren’texpectedtodecreasedramatically,thenumberofjobslostandplannedlayoffshavebeguntostabilize.StevenWood,chiefeconomistatInsightEconomicssaid,“Themagnitudeofjoblosseshasprogressivelydiminishedoverthepasteightmonths.Ifthistrendweretocontinue,thejoblosseswouldendsometimeearlyin2010.”
Stock Market Sincethecrashandpanicoflate2008andearly2009,thestockmarkethasshownencouraginggrowth.WhiletheDowJonesgainedanimpressive20%in2009(thebestannualgainsince2003),thebiggernewsisthe60%increasesinceitsMarch2009bear-marketlow.Americanshavebreathedacollectivesighofreliefasretirementfundsandinvestmentportfolioshaverecoveredsomeofthoseseverelosses.
REASONS FOR CAUTION Whilewe’reseeinghealthysignsoflifeinoureconomy,therearestillmanyfactorsatplaythatbearcaution.Attheheartofitallliesemployment.Whiletheamountofjoblosseshasslowed,westillcannotexpecttohavea“normal”economywhensomanyAmericansareoutofwork. Whiletheresidentialhousingmarkethasshownvastimprovements,thecommercialsectorisexperiencingcontinuedtrouble.Vacanciesarewellabovehistoricalaverages,demandforcommercialpropertiesisdown,creditconditionsaretightandtheamountofdistressedpropertiescontinuestogrow. Thelowmortgageinterestrateswe’veseenmaysooncometoanend.Rateshavebeenhelddownduetothepurchaseofmortgage-backedsecuritiesbytheFederalReserve.ButthescheduledendoftheFed’sinterventioninearly2010willlikelypushratesupcloserto6%bytheendoftheyear.Giventhattheprojectedlevelof6%isstillanextremelyattractiverate,itdoesn’tappearthatpotentialhomebuyerswillbedissuadedinmakingapropertypurchase. A“shadowinventory”ofhomesonthevergeofforeclosurehassomeeconomistsworriedthatourhousingmarketmaylosemanyofthegainsit’sseeninrecentmonths.AccordingtoFirstAmericanCoreLogic,arealestateresearchfirm,approximately1.7millionhomesarecurrentlydistressedandcouldholddownrealestatevaluesforthenextseveralyears.Thegoodnewsisthatmanyhomeownersarenowavoidingforeclosurethroughloanmodificationsandshortsales.Further,FirstAmericanCoreLogicestimatesthatnearly30%ofthose1.7milliondistressedhomesareactuallyalreadyonthemarket. Sowhileitappearsthatthereareseveralfactorsthatcouldimpedeacompleteeconomicrecoveryin2010,thefactisthattheUSisinabetterpositiontodaythanin2008or2009.We’lltakeit!
Whathas2010broughtusintheGreaterPhoenixlocalhousingmarket?Goodnews!Whileunemploymentanddistressedpropertiesmaystillplagueourarea,theresidentialhousingmarkethasbeenpickingupsteamandisgoingstrong!
A BANNER YEAR FOR SALES 2009turnedouttobethethirdbestyearonrecordforoverallsales.Approximately93,000propertiesclosedescrow.Thatdegreeofvolumeonlylagsbehindour“boomyears”of2004and2005.Itwasahugeincreaseover2008–about55%higherthanthe60,000+propertiesthatsoldthatyear. Inventorylevelshavedroppedsignificantlyoverthelastyear.Attheendof2009,theoverallsupplyofhomeswasabout3.5months,comparedto8.75monthsattheendof2008. Theoverwhelmingmajorityofthosesaleshavebeeninthelowerpricepoints,namely$400,000andunderwheretherearemultipleoffers,biddingwarsandfinalsalespricesoftencominginhigherthanlistprice.(Seechart:Sales by Price Range.)
HOME VALUES STABILIZING Theincreaseinsalesvolumehascreateda
stabilizationandimprovementinpricing.Homevalueshitabottom-lowinAprilof2009buthaveralliedstronglywithayear-end14.8%increase.(Seechart:2009 Sales Statistics.)AccordingtoTheCromfordReport,alocalrealestateresearchfirm,lender-ownedsaleshittheirpricebottominlateApril2009andhavebeenrisingsince;non-distressed“normal”saleshittheirpricebottominmid-November2009;andshortsalepricesareexpectedtohavehitbottominlate2009orearly2010. Annualappreciationhasrisento-6%fromarecordlowof-44.5%inApril2009.TheCromfordReportestimatesthatifpricingstaysatitscurrentlevelorbetter,theannualappreciationwillturnpositiveinthefirstquarterof2010.
DISTRESSED PROPERTIES Homesfallentoforeclosureandpre-foreclosureshortsaleshavebeenasizeableportionofourlocalhousinglandscape.Whiletheselender-ownedanddistressedsaleshavedraggeddownhomevalues,thegoodnewsisthattheyarebeingsnatchedupbyahungryhome-buyingpublic.Infact,lender-ownedhomesmadeupthemajorityofsalesin2009.(Seecharts:Sales by Property Type.)Byyearend,short
saleshadincreased2.5timesfromyearend2008andbecausebanksaremakingtheshortsaleprocesseveneasier,wecanexpecttoseemanymoresuccessfulshortsalesin2010.Thatbodeswellonhomevaluesasthepricepersquarefootforforeclosuresalestendtobelowerthanforashortsale.THE LUXURY MARKET Whiletheoverallhousingmarketisrecoveringnicely,theluxurymarketislagging.Oneofthebiggestimpedimentstorecoveryisthelackofjumboloanfinancing.Bankshavebeenverylimitedinloanofferingsatthispricerangeandit’scontinuingtoaffectpricestability.It’sestimatedthattheluxuryhousingmarketwillstillseesomepricedeclinesinearly2010withapossiblestabilizationmymid-year.Alreadytheenvironmentishealthier.TheScottsdale$1M+marketnowshowsabouta24-monthsupply,downfroma60-monthsupplyatthebeginningof2009.ParadiseValleyhasimprovedfroma28-monthsupplytojustundera13-monthsupplyinthatsametimeframe.
A BUYER’S PARADISE Thecurrentcombinationofaffordableprices,lowmortgageratesandthegovernmenthome-buyer
taxcreditshascreatedanexceptionallyattractiveenvironmentforbuyers.FannieMae’s2010forecastsuggeststhatsalesofexistinghomesshouldjumpbyanother10%withsalesofnewhomesincreasingby26%.Dr.LawrenceYun,chiefeconomistfortheNationalAssociationofRealtorssaysthatsometimeinthefirsthalfof2010,thehousingmarketshouldreacha“self-sustaining”pointwherepricesaremovingupmoderately,andthatbuyerdemandwillremainstrong. AccordingtoaBarclaysglobalsurvey,investorsareplanningtoputmoreintorealestatethanwhattheyplantoinvestinstocksandbonds.Twiceasmanypeoplewithatleast$800,000toinvestplantoincreasetheirpurchasingofrealestatethanthosethatplantoreduceit.Barclays’surveypredictsthatrealestateinvestmentwillrisetoanaverageof30%oftheseinvestors’portfolios. Andwhynot?Investorsareseeingbetterratesofreturnonpurchasesin2009and2010thananyyearsincepriorto2000.Further,realestatehasoutperformedtheDOW,S&P500andNASDAQsince1990,evenafterthepriceadjustmentswe’veexperienced.Bottomline?Buynow!
R E S I D E N T I A L R E A L E S TAT E
G E N E R A L E C O N O M I C S N A P S H OT
GDPAbout 3% growth in ‘10
TRADE DEFICIT Expanding to
$530 billion in ‘10
INTEREST RATES Prime at 3.25% to mid-’10
10-Year T-notes rising to 4%
ENERGY Crude averaging
$75 a barrel in ‘10
INFLATION About 2% in ‘10 after 2.5% in ‘09
HOUSING SALES 2009 was the bottom
of the market
UNEMPLOYMENT Peaking around 10.5%
in early ‘10Net yearly gain of
1 million jobs in ‘10
RETAIL SALES A tepid 3% increase in ‘10
Source: kiplingerbiz.com
National Economic Forecasts
RECOVERY BY THE LETTER
The worst of The Great Recession
appears to be behind us. The question
now is what type of recovery can we
expect? Often, economic recoveries
mimic the shape of letters. Here are
four possible scenarios we may see:
U: The U-shape illustrates a bottoming out and a recovery that bumps along the floor for a while
before the economy starts its upward climb again: A slow but steady recovery.
V: Here we see the lowest point followed by an immediate, robust recovery. Perhaps
already unlikely given the indicators showing continuing economic troubles.
W: The W-shape would show a sharp decline followed by an immediate, strong recovery only to have the economy falter once again before finally normalizing. Many fear this
“double-dip” recession scenario should there be a stock-market crash or a terrorist event.
L: This shape shows a flat economy after the bottoming out, never really recovering
to the previous levels.
Source: ARMLS. Information is deemed reliable but not guaranteed. Data maintained by ARMLS may not reflect all real estate activity in the market.
$400K - $1M • 5.3%
$1M - $2M • .7%
$2M+ • .2%
Under $400K • 93.7%
“Normal” Non-Distressed • 28%
Short Sales • 15%
Lender-Owned • 57%
2009
“Normal” Non-Distressed • 51%
Short Sales • 6%
Lender-Owned • 43%
2008
“Normal” Non-Distressed • 95%
Short Sales • 4%
Lender-Owned • 1%
2007
SALES BY PRICE RANGE2009 Maricopa County
Source: ARMLS. Information is deemed reliable but not guaranteed. Data maintained by ARMLS may not reflect all real estate activity in the market.
2009 SALES STATISTICSSingle-Family Homes | Metro Phoenix
Median Sales Price Number of SalesJanuary ..................................$130,000 ............................... 4,234February .................................$127,780 ............................... 4,848March .....................................$120,000 ............................... 6,832April .......................................$117,500 ............................... 7,604May ........................................$121,500 ............................... 8,172June .......................................$130,000 ............................... 8,178July ........................................$130,000 ............................... 7,887August ...................................$130,000 ............................... 6,943September .............................$135,527 ............................... 6,790October ..................................$134,900 ............................... 6,936November ..............................$136,000 ............................... 6,439December...............................$134,900 ............................... 5,971
Source: The Cromford Report. All residential single-family dwelling types recognized by ARMLS are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units and multiple dwelling units are also excluded.
$400K - $1M • 5.3%
$1M - $2M • .7%
$2M+ • .2%
Under $400K • 93.7%
“Normal” Non-Distressed • 28%
Short Sales • 15%
Lender-Owned • 57%
2009
“Normal” Non-Distressed • 51%
Short Sales • 6%
Lender-Owned • 43%
2008
“Normal” Non-Distressed • 95%
Short Sales • 4%
Lender-Owned • 1%
2007SALES BY PROPERTY
TYPESingle-Family
Homes_______ Metro Phoenix
Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.netIf your home is currently listed, this is not a solicitation for that listing.
“MakingitHappen”ismorethanjustatagline.JanandMaryputthosewordsintoACTIONeveryday!AsRealtorswithextensiveexpertiseandexperience,JanandMaryknowhowtomakerealestatetransactionssmoothandsuccessfulforeachandeveryclient.SellingValleyhomessince1976,JanandMarynotonlyhaveaclearunderstandingofhowtonavigateintoday’smarketplace,theyappreciatetheuniqueneedsanddesiresoftheirclients. Consideringbuyingorselling?Mightrealestatebeacomponentofyourinvestmentstrategy?Putustoworkforyou…weprovideastandardofcareunsurpassedintheindustrytoday.
If you’re ready for Buyer and Seller representation with a standard of care unsurpassed in the industry today, give Jan and Mary a call!
MARY SWENSONABR, CRS, e-PRO
Board Member & Co-Chair, Luxury Home Tour
Past Chair, Premier Marketing Group
JAN ROSSAssociate Broker,
ABR, CRS, GRIBoard Member & Past Chair,
Luxury Home Tour
Please visit our NEW websitewww.YouMakeItHome.net
It’sokaytobea“nosyneighbor”,checkouthomesforsaleinyourneighborhoodusingourmappingfeature!Orcallustodesignacustomportaltofityourrealestateneeds.
Featured Listings
8117 E. Via de Viva Remodeledtoptobottom:Updatedkitchenw/stainlesssteelappliances,granite,breakfastbarandopendining/greatroom.Privatepatiowithsouthernexposureand
accessfromliving,dining&masterBRareas,withprivategatetothegreenbelt.GuestBRandmasterBRareseparatewithasmall,butveryfunctionalofficespace.Updatesinclude
designerpaint,lightingandplumbingfixtures,newbathaccents&18’’Travertineflooring.Thisistrulyaturn-keyhomewithfurnishingsavailablebyseparateBillofSale.
[email protected]#4313763.Offered at $549,000
FACTOIDS – DID YOU KNOW?1.McCormickRanchwaslandoriginallyownedby Aetna–andwhendevelopedrepresentedthelargest plannedcommunity/subdivisionintheworld!2.Durant’sRestaurantoriginallyservedvanillacustardas theironlydessertchoice(servedinDixiecups).3.InPhoenixearlydays,theE/Wstreetswerenamedafter presidents,andtheN/SstreetshadIndiannames.Nowthe N/Sstreetsarenumbered.(Note:Whenlookingfor addresses,oddnumbersareeitheronthesouthsidesor theeastsidesofstreets,dependingonwhichwayyou aretraveling,andevennumbersareonthenorthsides orwestsidesofstreets.)4.AnIronwoodTreecanliveupto800years.5.14.4%ofallmortgageloansintheUnitedStatesareeither indelinquencyorforeclosure;Florida,California,Arizona andNevadaaccountedfor43%ofallforeclosureactions initiatedintheUnitedStates.6.In1855PresidentJeffersonDavisdispatchedMajorHenry WaynetoEuropeandtheMiddleEasttolearnabout camelsandpurchasesomeforuseinArizona.Major Waynereturnedhomewith33camels,whichwereused tocreatetheU.S.ArmyCamelCorps.
7451 E. Cactus Wren Rd. 4,521Sq.Ft.including1,100sq.ft.basement,3bedrooms+office+bonusroom,3.5baths,14’ceilings,limestonefloors,customlighting,wrap-aroundlibrary,hand-paintedtileinserts,
chef’skitchen,customlighting,customcabinetry,[email protected]#4290291.
Offered at $1,300,000
Lincoln Place • Scottsdale’s Best Kept Secret
6215 N. 51st Pl. 3,083Sq.Ft.,4bedroom,3bath,nearlyacrelot,updatedkitchen/baths/flooring,paintandlightfixtures.Totalsquarefootageincludescasita.NOTASHORTSALE!SELLERS
WILLBRINGNEEDEDCASHTOCLOSE.Sold“As-Is.”[email protected]#4121703.Offered at $950,000
Paradise Valley • Up-Close & Personal Views of Camelback Mountain
Scottsdale’s Santa Fe at McCormick Ranch
The Metro Phoenix Housing Market EncouragingFacts&Figures
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Eight National Economic Forecasts
