Phoenix Metro Area Market Overview – December 2012

 

Phoenix Homes Market Report

Phoenix Metro Area Market

A total of 6,237 homes closed in the Phoenix Metro Area in the month of December 2012 up slightly over November.

760 Lender Owned (REO) properties closed accounting for 12% of the total.

1,633 Short Sales (SS) closed during December accounting for 26% of the total.

Although down from November, Short Sales (SS) continue to dominate the Pending Inventory.

In December 5,751 Short Sales made up 53% of total pending sales, 4,035 Traditional (Normal) sales accounted for 37% of the total with 1,163 Lender Owned (REO) properties making up the last 11%.

After several months of gradual increases the Phoenix Metro Area Total Active Inventory fell to 13,852 listings in December.

At 16 % distressed properties, (REO and SS), continue to decline as a percentage of Total Active Inventory.

What do all of these numbers mean to buyers and sellers?

Let’s look at the good news. Distressed properties both Lender Owned and Short Sales are becoming a smaller and smaller percentage of real estate transactions. That will eventually bring the Phoenix Metro Area back to a balanced market; that is good news for both buyers and sellers but particularly good for sellers.

The dip in December Active Inventory is probably temporary due to the fact that sellers are often hesitant to list their home during the holidays coupled with the increased number of closings during the same period.

Mortgage interest rates are still at historic lows so even with a smaller inventory buyers are able to find great deals and purchase a lot of home for their money.

And as you can see from the illustration above the annual appreciation rate is 30.1% for December 2012 vs. December 2011.

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Whether you are buying or selling a home, in the Phoenix Metro Area, I offer a FREE Comparative Market Analysis. As an informed buyer or seller you’ll make better decisions.

E-mail Nancy@NancyLaswick.com or call me today at (602) 793-1627.

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by copyright. © Nancy Laswick 2012. All Rights Reserved.

Please Note: All statistics and figures are sourced from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.