Phoenix Real Estate Market Update/ September 2011

Phoenix Real Estate Market for September 2011, here are some brief statistics for you. There were 7832 sales in September, which are down 11% from August, but up 17% from September of 2010. Total active listings in September are at 19,327 which are up .6% from August, but down 50% from the same time last year. Pending sales were down 5.8% from August, but up 12.4% last year.

We can see that the Phoenix Real Estate Market is faring much better than a year ago, though not as good as it was in August.  Though, it is normal for activity to decline during this time of year.  One big trend we are seeing is a significant drop in foreclosures. Investors looking to scoop up bargain foreclosure properties are finding it difficult right now, with REO losing market share rapidly. Only 1280 homes went to sale in September of 201l, this is the lowest number since 2007, and 61% lower than September of 2010.

It is interesting though, you do not hear much of this positive news on the 6 o’clock news. I guess bad news gets viewers to tune in more than the good news does.  You may have seen headlines in the local papers in September commenting on the drastic rise in foreclosures “Phoenix Real Estate Market is doomed”. This was entirely due to August having 23 trustee sale days compared to July’s 20.

You are probably wondering now….where are we at on pricing? The median sale price in September for the Phoenix Metro was $114,950, which is 7.4 higher than the median sale price in August ($107,000). We continue to see a trend of weakness in pricing at the upper end of the market, canceling out the gains at the lower end of the market.  Scottsdale saw a 7.8% median price decrease over the past year, though Rio Verde has seen a 12.5% median price increase over the same time.

The Phoenix Real Estate Market Update is a broad overview of the market here in Maricopa County. If you are interested in a particular area or price range, I would be happy to provide you with the local statistics. Contact Jen Wehner at 480-748-6925 today!

If you are considering buying or selling Scottsdale Homes or Phoenix Homes please contact Award Winning Scottsdale Arizona Real Estate Broker Jennifer Wehner right now at 480-748-6925 OR email Jennifer@JenniferWehner.com.