OK, so I’ve been a little delinquent in posting. The market seems to have been heating up over Spring and has kept me busy with new buyer clients.
As noted before, I’m a subscriber to Mike Orr’s The Cromford Report, a real estate market analysis website. His preliminary March 2009 commentary confirms what I’ve noticed, that we seem to have a significant uptick in activity. Key points he makes about March are:
- Largest ever annual growth in pending sales (all metro Phoenix), even higher than 2005, primarily due to attractive pricing (versus 2005′s supply shortage). Buyers are finally ready to buy at current price levels, especially the bank owned homes. My home city, Tempe, is not as strongly following the trend, but pending sales are up a bit here too.
- Two thirds of pending sales are bank owned homes (REOs); pending sales indicate some upward movement in pricing.
- Sales for March are nearly 70% higher than for March 2008.
- The supply of very cheap REOs are getting sold off quickly, however higher priced REOs are moving much slower. Athough my experience is that if the higher end REOs are priced well, they too sell quickly, especially under $200,000.
No related posts.
