Here are some interesting tidbits from the Cromford Report January 3rd market update covering December 2009 results:
- Strong sales – 7,723 residential resales for all areas served by the Phoenix area MLS, 3.7% higher than November
- Annual sales rate hit 92,435, not seen since June 2006
- Change in sales mix – Short Sales up 38%, now 26.6% of all sales (lender owned are 43.9%, only up 3.7%)
- “Normal” sales dropped by 14.6%, now only 30.2% of all sales
- Short sale pricing is down 5.8%, but REO (lender owned) pricing rose 2.7%, and normal sales up 5.5% over November
- REO pricing now well above the levels of last spring, but showing signs of weakness based on pending sales
- Normal sales pending pricing trend continuing to rise
- 5,740 active REO listings versus 12 months ago at 14,268 active
- Annual price appreciation has risen to -6% from a low of -44.5% back in April 2009; may turn positive by February at current pace
Overall, a fairly positive situation: strong sales, short sales moving, normal sale prices up and price appreciation improving.
The Cromfort Report disclaimer:
The data used to create the Cromford Report™ is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS [ and the TempeAgentNews.com Blog] expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.
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