Metro Phoenix Zip Code Map PDF
Here’s a handy Phoenix zip code map in PDF. It includes all Phoenix zip codes as well as the surrounding areas that we serve such as Scottsdale, Chandler, Gilbert, Tempe, Mesa, Phoenix and Queen Creek.
Thursday, December 3, 2009
Tuesday, November 17, 2009
The Shift In Phoenix Real Estate!
Excerpt from: Greater Phoenix trends and statistics
All sectors, active, pending and sold have an increasing percentage and number of short sales and those numbers will continue to grow.
The Shift In Phoenix Real Estate From Bank Owned Foreclosures To Short Sales
NOVEMBER 11, 2009
NOVEMBER 11, 2009
Let's start of by noting the foreclosures are not going anywhere. There are plenty of them and they will keep on coming. There is a large supply (the size of which is greatly disputed) of lender owned properties that are not on the market, that at some point will.
Foreclosures are not disappearing completely, but they are slowly taking a smaller role.
That role is increasingly being filled by short sales. Get ready for at least 2 years of a major role for short sales and a playing role for some 5-7 years.
Let's take a look at the charts.
A look at the active properties reveals an increasing role of the short sale. At time of writing there were 14,648 active residential properties. This is up from 12,569 in August. In fact about 40% of active properties are now short sales and buyers do have to contend with them. It's difficult not.
Active listing are important but the more important numbers are the actual sales of short sale properties. Not surprisingly these are up as well. There are 3,877 pending properties up about 20% over last quarter.
The chart is also very clear about the trend. I don't show it here, but the chart with AWC-I are under contract with a contingency is heavily skewed with a very quick and large rise in such properties.
Foreclosures are not disappearing completely, but they are slowly taking a smaller role.
That role is increasingly being filled by short sales. Get ready for at least 2 years of a major role for short sales and a playing role for some 5-7 years.
Let's take a look at the charts.
A look at the active properties reveals an increasing role of the short sale. At time of writing there were 14,648 active residential properties. This is up from 12,569 in August. In fact about 40% of active properties are now short sales and buyers do have to contend with them. It's difficult not.
Active listing are important but the more important numbers are the actual sales of short sale properties. Not surprisingly these are up as well. There are 3,877 pending properties up about 20% over last quarter.
The chart is also very clear about the trend. I don't show it here, but the chart with AWC-I are under contract with a contingency is heavily skewed with a very quick and large rise in such properties.
The pendings are more telling as most are approved at that point. In the AWC mode they are awaiting approval from the lender and then they go pending once it's approved: that's in most cases, but not all.
Finally sales. Just over the last 6 months actual short sales that have closed have increased from 10% of the market share to 20% and that trend will continue.
Of the short sales that go off the market last months numbers are encouraging because the success rate was 48.3% vs about 12% last year. That means that out of all the properties that went off the market 48% actually sold vs. being expired or canceled.
It's a signal of things to come and a result of the improving, though still difficult, short sale process.
Why is this happening? These change have come about for several reasons.
1. Lenders see the value in doing short sales.
2. Short sales are less destructive on the property then foreclosures which when done are at much more risk of being vandalized and un-kept, not necessarily buy the owner as much as a consequence of being an unoccupied target.
3. Short sales must give more money to the banks or they would not do them, because that's what it's really about - the money.
4. The government agencies are pushing short sales. The worst thing is putting people out of a home or doing it abruptly and negatively.
5. Fannie Mae and Freddie Mac want short sales or modifications vs. foreclosures and they have over 70% of the loans out there and the others usually follow suite.
6. There is some legislation ahead that will help, apparently, with the process.
7. There is more acceptance of short sale. More buyers are willing to take on the process of purchasing a short sale them before. This is because the banks and the Realtors are now better at it.
8. The process come into it's own, matured to something that actually works. Though still probably a teenager the process has matured away from the very prolonged terrible twos.
We went over some of the benefits for doing a short sale for owners, lenders, investors. It is of greater benefits to all parties vs. letting the foreclosure process take place.
These changes affect both buyers and seller and both need to be more aware and educated about the process.
As a buyer there is no reason to fear or discard short sales as long as you are a-tune to and fully aware of the process of buying a short sale and you have competent representation to protect your interests and to make sure that the transaction is put together well and managed well. There are many details to be aware of in the process and the contract.
Friday, November 6, 2009
First Time Homebuyers Tax Credit Extended Into 2010!!
First Time Homebuyer Tax Credit Extended Into 2010! Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked QuestionsHere are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked QuestionsHere are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
Sunday, October 11, 2009
Foreclosures: a Sign of the Times
The real estate market frenzy is gone and as a result there are more homes in distress than ever before. Homeowners who bought, invested or refinanced when values were at an all time high are now struggling to make their mortgages. Many of the current homes on the market are homes in foreclosure and homeowners seeking relief through other avenues like short sales.
Purchasing one of these distressed properties is an opportunity for buyers to invest where the return on investment will be significant.
Only an experienced Real Estate Agent can guide you through the red tape of purchasing a Foreclosure or Bank Owned Property and streamline process.
The Thomas Davis Group are experienced Re/Max Real Estate Agents. We can work with you on the Thousands of Foreclosures and Short Sale Properties through out metro Phoenix, Arizona. Sign up is FREE to receive foreclosure listings in Maricopa County!
Purchasing one of these distressed properties is an opportunity for buyers to invest where the return on investment will be significant.
Only an experienced Real Estate Agent can guide you through the red tape of purchasing a Foreclosure or Bank Owned Property and streamline process.
The Thomas Davis Group are experienced Re/Max Real Estate Agents. We can work with you on the Thousands of Foreclosures and Short Sale Properties through out metro Phoenix, Arizona. Sign up is FREE to receive foreclosure listings in Maricopa County!
Saturday, September 12, 2009
Chandler Real Estate Update
Foreclosure activity counts
The Chandler Arizona Real Estate market has been improving since the beginning of 2009. In February, there were an average of 1,824 homes for sale in Chandler, AZ. As of this week in early September that inventory has dropped to 1,136 residential homes, condos and townhomes. Chandler Arizona Real Estate in January had 148 homes sold, and for August, the Chandler Arizona Real Estate market increased sales to 392 homes, condos and townhomes sold for the month. The average sales price was lowest in April 2009, at $211,647, but has increased each month since then.
Chandler Arizona Real Estate is red hot right now. There is a lingering concern off more foreclosures entering the market that are being held back by the banks, if this is the case we may see an increase in inventory as soon as those REO properties are release for sale. We have attached in this blog are some graphs of the Foreclosures in the Chandler area from Realty Trac.
Chandler Arizona Real Estate is red hot right now. There is a lingering concern off more foreclosures entering the market that are being held back by the banks, if this is the case we may see an increase in inventory as soon as those REO properties are release for sale. We have attached in this blog are some graphs of the Foreclosures in the Chandler area from Realty Trac.
To view Chandler listings go to http://www.thomasdavisgroup.com/ and to get set up with a free list of Chandler foreclosures sign up at www.theazforeclosurelist.com
Friday, September 11, 2009
Arizona Bank Owned Homes (REO)
Have you considered buying a foreclosed Bank Owned or REO home? The Thomas Davis Group of ReMax Homes and Investments can support you with our MLS system can help you find the homes that fit your criteria. These homes may not be in great shape, but there are many great deals in today Real Estate enviroment. We can help you sort through the inventory to find the home that meets your needs.
Using our various databases right online you can find bank-owned real estate that fits your criteria fairly easy. But that is where you just get started by using one of The Thomas Davis Groups foreclosure specialists to buy a home this way is considered by most to be the safest way to purchase a foreclosed home. Always be represented.
We can help you arrange for financing also and help you get pre-qualified for a mortgage. Once you find a home, we will help you get an home inspection to avoid structural and maintenance surprises. In general we will guide you through the steps it takes to purchase a Foreclosed home in todays Real Estate Market. To get set up on a free daily MLS foreclosure search feel free to sign up at http://www.theazforeclosurelist.com/
Tuesday, May 19, 2009
10435 E. Conieson St, Scottsdale AZ Home Listing
$425,000 list price - was purchased in 06 for $625,000
3 Bedroom 2 Bathroom Golf Course Home.
This is a Great Location. This home sits on the 18th tee box of the Sanctuary Golf Course with mountain views and plush trees. There are only a few golf course properties on the market so come and take a look at this one fast. The kitchen boasts granite slab countertops and 18'' tile flooring. This home is a Short Sale and will need Third party approval. For more great properties go to http://www.thomasdavisgroup.com/
FHA Borrowers May Soon Be Able To Use $8000 Tax Credit at Closing
The details are still a bit unclear as to how the program will be implemented. However, HUD Secretary Shaun Donovan announced this past week that first-time buyers using FHA loans would soon be allowed to "monetize" the $8,000 federal first-time buyer tax credit and use the funds for their down payment.
"We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time home buyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing.
We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit," Donovan told attendees at the National Association of Realtors, Real Estate Summit in Washington.
As mentioned, the details of the program still haven't been announced, but the revised policy seems to offer a benefit to potential first time home buyers without the full down payment for the purchase of a home.
The policy should help boost the housing market by allowing first-time buyers using FHA loans to stretch their dollar by using the federal credit at settlement as part of their closing funds, rather than waiting months for a refund on a tax return. "This allows them to solve the 'chicken or the egg' question: the promised tax credit or the closing" that allows them to get the money, said Rob Dietz, director of tax issues of the National Association of Home Builders, adding: "They have a right to this credit amount as a first-time buyer. It makes sense to turn this credit into their home equity."
Still two questions remain unanswered: Will first-time home buyers be able to monetize the tax credit using any FHA-approved lender? Or will they need to be working with a state housing finance agency, which usually requires additional documentation and provides financial and homeownership counseling to those who qualify for their help?
"We will attempt to answer those questions once we've published our mortagee letter," HUD spokesman Brian E. Sullivan said.
If buyers could monetize the tax credit, they would essentially receive a short-term bridge loan for the amount of the credit (which could vary based on their income and the home's sales price). They could apply that money to their down payment or as additional equity in their home. For buyers working with a state housing finance agency, the monetized tax credit often becomes a "soft" second mortgage, which they must pay back once they receive their tax refund.
Dietz added that," There's no doubt that the purpose of the tax credit is to stimulate housing demand. We estimate new and existing home sales will increase by 160,000. But it's not a tax credit that is in anyway large enough to reinflate the market-it's just a useful and limited tool to smooth out the market," he said.
"As for causing sales to return to 2005 levels or push prices up, this tax credit is not capable of doing that."
As the details of the new program and the mortgage letter from FHA are published we will provide additional information and details. The final version of this program will tell the story of whether or not this will be a program that enables first time buyers an option to purchase a home and truly take advantage of the $8,000 home buyer tax credit at closing. www.thomasdavisgroup.com
"We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time home buyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing.
We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit," Donovan told attendees at the National Association of Realtors, Real Estate Summit in Washington.
As mentioned, the details of the program still haven't been announced, but the revised policy seems to offer a benefit to potential first time home buyers without the full down payment for the purchase of a home.
The policy should help boost the housing market by allowing first-time buyers using FHA loans to stretch their dollar by using the federal credit at settlement as part of their closing funds, rather than waiting months for a refund on a tax return. "This allows them to solve the 'chicken or the egg' question: the promised tax credit or the closing" that allows them to get the money, said Rob Dietz, director of tax issues of the National Association of Home Builders, adding: "They have a right to this credit amount as a first-time buyer. It makes sense to turn this credit into their home equity."
Still two questions remain unanswered: Will first-time home buyers be able to monetize the tax credit using any FHA-approved lender? Or will they need to be working with a state housing finance agency, which usually requires additional documentation and provides financial and homeownership counseling to those who qualify for their help?
"We will attempt to answer those questions once we've published our mortagee letter," HUD spokesman Brian E. Sullivan said.
If buyers could monetize the tax credit, they would essentially receive a short-term bridge loan for the amount of the credit (which could vary based on their income and the home's sales price). They could apply that money to their down payment or as additional equity in their home. For buyers working with a state housing finance agency, the monetized tax credit often becomes a "soft" second mortgage, which they must pay back once they receive their tax refund.
Dietz added that," There's no doubt that the purpose of the tax credit is to stimulate housing demand. We estimate new and existing home sales will increase by 160,000. But it's not a tax credit that is in anyway large enough to reinflate the market-it's just a useful and limited tool to smooth out the market," he said.
"As for causing sales to return to 2005 levels or push prices up, this tax credit is not capable of doing that."
As the details of the new program and the mortgage letter from FHA are published we will provide additional information and details. The final version of this program will tell the story of whether or not this will be a program that enables first time buyers an option to purchase a home and truly take advantage of the $8,000 home buyer tax credit at closing. www.thomasdavisgroup.com
Wednesday, May 6, 2009
Arizona April 09 Monthly Real Estate Market Stats
Market Stats brought to you by The Thomas Davis Group of Re/Max Homes and Investments
Each month we look at the market’s Direction, more so than ‘the numbers’. With a new month to follow trends, nearly everything’s looking better than expected (despite cautious optimism). We’ve also found new research to test that direction, ‘reply’ if interested in the additional information. That being said… so far, our market is looking GREAT!!!
Beware though!! As always, be sure to gauge these statistics carefully. There may be higher pending foreclosures, seasonal adjustments, and other affecting conditions. Always evaluate conditions from a broader perspective, to see more than what’s ‘on the surface’!
The perspective views below are not a representation of fact, but only considered as professional opinion. Reports are from current, residential MLS information - good through April 30th, 2009… Also showing continued market trends from the last 2 years.
** Compiled information represents MLS residential properties, located within the local MLS region. Information does not reflect raw land, commercial, or multifamily units.
Following the attached reports, in respective order:
Supply & Demand Listings – Look at the drop in the number of listings!... Before you get too excited, it’s being mentioned there’s a larger group of foreclosures coming, which can raise this. To see chart Click Here
Supply & Demand #of units ‘Under Contract’, Sold’, & ‘New’ – Three nice changes….More properties “Sold” & “Under Contract”, & the number of “New Listings” falling (as above, with current listings). Direction couldn’t be better! To see chart Click Here
Median Price of properties ‘Listed’, ‘Sold’, & ‘New Listings’ – Although slowing, our “Sold” median home prices are still edging lower, BUT the median of both New & Current prices are Raising! Hopefully, a successful attempt to slow the “Sold” median prices. Interesting – “Average” home prices Maintained the last 2 months, while “Median” prices still decreased (for this comparative data, please ‘reply’). …Let’s see how this affects prices over the next 1-3 months. To See Chart Click Here
Months Supply of Inventory – Amazing data! In 5 months, our ‘Supply of Inventory” has decreased from 14.7 months (November), to 3.8 months!! (last month) To see Chart Click Here
Percent of homes ‘Under Contract’ – Another unexpected & sizeable increase with the “Percent of homes” under contract”! From 5.7% (November)... now to nearly 19% of homes “under contract”! Great Pace! To see Chart Click Here
Basic Absorption of homes ‘Under Contract’ (both old & new) & ‘Residual Inventory’ – Three positive changes with the “Basic Absorption” of homes into our market. “New Listings’ & ‘Residual Inventory’ are decreasing, AND ‘Under Contract’ homes are still on the rise! Perfect! To see Chart Click Here
NOTE - If you’re looking for other MLS perimeters to these statistics (ie. specific area(s), property types, or ‘wider’ perimeters), please feel free to contact us. The Thomas Davis Group of Re/Max Homes and Investments 480-248-9175
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