Home sales in the Phoenix real estate market made the news again. Our housing tracker reports that sales of Arizona MLS home listings reached 9,492 in April 2011. This is the fourth highest home sales month in the history of our MLS.
The article in our Phoenix housing tracker from last month reported that March 2011 had the third-highest home sales with 9,973. The all time highest sales month was June 2005 with 10,216 MLS homes/listings being sold. The number two month was August 2005 with 10,003 sales.
The percentage of sales that were foreclosure homes, defined as bank owned (or REO homes) and short sales, remained near 65%. You'll notice on the chart, as indicated in green, that the height of foreclosure sales was reached in the months between April 2009 and July 2009. March 2011 managed to sneak in as the third-highest sales of foreclosure homes, while April 2011 is now recorded as the sixth highest month.
Many sales are attributed to both people and businesses who are making investments in real estate. The rental market has never produced more people looking to lease, primarily because they have lost their homes to the short sale or foreclosure process. The trend of unprecedented low home pricing and higher rents has caused investors to flock to the Phoenix area and put their money back into real estate.
We will report on pricing trends in the next couple articles, but the decline in real estate property listings will undoubtedly produce at least a temporary increase in prices.
Scottsdale Luxury Real Estate
Ron Wilczek, Broker/Owner
Metro Phoenix Homes
480-445-9480
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