Sonoran City News

Phoenix Real Estate Market Statistics July 23 - July 29, 2007

This is residential only. Derived from the Arizona Multiple Listing Service. It should give a good snapshot of what is happening in the market.

These are the statistics for 23 July to 29 July 2007.

Total Active Properties: 54833

Active - 2387 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	0	$ 33,000	$0	0
Avg	2019	3	2.30	$ 373,098	$0	3
Max	8769	7	6.5	$5,600,000	$0	7
Expired - 525 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	560	0	0	$ 39,500	$0	0
Avg	2070	3	2.31	$ 384,161	$0	169
Max	16000	7	9	$ 7,900,000	$0	691
Sold – 1025 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	1	1	$ 29,500	$28,000	0
Avg	1903	3	2.21	$ 340.603	$ 325,661	118
Max	9300	7	8.5	$ 4,700,000	$ 4,400,000	1282
Cancelled – 1167 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	544	0	0	$1,500	$0	0
Avg	2090	3	2.35	$ 392,506	$0	135
Max	7800	7	2.5	$4,300,000	$0	713

These are the statistics for 23 July to 29 July 2007.

Total Active Properties: 54833

Active - 2387 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	0	$ 33,000	$0	0
Avg	2019	3	2.30	$ 373,098	$0	3
Max	8769	7	6.5	$5,600,000	$0	7
Expired - 525 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	560	0	0	$ 39,500	$0	0
Avg	2070	3	2.31	$ 384,161	$0	169
Max	16000	7	9	$ 7,900,000	$0	691
Sold – 1025 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	1	1	$ 29,500	$28,000	0
Avg	1903	3	2.21	$ 340.603	$ 325,661	118
Max	9300	7	8.5	$ 4,700,000	$ 4,400,000	1282
Cancelled – 1167 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	544	0	0	$1,500	$0	0
Avg	2090	3	2.35	$ 392,506	$0	135
Max	7800	7	2.5	$4,300,000	$0	713

Phoenix Real Estate Market Statistics July 16 - July 22, 2007

This is residential only. Derived from the Arizona Multiple Listing Service. It should give a good snapshot of what is happening in the market.

These are the statistics for 16 July to 22 July 2007.

Total Active Properties: 54754

Active - 2781 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	140	0	0	$ 45,000	$0	0
Avg	1999	3	2.28	$ 371,625	$0	3
Max	7986	31	24	$5,775,000	$0	7
Expired - 519 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	450	1	1	$ 74,900	$0	0
Avg	2040	3	2.26	$ 395,845	$0	169
Max	8200	6	7	$ 4,570,000	$0	788
Sold – 1008 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	506	1	1	$ 55,000	$35,000	0
Avg	1869	3	2.18	$ 341,595	$ 328,676	111
Max	8028	6	6	$ 3,600,000	$ 3,175,000	719
Cancelled – 1128 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	626	0	0	$53,900	$0	0
Avg	2108	3	2.34	$ 409,496	$0	131
Max	7678	42	6.5	$4,495,000	$0	710

These are the statistics for 16 July to 22 July 2007.

Total Active Properties: 54754

Active - 2781 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	140	0	0	$ 45,000	$0	0
Avg	1999	3	2.28	$ 371,625	$0	3
Max	7986	31	24	$5,775,000	$0	7
Expired - 519 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	450	1	1	$ 74,900	$0	0
Avg	2040	3	2.26	$ 395,845	$0	169
Max	8200	6	7	$ 4,570,000	$0	788
Sold – 1008 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	506	1	1	$ 55,000	$35,000	0
Avg	1869	3	2.18	$ 341,595	$ 328,676	111
Max	8028	6	6	$ 3,600,000	$ 3,175,000	719
Cancelled – 1128 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	626	0	0	$53,900	$0	0
Avg	2108	3	2.34	$ 409,496	$0	131
Max	7678	42	6.5	$4,495,000	$0	710

Why Isn't Your House Selling? - Part 2

My email box is filled with people wanting to debate my "the only reason your house hasn't sold is price" statement so I thought I would visit it more in depth.

One of the first things people tell me when they are preparing to sell their home is what upgrades the home has. Typically a home seller wants to increase the selling price of their home in proportion to the amount of upgrades. I can see where this train of thought comes from. If someone spends $20,000 upgrading their kitchen it stands to reason that upon sale, they would like to recoup some, if not all, of the cost. In an older neighborhood this might be a valid argument.

If you are planning to sell a home in one of the newer suburbs of Phoenix, AZ, your home might not be old enough to need a remodel but you might have gone whole hog on the upgrades when you purchased. Do these upgrades justify pricing your home for more then the other homes in your neighborhood? Maybe.

Let's say you live in a subdivision which is less then 5 years old. You have granite counters and stainless steel appliances, travertine floors, Berber carpets and designer ceiling fans. When you purchased the house, these upgrades cost you an additional $30,000. To you, this should equate to selling your home for $30,000 more then the other homes in the neighborhood. Unfortunately, when it comes to selling your home, it just doesn't work that way.

Phoenix - Yes, Some People Think it's Hot Here

One of the greatest things about my chosen career path is the opportunity to speak with people across the US and across the world. Generally, if they are calling me, they intend on moving to Phoenix, AZ at some point in the future. They are drawn by the affordable housing, job opportunities, year-round recreation, and the weather.

Let me be totally honest, I spent the first half of my life in the Mid-West and on the East-Coast (Ohio and Maryland). When someone mentioned Arizona, the first thing that always came to mind the old Road Runner cartoons with visions of tumble weeds. When I heard that people used rocks instead of grass for their front lawns, I was speechless.

I've been here for 10 years and I've grown to love desert landscaping (rocks in the front yard) and think nothing of dodging the occasional tumbleweed rolling down the street. I've even seen my fair share of Road Runners. All in all very cool. I even enjoy sharing the story of the day we had a snake in our bathroom.

Phoenix Arizona is not the Old West nor is it a Road Runner Cartoon. It is a modern, growing, cultural city which continues to attract tens of thousands of new residents each year.

It is, however, hot. You can claim the lack of humidity makes it a dry heat and therefore more bearable but in reality my oven is a dry heat and I don't even think about turning it on during the summer.  Hot is hot. But I lived on the Chesapeake Bay and Lake Erie and I can promise you I'll take 115 degrees and no humidity any day over 85 degrees and 75% humidity. Oh, and Phoenix had surprisingly few flying mosquito type bugs. No water, no bugs. It would be nice if we had fireflies, but you can't have everything, now can you?

Really, if you are considering moving to Phoenix and the heat is what is stopping you, think about this...air conditioning is a whole lot better then shoveling snow.

Why Isn't Your House Selling?

We all know selling your home in the current Phoenix real estate market can be a challenge. Why hasn't your Phoenix home sold?

So, I've beaten the whole PRICE thing to death, but before I proceed, I'll smack it around one more time. PRICE is the only reason a house doesn't sell. I know you are thinking I am wrong, but eventually everything sells if you lower the price to a point where someone finds it attractive.

But let's just say you know for sure your home is priced right. There are four other homes in your neighborhood which are the same exact floor plan and you are priced at or below where they are AND you are priced at or below similar Phoenix properties which have recently closed.

If fact, your house is getting shown. Lucky you. But no one has made an offer.

OK - What does your driveway look like? The actual concrete? It is stained? Are there oil or rust spots? If there are, you need to think about the message you are sending potential buyers. That message is; We don't take care of our cars, we probably don't take care of our house.

Seriously. Clean your driveway. Even if the potential buyer isn't focused on your driveway, those stains are sending a message.

Now go stand at your front door. Time yourself. Stand there for 60 seconds and look around. Look at the door knob and the threshold. Look at the walls and the curbs. You see, potential buyers are going to be standing at your front door for about 60 seconds while the agent fiddles with the lock box. Those 60 seconds are an eternity when someone is making the decision to buy your home.

If you lose the buyer in those 60 seconds, you probably won't get them back once you get them in the door no matter how nice the inside is. It is really hard to recover from making a bad first impression.

Now go outside and take a good long look at the outside of your house and ask yourself what message it is sending.

America's Fastest Growing Suburbs

Forbes.com just released it's list of America's Fastest Growing Suburbs. While Lincoln, CA took the top spot, four of the top-ten places are Arizona cities, specifically cities in the West Valley of Phoenix.

Buckeye, Surprise, and Goodyear took spots two through four, and Avondale placed ninth. Buckeye grew an astounding 191% since 2000, Surprise came in at 165%, Goodyear 142% and Avondale 102.4%.

Buckeye and Surprise should surprise no one by their showing. Both cities have demonstrated aggressive growth this decade and both intend to continue. Buckeye, if all goes as planned, will surpass the population of Phoenix once the developments along Sun Valley Parkway complete. The same can be said for Surprise as that city dominates the growth in the Northwest Valley.

Alliance Bancorp Ceases Operations

Another lender has closed its doors amid the recent mortgage collapse. Alliance Bancorp is an ALT-A lender based in Brisbane, California.

According to their website, operations ceased as of Friday, July 13.

Is there a Great (indoor/outdoor) Market in Phoenix?

As a child growing up in Cleveland, OH, I carry with my some very strong memories. Lake effect snow can be your friend (no school on snow days). Every basement smells like mold and no one thinks anything of it. Lakewood, OH has a whole lot of churches and a whole lot of bars...draw your own conclusion. HOA's don't exist which means you can paint your house any color you wish. The Westside Market is a wonderful place.

I only wish I knew as a child to truly appreciate the Westside Market. The Westside Market is located on West 25th Street in Ohio City near Downtown Cleveland. It has fresh meats and produce, bakeries, places to eat. Basically it is the place to go if you are looking for cultural and culinary flavor.

I'm in search of something similar in Phoenix. Any sort of big open market will do. Check out the Westside Market website and let me know if you know of anything like it here or anywhere in the State of Arizona.

I look forward to your answers.

Phoenix Real Estate Market Statistics July 9 - July 15, 2007

This is residential only. Derived from the Arizona Multiple Listing Service. It should give a good snapshot of what is happening in the market.

These are the statistics for 9 July to 15 July 2007.

Total Active Properties: 54438

Active - 2843 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	400	0	0	$ 29,900	$0	0
Avg	2014	3	2.27	$ 380,039	$0	3
Max	7080	7	7	$5,750,000	$0	7
Expired - 516 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	572	1	1	$ 69,000	$0	0
Avg	2027	3	2.28	$ 389,467	$0	174
Max	8131	6	7	$ 5,500,000	$0	917
Sold – 878 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	600	1	1	$ 58,500	$47,500	0
Avg	1946	3	2.24	$ 357,616	$ 343,576	109
Max	6900	9	8	$ 4,485,000	$ 4,150,000	612
Cancelled – 1202 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	392	1	1	$ 1	$0	0
Avg	2149	3	2.38	$ 441,928	$0	135
Max	9549	8	9	$10,000,000	$0	725

These are the statistics for 9 July to 15 July 2007.

Total Active Properties: 54438

Active - 2843 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	400	0	0	$ 29,900	$0	0
Avg	2014	3	2.27	$ 380,039	$0	3
Max	7080	7	7	$5,750,000	$0	7
Expired - 516 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	572	1	1	$ 69,000	$0	0
Avg	2027	3	2.28	$ 389,467	$0	174
Max	8131	6	7	$ 5,500,000	$0	917
Sold – 878 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	600	1	1	$ 58,500	$47,500	0
Avg	1946	3	2.24	$ 357,616	$ 343,576	109
Max	6900	9	8	$ 4,485,000	$ 4,150,000	612
Cancelled – 1202 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	392	1	1	$ 1	$0	0
Avg	2149	3	2.38	$ 441,928	$0	135
Max	9549	8	9	$10,000,000	$0	725

Light Rail Reality

A few months ago I started a resource for businesses along the Phoenix Metro Light Rail route. Currently construction has impacted many of the businesses and their ability to maintain operation with all of the construction disruption.

LightRailLink is a web site for any and all businesses impacted by the construction. All a business owner needs to do is complete the short form and they will be added to the Light Rail Link directory. Best of all, it is FREE.

If you or someone you know operates a business near Phoenix Metro Light Rail construction, send them the link and tell them to sign-up today.  In related news, visit The View From My Office