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

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.

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

Pricing Phoenix Real Estate

A man owns a 2,500 square foot home in a well established subdivision. He wants to sell. He had the home appraised 6 months ago for $450,000. He calls me and tells me he wants to list his house. I do a market analysis, pull comps, and tell him his home should be priced at $395,000.

He has a fit.

I explain there are 22 other homes in his neighborhood of the same floor plan all currently for sale. The highest priced is $415,000, the lowest is $370,000. In the past six months, 8 homes of the same floor plan have sold. The lowest for $362,000, the highest for $412,000. The average days on market for his neighborhood is 131.

He has a fit. He tells me that he looked his house up on Zillow and it shows $465,000. I try to calmly explain to him that he might want to ask Zillow if they are willing to buy his house for that price. He has another fit (I might have had that coming). He then explains to me that he has spoken to 2 other agents, both of whom will list his house for over $425,000. He tells me he will not be using me because I do not know what I am talking about and hangs up the phone.

This all occurred a little over 4 months ago.

Fast forward to yesterday...

Phoenix Real Estate Market Statistics July 2 - July 8, 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 2 July to 8 July 2007.

Total Active Properties: 53916

Active - Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	-1	$ 42,000	$0	0
Avg	2004	3	2.30	$ 372,732	$0	3
Max	8234	8	6.5	$6,895,000	$0	7
Expired - 570 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	400	0	1	$ 54,000	$0	0
Avg	2087	3	2.31	$ 406,594	$0	168
Max	13966	7	9.5	$ 9,880,000	$0	599
Sold – 641 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	446	1	0.5	$ 41,000	$40,000	0
Avg	1941	3	2.20	$ 359,940	$ 346,537	110
Max	8300	6	5	$ 5,395,000	$ 4,945,000	641
Cancelled – 979 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	500	1	1	$ 70,000	$0	0
Avg	2149	3	2.39	$ 416,522	$0	131
Max	10000	7	11	$7,900,000	$0	547

These are the statistics for 2 July to 8 July 2007.

Total Active Properties: 53916

Active - Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	-1	$ 42,000	$0	0
Avg	2004	3	2.30	$ 372,732	$0	3
Max	8234	8	6.5	$6,895,000	$0	7
Expired - 570 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	400	0	1	$ 54,000	$0	0
Avg	2087	3	2.31	$ 406,594	$0	168
Max	13966	7	9.5	$ 9,880,000	$0	599
Sold – 641 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	446	1	0.5	$ 41,000	$40,000	0
Avg	1941	3	2.20	$ 359,940	$ 346,537	110
Max	8300	6	5	$ 5,395,000	$ 4,945,000	641
Cancelled – 979 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	500	1	1	$ 70,000	$0	0
Avg	2149	3	2.39	$ 416,522	$0	131
Max	10000	7	11	$7,900,000	$0	547

Phoenix Real Estate Market Statistics June 25 - July 1 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 25 June to 1 June 2007.

Total Active Properties: 53639

Active - 2816 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	3	0	-1	$ 13,900	$0	0
Avg	1981	3	2.26	$ 366,982	$0	3
Max	7800	7	6	$4,175,000	$0	7
Expired - 1443 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	0.75	$ 65,000	$0	0
Avg	2079	3	2.32	$ 430,838	$0	186
Max	9802	8	10	$ 7,900,000	$0	787
Sold – 1934 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	0	$ 31,200	$22,000	0
Avg	1936	3	2.23	$ 344,548	$ 331,712	106
Max	8308	8	8	$ 5,750,000	$ 5,500,000	782
Cancelled – 1339 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	475	0	0	$ 9,750	$0	0
Avg	2175	3	2.39	$ 467,734	$0	134
Max	15000	7	8.5	$13,500,000	$0	1078

These are the statistics for 25 June to 1 June 2007.

Total Active Properties: 53639

Phoenix Real Estate Market Prediction

Moody's Economy.com has released their Housing at a Tipping Point report. The report names the real estate markets predicted to bounce back the fastest. Phoenix ranked second, behind Tampa, with the prediction the market would hit rock-bottom in the 4th quarter of 2008. 

I know what you are thinking? Have we not yet hit rock bottom? It gets worse? Unfortunately...it gets worse.

A few years ago I recall having a conversation with a fellow agent about the coming market crash. I was fairly doom and gloom and very concerned with the severity of the crash and when it would happen. He was upbeat and positive assuring me that a crash would never come. That noise you hear is me whispering 'told you so'.

It is here and it is apparently not done yet. How we handle it from here will tell what the future holds.

First, if you currently have your home for sale or are considering selling you need to be realistic. Realism can be painful. The Maricopa County real estate market is currently at 105 days on market for homes sold in June. Three and one-half months on average. Try not to beat-up your real estate agent too much if you currently have a home for sale. With 54,000+ active properties on the market there is a lot of competition.

If you are planning to purchase now is a great time to buy. I know you are thinking that I just wrote the market still has another year before it hits bottom. This is true. But what you really should keep your eye on is interest rates. We have seen a steady increase in interest rates since the beginning of the year and all indicators are leaning toward continued increases. Couple that with tighter lending standards and the sub-prime mortgage fall-out and you are probably better served getting a mortgage sooner rather then later.

Forbes predicts a strong rebound in the Phoenix market due to strong job growth and a booming economy. If their predictions are correct we just have to weather this storm for another year and things will start to brighten up again in the Phoenix real estate market.

Phoenix Real Estate Market Statistics June 18-24

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 18 June to 24 June 2007.

Total Active Properties: 54137

Active - Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	280	1	0	$ 9,650	$0	0
Avg	2035	3	2.31	$ 386,850	$0	3
Max	10537	9	25	$8,737,000	$0	7
Expired - 455 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	560	1	1	$ 40,000	$0	0
Avg	2027	3	2.28	$ 405,461	$0	179
Max	15000	7	8	$ 13,500,000	$0	1071
Sold – 1004 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	528	1	1	$ 29,500	$29,500	0
Avg	1917	3	2.23	$ 356,059	$ 342,621	105
Max	9500	7	7.75	$ 3,800,000	$ 3,800,000	838
Cancelled - 1223 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	550	0	0	$ 1,800	$0	0
Avg	2299	3	2.47	$ 481,601	$0	137
Max	14000	9	13	$11,950,000	$0	902

Every effort has been made to ensure accuracy but it cannot be guaranteed.

These are the statistics for 18 June to 24 June 2007.

Total Active Properties: 54137

Active - Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	280	1	0	$ 9,650	$0	0
Avg	2035	3	2.31	$ 386,850	$0	3
Max	10537	9	25	$8,737,000	$0	7
Expired - 455 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	560	1	1	$ 40,000	$0	0
Avg	2027	3	2.28	$ 405,461	$0	179
Max	15000	7	8	$ 13,500,000	$0	1071
Sold – 1004 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	528	1	1	$ 29,500	$29,500	0
Avg	1917	3	2.23	$ 356,059	$ 342,621	105
Max	9500	7	7.75	$ 3,800,000	$ 3,800,000	838
Cancelled - 1223 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	550	0	0	$ 1,800	$0	0
Avg	2299	3	2.47	$ 481,601	$0	137
Max	14000	9	13	$11,950,000	$0	902

Phoenix Real Estate Market Statistics April 2-8

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 2 April through 8 April 2007.

Total Active Properties: 50727

Active - 3443 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	0	$ 39,900	$0	0
Avg	2029	3	2.28	$ 395,170	$0	3
Max	13966	9	9.5	$12,000,000	$0	7
Expired - 523 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	600	1	1	$ 79,000	$0	0
Avg	2146	3	2.39	$ 446,549	$0	176
Max	8200	7	9	$ 4,999,999	$0	555
Sold – 869 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	1	$ 50,000	$28,000	0
Avg	1866	3	2.17	$ 361,932	$ 349,724	109
Max	9500	7	7.75	$ 3,800,000	$ 3,800,000	838
Cancelled - 944 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	470	0	0	$ 58,500	$0	0
Avg	2207	3	2.37	$ 442,262	$0	130
Max	9475	6	8	$17,000,000	$0	606

These are the statistics for 2 April through 8 April 2007.

Total Active Properties: 50727

Active - 3443 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	0	$ 39,900	$0	0
Avg	2029	3	2.28	$ 395,170	$0	3
Max	13966	9	9.5	$12,000,000	$0	7
Expired - 523 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	600	1	1	$ 79,000	$0	0
Avg	2146	3	2.39	$ 446,549	$0	176
Max	8200	7	9	$ 4,999,999	$0	555
Sold – 869 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	0	0	1	$ 50,000	$28,000	0
Avg	1866	3	2.17	$ 361,932	$ 349,724	109
Max	9500	7	7.75	$ 3,800,000	$ 3,800,000	838
Cancelled - 944 Properties Found
	Square Feet	Beds	Baths	List Price	Sale Price	Cumulative DOM
Min	470	0	0	$ 58,500	$0	0
Avg	2207	3	2.37	$ 442,262	$0	130
Max	9475	6	8	$17,000,000	$0	606