Phoenix Home Sales By the Numbers – July 2015

Housing Prices Dollar SignThe temperatures are rising but not home prices. This is wonderful news for buyers. On the national level, you will hear about home prices continuing to climb but this isn’t the case in Arizona. The not-so-good news is the housing market continues to be sluggish, as inventory, sales and prices continue to teeter-totter back and forth. Home inventory continues on a downward slide as units on the market decreased 1% to 18,564. Considering that a normal market consists of approximately 25,000 homes for sale at any given time and that the 18,564 includes all of Maricopa and Pinal counties, causes a feeling of real discouragement to the market. Home sales were down 8% over the previous month at 7,755 units. Six percent of these sales were distressed properties. Although this percentage is far below what it was during the crash, we are still seeing several foreclosures now and on the horizon. Many of these foreclosures are due to HELOC (Home Equity Line of Credit) loans sellers obtained during the housing boom. The notes on many of these loans are due, which means sellers have to pay them off or refinance them. The refinance structure on many of these loans have exorbitant interest rates. If these loans are not renegotiated the lender of the HELOC has a lien on the home and can foreclose on the home. Now that school has started in most metro Phoenix areas and summer is coming to a close, housing will start to improve once again. We mentioned in last month’s article, there were 9.3 million homeowners foreclosed on or had to do a short sale on their property. It’s estimated less than 1 million people have repurchased a home since the crash. Those are not very encouraging numbers! After looking at the sales numbers below, be sure to check some of our previous blog posts from prior months to actually see how the housing industry is reacting. The MLS sales data for July 2015 is as follows: The Metro Phoenix Area
  • Total Active Listings currently for sale – 18,564
  • Distressed Properties

- Total Active REO (Bank Owned Homes) – 376

- Total Active Short Sales – 431

  • Total Unit Sales for July 2015 – 7,755

- REO’s sold - 261

- Short Sales Sold - 237

    • Average List Price - $273,326
    • Average Sales Price based on unit sales - $266,305
    • Average Days on Market – 68 days

Casa Grande

  • Zip Code 85122 – 203 Active Listings – 77 homes sold
  • Zip Code 85194 – 51 Active Listings – 4 homes sold

Maricopa

  • Zip Code 85138 – 253 Active Listings – 101 homes sold
  • Zip Code 85139 – 77 Active Listings – 33 homes sold

Queen Creek/San Tan Valley

  • Zip Code 85140 – 197 Active Listings – 85 homes sold
  • Zip Code 85142 – 365 Active Listings – 141 homes sold
  • Zip Code 85143 – 215 Active Listings – 104 homes sold
For more information on new or resale homes, please visit our Phoenix homes for sale page. Register on our site, www.homesinphoenix.com and you will be able to view all homes currently on the market including all REO’s, short sales and brand new homes.
About Jeffrey Austin

Hi, I’m Jeffrey Austin, the owner and prior Designated Broker for Real Estate Homes, LLC. I have been licensed since 1991 in Arizona and have many years experience as a broker since 2000. I also have over 35 years experience in the technology field.

For any inquiries, please contact me at info@homesinphoenix.com

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