Dear Neighbors,

Here is your Bellasera Market update for NOVEMBER, 2011. 

FOR SALE

12

- Average Asking Price

$603,316

- Average Square Feet

2,891

- Average Asking Price per Sq. Foot

$210.60

- Average Days on Market

213

- SHORT SALES – LENDER OWNED

4

PENDING

0

- Average Asking Price

0

- Average Square Feet

0

- Average Asking Price per Sq. Foot

0

- Average Days on Market

0

- SHORT SALES – LENDER OWNED

0

SOLD*

17

- Average Sales Price

$476,012

- Sales Price to List Price

95%

- Average Square Feet

2,395

- Average Sales Price per Sq. Foot

$189.42

- Average Days on Market

137

- Lowest Sale Price

$281,000

- Highest Sale Price

$590,000

- SHORT SALES – LENDER OWNED

5

The attached spreadsheets shows the homes that are FOR SALE by FLOORPLAN.

**We have a new listing – 7673 E. PONTEBELLA DR. – see our website for photos.**

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

SOLD 2010 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

12

$210.60

0

$0

17

$189.42

5

Terravita (1,380 homes)

44

$212.21

8

$210.29

66

$186.73

11

Winfield (511 homes)

(*Includes Custom Homes)

18

$218.45

3

$187.07

24

$168.09

3

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 11/2/11).

Overall Market:

The number of homes currently for sale in the Valley are:  19,606 - compared to October’s 19,398. We currently have 4 listings in Bellasera and have several agents who have buyers who are looking for homes.  If you are considering selling your home, please contact us for a “Market Analysis”.

Bellasera has had one home sell since August – it was our listing at 7668 E. Balao.  The summer months are slower – the season is here so we should see more activity. See attached chart on monthly sales from The Cromford Report for our zip code - 85266

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code

FOR SALE

 


193

PENDING

 


42

SOLD 2011

 


327

SOLD

SHORT SALE-

LENDER OWNED

116

Average Price Per Sq. Ft.

$266.97

$171.23

$169.05

$143.74

Market Summary

See attached report – Altos Research Summary - Scottsdale

From The Cromford Report:

Trustee's deed recordings in Maricopa County for the last six months have a striking similarity to the number of foreclosures for the six months beginning in March 2008, only in reverse. Trustee's deeds, beginning March 2008 rose monthly in the following sequence: 2279, 2863, 3306, 3682, 3986 and 4237. Looking back from October 2011 we see the following sequence: 2400, 2838, 3568, 3309, 4073, and 4393. Just as the spring of 2008 was the most significant escalation of the foreclosure crisis, the fall of 2011 looks like the most significant period of declining foreclosures for Maricopa County.

Through the first 14 business days in October, there have only been 770 homes (single family plus condos) which have reverted back to the banks in Maricopa County. This is an average of 55 homes per day. Carrying these numbers forward through the end of the October, Maricopa County will probably only have 1100 homes returning to the banks. This would be the lowest monthly total since the summer of 2007.

Over the last year we've seen report after report on declining home prices in Arizona and forecasts of further declines. A 20% decline was a standard forecast.  One report in August showed Arizona http://www.eastvalleytribune.com/arizona/article as having the largest price declines in the nation. In January of 2011 we began talking about  prices being flat and "improving market conditions" which we believed would eventually lead to home prices increasing. A funny thing is going to happen when 2011 ends. After all the negative talk about declining prices throughout the year, there is a very strong probability the median sales price will actually increase year over year. The median sales price for a resale home in Maricopa County in December 2010 was $115,000. Today, the median priced home sells for $117,000.

NEWS ON THE HOUSING MARKET: (check out our website for “Housing Update”)

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

Homeownership Rate Second Highest on Record
The homeownership rate is at its second-highest level on record, only behind the record high set in 2000, according to the U.S. Census Bureau, which began collecting home ownership data in 1890.

Read more ...

NAHB, October 26 - New-Home Sales Rise 5.7 Percent in September
Sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 313,000 units in September, according to newly released data from the U.S. Commerce Department. This marks the fastest pace of new-home sales in the past five months.
Read more ...

DSNews.com, October 24 - Administration Announces Refinance Program for Underwater Borrowers
ItÕs official. The Federal Housing Finance Agency (FHFA) unveiled a new, revamped government mortgage refinancing program Monday.
Read more ...

HousingWire, October 21 - Senate votes to extend jumbo conforming loan limits
The Senate voted 60-38 Thursday night to reinstall the elevated conforming loan limits on mortgages guaranteed by the government.
Read more ...

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Dear Neighbors,

Here is your Bellasera Market update for OCTOBER 2011. 

FOR SALE

13

- Average Asking Price

$561,607

- Average Square Feet

2,651

- Average Asking Price per Sq. Foot

$212.23

- Average Days on Market

173

- SHORT SALES – LENDER OWNED

4

PENDING

0

- Average Asking Price

0

- Average Square Feet

0

- Average Asking Price per Sq. Foot

0

- Average Days on Market

0

- SHORT SALES – LENDER OWNED

0

SOLD*

16

- Average Sales Price

$480,450

- Sales Price to List Price

96%

- Average Square Feet

2,424

- Average Sales Price per Sq. Foot

$189.12

- Average Days on Market

143

- Lowest Sale Price

$281,000

- Highest Sale Price

$590,000

- SHORT SALES – LENDER OWNED

5


CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

SOLD 2010 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

13

$212.23

0

$0

16

$189.12

5

Terravita (1,380 homes)

43

$217.52

6

$187.33

63

$186.32

11

Winfield (511 homes)

12

$214.84

3

$176.05

23

$166.70

3

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 10/1/11).

Overall Market:

The number of homes currently for sale in the Valley are:  19,398 - compared to September’s 20,316.

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code

FOR SALE

 


171

PENDING

 


42

SOLD 2011

 


307

SOLD

SHORT SALE-

LENDER OWNED

108

Average Price Per Sq. Ft.

$268.24

$161.69

$169.81

$146.82

Market Summary

See attached report – Altos Research Summary - Scottsdale

From The Cromford Report:

The market has remained fairly stable although it did change substantially after mid June. For the last three months sales activity has been concentrated at the bottom end of the market with the middle and top end much weaker than during the spring.

The price gap between REOs and short sales has narrowed substantially and disappeared completely for several price ranges.

We are still seeing considerable variation from day to day.

While prices for lender owned homes are on the rise, short sales and normal listings are still displaying considerable price weakness, so the overall price direction is still vague.

There have been several media stories making a big deal about increased foreclosure numbers in August. Outside Arizona, and especially in judicial foreclosure states. these may have had some significance. Inside Maricopa County, they seem to have no significance at all. The rise in completed foreclosures from July to August was small at 8% and less than the 15% increase in the number of days that the calendar gave the trustees to work.

There was a noticeable rise in foreclosure notices issued by Recontrust, the company that handles the notices for Bank of America. However the notices for other trustees were at roughly the same level as July and substantially down from 2010.

The underlying downward trend is reinforced by the month to date numbers for September. We are projecting about 4,500 new foreclosure notices during September, a drop of some 16% from August and about 2,850 trustee sales, a drop of about 21%. Part of the drop is because September has 9% fewer working days (21) than August (23). Nevertheless it still looks like the foreclosure tide is on its way out, and the inventory of bank owned homes continues to fall, as does the count of pending foreclosures.

NEWS ON THE HOUSING MARKET: (check out our website for “Housing Update”)

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

Existing-Home Sales Jump Nearly 19% From Last Year

Sales of previously owned homes came in 18.6 percent higher last month when compared to August 2010, according to data just released by the National Association of Realtors. Completed transactions rose 7.7 percent on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million. The latest numbers far surpassed market expectations. Many analysts were forecasting a decline while others were predicting a much more modest increase, with projections for the annual rate ranging between 4.61 million and 4.80 million.

Read More ...

Realty Times, August 30 - Top Reasons to Own a Home
There's good reason that over half of all Americans are homeowners. Social and financial benefits are key factors when it comes to deciding to buy. Homeownership allows people to grow wealth slowly over time, to hold assets that build equity, and to bring stability into chaotic lives.
Read More ...

Phoenix homes hit highest August level in five years

Phoenix-area home sales hit their highest August level in five years, recording 9,657 closings in the combined Maricopa-Pinal counties. That is up 8.1% from July and 35.8% from last year, DataQuick said. Las Vegas experienced a similar trend last month, with sales jumping to a five-year high. Phoenix is the county seat...

Read More ....

Fixed-rate mortgages hit all-time low

The average interest rate on a 30-year, fixed-rate mortgage reached 4.01% for the week ending Sept. 29, the lowest ever recorded on the Freddie Mac survey. The 15-year FRM also averaged a record low 3.28% for the week. The new lows come after the Federal Reserve announced it would buy $400...

Read More ...

Forbes: Phoenix a 'Boom City' in Next Decade

According to an article by Forbes.com, Phoenix is prime for growth in the next decade. Phoenix is one of Forbes top 10 "Next Big Boom Towns."

Read More ...

Case-Shiller Puts Home Prices 4% Below a Year Ago

Even with a seasonal uptick in the month of July, home prices are falling short of their levels a year earlier, according to data just released by Standard & Poor’s. Both the 20-city and 10-city composite readings of the S&P/Case-Shiller index rose 0.9 percent between June and July, but were down 4.1 percent and 3.7 percent, respectively, when compared to July 2010. Detroit and Washington, D.C. were the only metropolitan areas in the study to buck the annual trend.

Read More ....

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Dear Neighbors,

Here is your Bellasera Market update for AUGUST 2011. 

FOR SALE

7

- Average Asking Price

$574,857

- Average Square Feet

2,551

- Average Asking Price per Sq. Foot

$224.36

- Average Days on Market

244

- SHORT SALES – LENDER OWNED

1

PENDING

1

- Average Asking Price

$389,000

- Average Square Feet

1,847

- Average Asking Price per Sq. Foot

$210.61

- Average Days on Market

66

- SHORT SALES – LENDER OWNED

1

SOLD*

15

- Average Sales Price

$486,547

- Sales Price to List Price

96%

- Average Square Feet

2,445

- Average Sales Price per Sq. Foot

$189.99

- Average Days on Market

145

- Lowest Sale Price

$281,000

- Highest Sale Price

$590,000

- SHORT SALES – LENDER OWNED

4

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN. **We have a new listing – 7685 E. BALAO DR. – see our website for photos.**

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

SOLD 2010 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

7

$224.36

1      

$210.61

14

$189.99

4

Terravita (1,380 homes)

35

$217.86

10

$202.93

53

$185.64

10

Winfield (511 homes)

15

$214.14

0

$0

22

$166.06

3

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 7/31/11).

Overall Market:

The number of homes currently for sale in the Valley are:  20,316 - compared to July’s 21,540.

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code

FOR SALE

 

 

160

PENDING

 

 

51

SOLD 2011

 

 

261

SOLD

SHORT SALE-

LENDER OWNED

89

Average Price Per Sq. Ft.

$269.63

$173.37

$170.61

$146.82

Market Summary

ARMLS recorded a record amount of total homes sold for the month of June, 2011. 10,583. More than any other month in the history of our Valley.

The available inventory of homes for sale continues to drop dramatically. That gives us a market supply of only 1 3/4 months. Pending sales stay strong at 16,649 and continue to surpass the total available supply of homes.

We are in a situation where we have a very extreme shortage of inventory to sell, especially quality inventory. It is difficult to find a well priced, quality home. If you do find one, it is usually gone very quickly.

From The Cromford Report:

Are Prices Going Up or Down?

I don't think we have ever had such a confusing set of pricing data so it's not surprising that opinions on price direction are all over the map. Even the facts are all over the map, which is a much rarer condition.

I'm going to wade into the issue and try to explain what I see going on. Hopefully it will shed light rather than adding to the confusion.

Before I start, let me make it clear that market direction and price direction are not the same thing. Sometimes the market gets worse while prices rise. This happened between April 2005 and August 2007. Throughout this period the market deteriorated - supply was increasing and demand falling and although prices reached a peak in June 2006 they did not start to decline significantly until September 2007 (see here). In contrast, since November 2010, when the market was in poor shape, supply has been falling while demand has been rising, but prices have shown little to no interest in responding by moving higher.

Nevertheless the improvement in market conditions is very substantial. Let's look at some key indicators for all areas & types:

1.   The Cromford Market Index™ is higher now than at any time since October 2005.

2.   The inventory of active listings is lower now than during the buoyant market of July 2003 and a far larger proportion of the current inventory has a contingent contract than was the case in 2003.

3.   Monthly sales rates are setting new record highs.

4.   Recent contract ratios are in the low to mid 90's, the highest we have seen since September 2005.

5.   Listing success rates are approaching 75%, the highest recorded since October 2005.

6.   Pending foreclosures and REO inventories are declining faster than at any time since 2005.

7.   Foreclosures are off to a very slow start in the first week of July.

It follows that we have to treat both average and median sales prices with a good deal of caution. At the Cromford Report we tend to focus on average sales price per sq. ft. which dilutes the disproportionate effect of luxury homes a little, but certainly not completely. It also goes a long way to avoid the problems associated with medians when REOs are selling like hot cakes. However $/SF is still highly susceptible to changes in the market mix, or "blend" as Tom Ruff likes to call it. This is especially true of changes in the blend at the high end of the market.

The facts are not really to blame. We must remember that averages and medians are not only different, they are not even closely related and often move in different directions, especially over short periods like months. It is only over the long term that they tend to follow similar trends.

So where are we really?

Well from my perspective, prices aren't really going up or down much at all. They are still bumping along in essentially the same price range they have been in since October 2010. In situations like this, changes in the blend can make all the difference in whether the average or median goes up, down or stays flat. Our advice is not to pay too much attention to these movements. They will gain their rightful insignificance over time.

When a real price trend forms, we will know about it for sure, because all the price indicators will then be moving in the same direction with obvious momentum.

NEWS ON THE HOUSING MARKET: (check out our website for “Housing Update”)

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

Phoenix Housing Market Shows Signs of Life - In June, Phoenix had the strongest resale activity in six years, helping to lift total sales from the year-ago month when federal tax credits were boosting the market.  There were about 10,500 sales of new and existing houses and condos during June in the metro area covering Maricopa and Pinal counties, up 8.3% from May and 1.5% from June of last year, according to DataQuick, the real-estate research company based in San Diego.  Read article:
http://blogs.wsj.com/developments/2011/07/27/phoenix-housing-market-shows-signs-of-life/

Pending home sales rise unexpectedly 
http://www.msnbc.msn.com/id/43927716/ns/business-real_estate/

The Arizona Republic, July 27 – Home-price index finally lines up with local realty

Data on Phoenix home prices from the monthly New York-based S&P/Case-Shiller’s Home Price index isn’t usually very popular with Arizona real-estate market watchers, mostly because it lags local data and often shows much bigger declines in values than local data.

http://www.azcentral.com/arizonarepublic/business/articles/2011/07/27/20110727biz-catherine0727.html

DSNews.com, July 18 – Housing Market Expected to Follow Overall Economy

Home sales are expected to outpace 2010 sales by 3 to 5 percent for the remainder of 2011 as the housing market follows the overall economy, according to Freddie Mac. Freddie Mac’s U.S. Economic and Housing Market Outlook for July, released Monday, suggests the housing market is not likely to see a full “double dip.”

http://www.dsnews.com/articles/housing-market-expected-to-follow-overall-economy-2011-07-18

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FOR SALE

7

- Average Asking Price

$610,928

- Average Square Feet

2,709

- Average Asking Price per Sq. Foot

$225.30

- Average Days on Market

218

- SHORT SALES – LENDER OWNED

1

PENDING

1

- Average Asking Price

$389,000

- Average Square Feet

1,847

- Average Asking Price per Sq. Foot

$210.61

- Average Days on Market

66

- SHORT SALES – LENDER OWNED

1

SOLD*

14

- Average Sales Price

$454.393

- Sales Price to List Price

95%

- Average Square Feet

2,419

- Average Sales Price per Sq. Foot

$188.98

- Average Days on Market

154

- Lowest Sale Price

$281,000

- Highest Sale Price

$590,000

- SHORT SALES – LENDER OWNED

4

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN.

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

SOLD 2010 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

7

$225.30

1      

$210.61

14

$188.98

4

Terravita (1,380 homes)

41

$217.07

15

$191.58

44

$188.18

7

Winfield (511 homes)

11

$220.99

2

$142.62

20

$168.47

2

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 4/16/11).

Overall Market:

The number of homes currently for sale in the Valley are:  21,540 compared to April’s 28,723!

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code

FOR SALE

165

PENDING

61

SOLD 2011

228

SOLD

SHORT SALE-

LENDER OWNED

69

Average Price Per Sq. Ft.

$241.06

$172.51

$172.16

$148.23

Market Summary (from The Cromford Report)

Market Summary for the Beginning of June

It feels almost like the inverse of 2005.

In the second half of 2005, supply rose dramatically but no-one seemed to take any notice. There was a widely believed myth that prices could never go down. Between March 31, 2005 and June 30, 2006, active listings rose from 8,394 to 45,729 (up 445%) creating a huge glut of homes for sale. Yet average sales prices continued to rise throughout this period, up 28.6% from $146.98 to $189.05 per sq. ft.

Meanwhile demand fell 16.5%, with sales per month dropping from 8,490 to 7,093. It was as if everyone believed the laws of supply and demand no longer applied. Of course we found out by 2007 that supply and demand really did matter and the bubble burst explosively in 2008 causing untold damage to the economy and family finances.

It's a question of timing. Supply and demand do control pricing, but in real estate there is a very long time delay between cause and effect. That timing can be extended even further by sentiment. In 2005 sentiment was off-the-charts positive - "irrational exuberance" ruled the roost and caused people to make decisions that in hindsight look crazy. Not just homeowners and developers, but especially lenders and the investors who fueled the credit surplus. Those few of us who tried to warn people in early 2006 that prices would fall dramatically were treated a bit like Harold Camping predicting the end times.

The opposite seems to be happening now. Sentiment is very negative. Everyone seems convinced that prices can only fall further, yet demand is rising and supply has been falling like a rock dropped off a cliff for 6 months now. It comes down to one simple fact: people believe what they want to believe. The facts do not exert a significant influence.

Here at the Cromford Report, we only deal with facts and figures, not beliefs, so here is the market update.

Sales - We are currently recording 9,814 sales in May. This is up 3.5% over April and up 10% over May 2010. This is a very strong sales total because in May 2011 sales are not being boosted by the government bribe (sorry, tax credit) that applied in 2010 for buyers of owner-occupied homes.

Pending Sales - At 13,268 on June 1, pending sales are down 0.4% compared with May 1 but up 6.7% compared with June 1, 2010. Again an extremely strong indicator of demand. In 2010 demand fell sharply during the summer after the tax credit expired, but there is no sign so far that the same will happen in 2011.

Active Listings - At 31,346 on June 1, active listings are 9.4% below May 1 and 23.3% below June 1, 2010. Supply is clearly falling fast. However this understates the situation because a large proportion of the active listings already have a contract against them. In fact there were 7,737 AWC (active with contingent contract) listings as of June 1, 2.6% higher than the very high level we saw on June 1, 2010. If we exclude these AWC listings, we have only 23,609 active listings, down 12.7% in a month and down 28.8% compared with last year. This is almost 60% down from the peak of October 2007.

Supply Versus Demand - The average months supply (active listings divided by monthly sales rate) for the period Jan 1, 2001 to June 1, 2011 is 5.9 months. Right now we have a 3.2 month supply. Yet we read everywhere that there is a "glut of foreclosed home on the market". What we are reading may have been true in November last year. It is not true now. In fact available supply is really even tighter than this. If we only count active listings that don't have a contract the months supply number drops to just 2.4 months. Anyone who thinks this is a "glut" is not living in the real world. They should just ask anyone who is actually trying to buy a home right now. Competition is intense, and not just for bank-owned homes and trustee sales. It is also heating up for short sales and normal listings. If you are trying to buy a home that is at all desirable and is priced at market or below, expect multiple bids. If you are a seller, then you only need to price realistically and your home will sell quickly.

(All the above numeric information is for "all areas & types" within ARMLS.)

Records Being Set

In Maricopa County, May saw the largest ever number of distressed homes disappear from inventory. Pending foreclosures fell by 3,394 homes while REO inventory fell by 971 residential properties.

For Maricopa County, May gave us the highest ever percentage of out-of-state buyers. 29.9% of sales went to non-Arizona residents. The average between January 1999 and May 2011 was 11.9%. The absolute count was also a record - 2,648 homes sold to out-of-state buyers. The average since Jan 1999 is 1,446.

For Maricopa County, May saw the highest ever number of foreclosures selling direct to third parties at the courthouse steps. The record set was 1,476, 33% of all the trustee sales.

Paradise Valley

Exceptionally strong market activity is occurring in Paradise Valley where sales are now averaging 52 per month compared with 31 last year at this time. Inventory is down to 319 from a peak of 581 in April 2009 when sales were averaging only 9 per month.

Prices

After a bump upwards between mid April and mid May, average sales price per sq. ft. is back down a little at the beginning of June. Although we are still some 2% to 3% above the market bottom in January and February this year, in most places prices have not yet responded to the huge changes in supply and demand. Why not? Please refer to what happened in 2005, but with everything upside down. The rules of supply and demand have not been lifted. Of course, you don't have to believe me, but please don't say I didn't warn you.

NEWS ON THE HOUSING MARKET: (check out our website for “Housing Update”)

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

Experts offer varied housing outlooks - Housing-market watchers are searching for signs Phoenix's five-year housing downturn is near an end.  Several reports show the market improving, and prices inching up this year.  Data from Phoenix groups the Cromford Report and the Information Market:
- Home sales were up 3.5% in May over April.
- Pending sales are almost flat in May from April, signaling June could be another good month.
- Listings continue to fall and are down almost 10% from May.
Read article:
http://www.azcentral.com/business/realestate/articles/2011/06/21/20110621catherine-reagor-phoenix-experts-offer-varied-housing-outlooks.html

Contracts to buy homes rose sharply in May
http://www.msnbc.msn.com/id/43576690/ns/business-personal_finance/

Mortgage Firms Easing Standards
http://www.realtor.org/RMODaily.nsf/pages/News2011062804

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Bellasera Market update for APRIL, 2011.

FOR SALE

9

- Average Asking Price

$668,422

- Average Square Feet

3,031

- Average Asking Price per Sq. Foot

$220.58

- Average Days on Market

212

- SHORT SALES – LENDER OWNED

1

PENDING

1

- Average Asking Price

$405,000

- Average Square Feet

1,627

- Average Asking Price per Sq. Foot

$248.92

- Average Days on Market

11

- SHORT SALES – LENDER OWNED

0

SOLD*

8

- Average Sales Price

$424,225

- Sales Price to List Price

97%

- Average Square Feet

2,259

- Average Sales Price per Sq. Foot

$181.44

- Average Days on Market

201

- Lowest Sale Price

$281,000

- Highest Sale Price

$560,000

- SHORT SALES – LENDER OWNED

3

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN.

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

SOLD 2010 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

9

$220.58

2

$248.92

8

$181.44

3

Terravita (1,380 homes)

57

$209.05

8

$211.26

24

$204.85

5

Winfield (511 homes)

20

$216.29

8

$181.46

5

$158.72

0

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 4/16/11).

 

Market Summary (from The Cromford Report)

 

The most impressive thing about the month of March 2011 was the huge unit volume of closed sales. We are currently showing 9,901 closed sales on ARMLS for all areas and types. That is the 5th highest monthly total ever recorded on ARMLS and the second highest sales volume ever for the month of March. The only months which have surpassed it were June 2005 (10,213), August 2005 (10,002), June 2004 (9,973) and March 2005 (9,949).

 

Meanwhile demand is accelerating while supply is falling Trustee sales in Maricopa County hit a high number of 5,226 in March, due to the trustees catching up from the Bank of America moratorium in November last year. Notices of trustee sales were only modestly up from February at 5,397, which is not an impressive number given that March contained a lot more working days for lenders than February. As a result the number of homes pending foreclosure dropped sharply during March to the lowest number since March 2009.

 

Third parties buying at trustee sale made a new record with 1,379 purchases (26.4% of the auctions). This is by the far the largest number of properties ever purchased at trustee sale. Another 3,842 properties got no bids and went to the beneficiary to become REO inventory. This may help slow the fall in the REO inventory listed for sale of ARMLS.

 

Lenders seem to have noticed the enthusiasm of buyers and having allowed the average list $/SF of REOs to fall between April 1, 2010 ($87.56) and March 20, 2011 ($68.84), they are now increasing them again and the average list $/SF has popped up 3.5% in just the past 2 weeks. Asking prices for short sales and pre-foreclosures seem to have stalled at around $79 to $80 per sq. ft. Normal listings have been increasing in list price for some time, reaching a low of $185.93 on September 24 and rising by 4.5% over the last 6 months to hit $194.37 today.

 

While average sales prices are very slightly higher in March compared with January and February, there is still no clear sign of a significant trend forming. The median sales price has been stuck at $110,000 for three month now., again with no sign of a major move either up or down over the short term.

 

With the balance between supply and demand changing quite quickly for the better over the last four months, we are down to an overall inventory level of 4.2 months based on the monthly sales rate. This can be regarded as a "normal" reading for the time of year (it is below the 4.5 we measured in 2002 at the same point in our last "normal" year). This goes a long way towards explaining why prices have stabilized once again.

 

Currently the trend is for supply to fall further and demand to increase, and if this continues then at some point it is likely to lead to prices moving higher. How soon and how much, it is too early to say.

 

However it is not too early to say that prices are unlikely to fall to any significant degree while this situation persists. Last year the disappearance of the tax credit at the end of April caused the market to deteriorate suddenly in May and pricing fell sharply between July and September. At the moment we see no indication of a similar interruption to the recovery process that is now under way.

 

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Bellasera Market Update

Dear Neighbors,

Here is your Bellasera Market update for FEBRUARY, 2011.

FOR SALE
9
- Average Asking Price
$593,189
- Average Square Feet
2,590
- Average Asking Price per Sq. Foot
$225.99
- Average Days on Market
179
- SHORT SALES – LENDER OWNED
0




PENDING
2
- Average Asking Price
$434,450
- Average Square Feet
2,305
- Average Asking Price per Sq. Foot
$190.79
- Average Days on Market
274
- SHORT SALES – LENDER OWNED
1


SOLD*
3
- Average Sales Price
$405,333
- Sales Price to List Price
97%
- Average Square Feet
2,372
- Average Sales Price per Sq. Foot
$170.18
- Average Days on Market
307
- Lowest Sale Price
$316,000
- Highest Sale Price
$525,000
- SHORT SALES – LENDER OWNED
2

 

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD



FOR SALE /
AVG. SQ FT
PENDING/
AVG. SQ. FT
SOLD 2010 /
AVG. SQ. FT.
SOLD-SHORT
SALE-LENDER OWNED
Bellasera (360 homes)

9
$225.99
2
$190.79
3
$170.18
2
Terravita (1,380 homes)
64
$220.83
9
$190.62
7
$195.83
2
Winfield (511 homes)
21
$194.31
2
$188.93
2
$142.35
0

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 2/7/11).

Overall Market:

We have had 3 sales so far this year – a great start with 2 homes under contract. Currently, we do not have any short sales or lender owned properties listed.

At our open houses, we have buyers who are looking in Bellasera and love the community, but there are not many homes to choose from. With such few homes on the market, now would be a good time to list your home with us. As a thank you to our neighbors, we will list your home for 2.5% (instead of the normal 3%).

All the cold weather and snow in the Midwest and East (and some here!) should jump start some buyers to consider moving to Arizona.

 

us-forclosures-2010

The number of homes currently for sale in the Valley are:  36,063 compared to January of 39,358.  The trend is downward – yea!

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code




FOR SALE
PENDING
SOLD 2010 SOLD
SHORT SALE-
LENDER OWNED

246 64 35 13
Average Price Per Sq. Ft. $232.51 $177.57 $180.87 $150.99

 

Market Summary (from The Cromford Report)

January gave us a lot to think about.

Although pricing was generally quite weak, most indicators were giving us very positive signals of better times ahead.

Sales: We usually expect to see very low sales volumes in January and after a very busy December, we saw sales across all areas and types total 6,522, down 21.8% month to month. However this total is 15.0% higher than for January 2010, so it's still a fairly strong performance.

Pending Sales: Rose 19.4% from January 1 to February 1, an unusually large increase suggesting strengthening demand and a busy buying season ahead. The total of 10,565 is 0.8% lower than 2010 when we were heading into the expiry of the tax credit at the end of April.

Active Listings: These usually rise strongly between January 1 and February 1 as people gear up for the spring, but in 2011 this number declined by 1.8%. This weakening of supply is somewhat surprising as well as welcome to sellers.

Sales Pricing: Dropped from $83.29 per sq. ft. on January 1 to a low point of $80,64 on January 21, recovering slightly to end at $81.44 on February 1. Behaving very much as predicted by our pricing model.

After the unusually low numbers in November and December, foreclosures reverted to more "normal" levels with 6,783 new notices and 4,585 trustee deeds recorded. The net effect was to reduce the number of pending foreclosures to fewer than 40,000 for the first time since March 2009. REO inventory is slightly down compared with one month ago and back down to the level of mid-September 2010.

The current monthly sales rate and the number of pending listings are both very strong for the time of year while active listings have declined over the last two months. All of these suggest a strengthening market. This gathering strength is still unlikely to be reflected in sales prices for several months, but it does look as though the spring buying season will be very busy in 2011. It will take more than one spring season to generate a market recovery. However it does mean that the downward pressure on pricing is starting to ease.

 

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Bellasera Market Update


Dear Neighbors,

Here is your Bellasera Market update for NOVEMBER, 2010

FOR SALE
11
- Average Asking Price
$558,127
- Average Square Feet
2,633
- Average Asking Price per Sq. Foot
$209.34
- Average Days on Market
209
- SHORT SALES – LENDER OWNED
4

PENDING
3

- Average Asking Price
$521,167
- Average Square Feet
2,631

- Average Asking Price per Sq. Foot
$196.69
- Average Days on Market
85
- SHORT SALES – LENDER OWNED
0


SOLD*
15
- Average Sales Price
$546,213
- Sales Price to List Price
94%
- Average Square Feet
2,811
- Average Sales Price per Sq. Foot
$184.61
- Average Days on Market
139
- Lowest Sale Price
$340,000
- Highest Sale Price
$732,000
- SHORT SALES – LENDER OWNED
4

*There are 3 sales that are NOT shown in the MLS, which are listed on a separate SOLD spreadsheet attached.

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN.  Also attached are CMA Maps of the homes FOR SALE, PENDING, and SOLD.

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD



FOR SALE /
AVG. SQ FT
PENDING/
AVG. SQ. FT
SOLD 2010 /
AVG. SQ. FT.
SOLD-SHORT SALE-LENDER OWNED
Bellasera (360 homes)
11 /$209.34
3
15 / $184.61
(3 not in MLS = 18)
4

Terravita (1,380 homes)
56 /$217.90
3
61 / $204.61
9
Winfield (511 homes)
22 /197.74
1
22 / $182.31
5

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 11/2/10).

Overall Market:

There is a general upward trend since September and it appears that pricing has stabilized after some steep falls in the 3rd Quarter.

Even with the number of homes for sale, it is difficult to find a home that is in good condition and a good location.  Homes that are priced well and show well are going under contract.

Per “Fitch Ratings”, there is a “Shadow Inventory” of homes that will come on the market from delinquent loans, short sales, and foreclosures. All of it, Fitch said, simply prolonged the housing correction underway and will bring about further house price declines and losses on residential mortgage-backed securities.” (see article below)

The number of homes currently for sale in the Valley are:  39,358 – with the “Season” beginning (October to May), more homes are coming on the market.

Below is a chart that just includes the Zip Code of 85266 (see attached map)



85266 Zip Code



FOR SALE

267


PENDING

40


SOLD 2010

295
SOLD
SHORT SALE-
LENDER OWNED

117
Average Price Per Sq. Ft.

$240.94
$180.52

$187.83
$155.98





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Dear Neighbors,

Here is your Bellasera Market update for SEPTEMBER, 2010

FOR SALE
12
- Average Asking Price
$542,450
- Average Square Feet
2,584
- Average Asking Price per Sq. Foot
$206.71
- Average Days on Market*
169
- SHORT SALES
3


PENDING
2

- Average Asking Price
$441,200

- Average Square Feet
2,338
- Average Asking Price per Sq. Foot
$186.00
- Average Days on Market*
196
- SHORT SALES
2


SOLD*
12
- Average Sales Price
$564,733
- Sales Price to List Price
95%
- Average Square Feet
2,943
- Average Sales Price per Sq. Foot
$184.25
- Average Days on Market*
152
- Lowest Sale Price
$340,000
- Highest Sale Price
$732,000
- SHORT SALES
3

*There are 3 sales that are NOT shown in the MLS, which are listed on a separate SOLD spreadsheet attached.

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN.  Also attached are CMA Maps of the homes FOR SALE, PENDING, and SOLD.

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD




FOR SALE /
AVG. SQ FT
PENDING/
AVG. SQ. FT
SOLD 2010 /
AVG. SQ. FT.
SOLD-SHORT SALE-LENDER OWNED
Bellasera (360 homes)
12 /$206.71
2
12 / $184.25
(3 not in MLS = 15)

3

Terravita (1,380 homes)
36 /$224.89
4
56 / $204.31
8
Winfield (511 homes)
22 /197.74
1
19 / $189.05
4

(*Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 9/3/10).

Overall Market:

Looking at numbers and forecasts from all areas of the economy, it is sooooooo confusing and I am not sure what it all means!  There is no “normal” market or cycle – we will just have to wait to see what happens.

Interest rates are still falling, but so are home prices.

Last month, the number of homes for sale in the Valley were 36,558 in July compared to today of 37,702 – an increase of 1,144 homes.

There are 15,843 homes currently under contract compared to last month of 16,745.

The number of SOLD homes in the Valley so far in 2010 is 63,022 (38,690 were Lender Owned/Short Sales – 39%).

(see attached Listing and Sold Charts from ARMLS)

Market Summary (from The Cromford Report)

Pricing for normal sales has fallen a remarkable 9.7% in a single month. Short sale and pre-foreclosure pricing has declined by 3% but this is partly counterbalanced by an increase in REO pricing by 1.4%.

The overall price decline is primarily caused by two main factors: a steep fall in the sales prices of normal listings over $300,000 and the relative scarcity of normal sales in August, particularly the scarcity of higher end homes. We saw only 91 normal sales of homes priced over $600,000 in Maricopa county compared with 142 sales the month before.

Are home values falling in real terms? They were fairly static for the first six months of the year, but they have certainly fallen for the last two months.

What will happen next? Well the average pending $/SF for normal sales has not fallen as much as the average sales $/SF, which suggests we could see some sort of recovery in normal sales pricing in the next 30 to 60 days.

However the market is highly unstable at the moment and we could see some major price fluctuations during the next two months.

NEWS ON THE HOUSING MARKET:

Real Estate Outlook: Fannie Forecast

by Kenneth R. Harney

If you want a good sense of where we are in housing and where we're headed, check out the latest forecast from Fannie Mae chief economist Doug Duncan. http://realtytimes.com/rtpages/20100823_realestateoutlook.htm

Click on link for “Economic and Market Watch Report – 2nd Quarter 2010” http://www.armls.com/Libraries/Market_Watch_Reports/ARMLSQ22010.sflb.ashx

MSNBC - Pending home sales rise 5.2% in July
The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.

http://www.msnbc.msn.com/id/38971730/from/toolbar

DSNews.com, August 24 - Housing Affordability Near Record-High for Sixth Consecutive Quarter

http://www.dsnews.com/articles/housing-affordability-near-record-high-for-sixth-consecutive-quarter-2010-08-24

DSNews.com, August 31 - Home Prices Edge Up in June, but Appreciation Already Slowing: S&P
Home prices rose in June for the third consecutive month - a precipitate of the homebuyer tax credit that sparked a flurry of purchase activity in the spring.

http://www.dsnews.com/articles/home-prices-edge-up-in-june-but-appreciation-already-slowing-sp-2010-08-31

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

“LOG IN” to receive emails and save searchs, see market info, etc. - to log in, look for “Log In” tab above listings

Please call us if you have any questions on Bellasera or would like to list or buy a home.  We sell and list property in most areas of the Valley.
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Dear Neighbors,

Here is your Bellasera Market update for JULY, 2011. 

FOR SALE

7

- Average Asking Price

$610,928

- Average Square Feet

2,709

- Average Asking Price per Sq. Foot

$225.30

- Average Days on Market

218

- SHORT SALES – LENDER OWNED

1

PENDING

1

- Average Asking Price

$389,000

- Average Square Feet

1,847

- Average Asking Price per Sq. Foot

$210.61

- Average Days on Market

66

- SHORT SALES – LENDER OWNED

1

SOLD*

14

- Average Sales Price

$454.393

- Sales Price to List Price

95%

- Average Square Feet

2,419

- Average Sales Price per Sq. Foot

$188.98

- Average Days on Market

154

- Lowest Sale Price

$281,000

- Highest Sale Price

$590,000

- SHORT SALES – LENDER OWNED

4

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN.

CHART COMPARISON: BELLASERA, TERRAVITA, WINFIELD

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

SOLD 2010 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

7

$225.30

1      

$210.61

14

$188.98

4

Terravita (1,380 homes)

41

$217.07

15

$191.58

44

$188.18

7

Winfield (511 homes)

11

$220.99

2

$142.62

20

$168.47

2

(Data from the Arizona Regional MLS (FLEXMLS) and subject to change – Information as of 4/16/11).

Overall Market:

The number of homes currently for sale in the Valley are:  21,540 compared to April’s 28,723!

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code

FOR SALE

165

PENDING

61

SOLD 2011

228

SOLD

SHORT SALE-

LENDER OWNED

69

Average Price Per Sq. Ft.

$241.06

$172.51

$172.16

$148.23

Market Summary (from The Cromford Report)

Market Summary for the Beginning of June

It feels almost like the inverse of 2005.

In the second half of 2005, supply rose dramatically but no-one seemed to take any notice. There was a widely believed myth that prices could never go down. Between March 31, 2005 and June 30, 2006, active listings rose from 8,394 to 45,729 (up 445%) creating a huge glut of homes for sale. Yet average sales prices continued to rise throughout this period, up 28.6% from $146.98 to $189.05 per sq. ft.

Meanwhile demand fell 16.5%, with sales per month dropping from 8,490 to 7,093. It was as if everyone believed the laws of supply and demand no longer applied. Of course we found out by 2007 that supply and demand really did matter and the bubble burst explosively in 2008 causing untold damage to the economy and family finances.

It's a question of timing. Supply and demand do control pricing, but in real estate there is a very long time delay between cause and effect. That timing can be extended even further by sentiment. In 2005 sentiment was off-the-charts positive - "irrational exuberance" ruled the roost and caused people to make decisions that in hindsight look crazy. Not just homeowners and developers, but especially lenders and the investors who fueled the credit surplus. Those few of us who tried to warn people in early 2006 that prices would fall dramatically were treated a bit like Harold Camping predicting the end times.

The opposite seems to be happening now. Sentiment is very negative. Everyone seems convinced that prices can only fall further, yet demand is rising and supply has been falling like a rock dropped off a cliff for 6 months now. It comes down to one simple fact: people believe what they want to believe. The facts do not exert a significant influence.

Here at the Cromford Report, we only deal with facts and figures, not beliefs, so here is the market update.

Sales - We are currently recording 9,814 sales in May. This is up 3.5% over April and up 10% over May 2010. This is a very strong sales total because in May 2011 sales are not being boosted by the government bribe (sorry, tax credit) that applied in 2010 for buyers of owner-occupied homes.

Pending Sales - At 13,268 on June 1, pending sales are down 0.4% compared with May 1 but up 6.7% compared with June 1, 2010. Again an extremely strong indicator of demand. In 2010 demand fell sharply during the summer after the tax credit expired, but there is no sign so far that the same will happen in 2011.

Active Listings - At 31,346 on June 1, active listings are 9.4% below May 1 and 23.3% below June 1, 2010. Supply is clearly falling fast. However this understates the situation because a large proportion of the active listings already have a contract against them. In fact there were 7,737 AWC (active with contingent contract) listings as of June 1, 2.6% higher than the very high level we saw on June 1, 2010. If we exclude these AWC listings, we have only 23,609 active listings, down 12.7% in a month and down 28.8% compared with last year. This is almost 60% down from the peak of October 2007.

Supply Versus Demand - The average months supply (active listings divided by monthly sales rate) for the period Jan 1, 2001 to June 1, 2011 is 5.9 months. Right now we have a 3.2 month supply. Yet we read everywhere that there is a "glut of foreclosed home on the market". What we are reading may have been true in November last year. It is not true now. In fact available supply is really even tighter than this. If we only count active listings that don't have a contract the months supply number drops to just 2.4 months. Anyone who thinks this is a "glut" is not living in the real world. They should just ask anyone who is actually trying to buy a home right now. Competition is intense, and not just for bank-owned homes and trustee sales. It is also heating up for short sales and normal listings. If you are trying to buy a home that is at all desirable and is priced at market or below, expect multiple bids. If you are a seller, then you only need to price realistically and your home will sell quickly.

(All the above numeric information is for "all areas & types" within ARMLS.)

Records Being Set

In Maricopa County, May saw the largest ever number of distressed homes disappear from inventory. Pending foreclosures fell by 3,394 homes while REO inventory fell by 971 residential properties.

For Maricopa County, May gave us the highest ever percentage of out-of-state buyers. 29.9% of sales went to non-Arizona residents. The average between January 1999 and May 2011 was 11.9%. The absolute count was also a record - 2,648 homes sold to out-of-state buyers. The average since Jan 1999 is 1,446.

For Maricopa County, May saw the highest ever number of foreclosures selling direct to third parties at the courthouse steps. The record set was 1,476, 33% of all the trustee sales.

Paradise Valley

Exceptionally strong market activity is occurring in Paradise Valley where sales are now averaging 52 per month compared with 31 last year at this time. Inventory is down to 319 from a peak of 581 in April 2009 when sales were averaging only 9 per month.

Prices

After a bump upwards between mid April and mid May, average sales price per sq. ft. is back down a little at the beginning of June. Although we are still some 2% to 3% above the market bottom in January and February this year, in most places prices have not yet responded to the huge changes in supply and demand. Why not? Please refer to what happened in 2005, but with everything upside down. The rules of supply and demand have not been lifted. Of course, you don't have to believe me, but please don't say I didn't warn you.

NEWS ON THE HOUSING MARKET: (check out our website for “Housing Update”)

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

Experts offer varied housing outlooks - Housing-market watchers are searching for signs Phoenix's five-year housing downturn is near an end.  Several reports show the market improving, and prices inching up this year.  Data from Phoenix groups the Cromford Report and the Information Market:
- Home sales were up 3.5% in May over April.
- Pending sales are almost flat in May from April, signaling June could be another good month.
- Listings continue to fall and are down almost 10% from May.
Read article:
http://www.azcentral.com/business/realestate/articles/2011/06/21/20110621catherine-reagor-phoenix-experts-offer-varied-housing-outlooks.html

Contracts to buy homes rose sharply in May
http://www.msnbc.msn.com/id/43576690/ns/business-personal_finance/

Mortgage Firms Easing Standards
http://www.realtor.org/RMODaily.nsf/pages/News2011062804

 

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Dear Neighbors,

Here is your Bellasera Market Update for NOVEMBER 2014

FOR SALE

3

- Average Asking Price

$642,950

- Average Square Feet

2,933

- Average Asking Price per Sq. Foot

$219

- Average Days on Market

144

- SHORT SALES – LENDER OWNED

0

 

 

PENDING

1

- Average Asking Price

$405,000

- Average Square Feet

1,847

- Average Asking Price per Sq. Foot

$219

- Average Days on Market

13

- SHORT SALES – LENDER OWNED

1

SOLD*

19

- Average Sales Price

$638,363

- Sales Price to List Price

96%

- Average Square Feet

2,752

- Average Sales Price per Sq. Foot

$231

- Average Days on Market

79

- Lowest Sale Price

$360,000

- Highest Sale Price

$885,000

- SHORT SALES – LENDER OWNED

0

The attached spreadsheets shows the homes that are FOR SALE, PENDING, andSOLD by FLOORPLAN.

The number of homes currently for sale in the Valley are:  25,138 - compared to OCTOBER of 24,082.

There are 8,335 homes currently under contract compared to OCTOBER of 8,568.

6,235 homes sold in OCTOBER in the Valley compared to SEPTEMBER of  7,140.

THE MARKET:

Bellasera has unusually LOW inventory with just 3 homes for sale, but current market overall is in a fairly balanced state. Supply is still relatively low but so is demand so that as a whole, things even out.

 

 
 
 
 

 

CHART COMPARISON: BELLASERA – TERRAVITA – WINFIELD  

 

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

TOTAL SOLD 2013 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

 3

$219

    1

  $219

19

$231

                  0

Terravita (1,380 homes)

29

$248

              5

          $237

59

$236

                  0

Winfield (511 homes)

(*Custom Homes)

18

$227

    *2 - $342

              2

         $226 

23

$214

         *2 - $252

                  0

 (Data from the Arizona Regional MLS (FLEX MLS) and subject to change – Information as of 11/8/14).

Below is a chart that just includes the Zip Code of 85266:

 

85266 Zip Code

 

FOR SALE

 

 

              199

 

PENDING

 

 

28

 

TOTAL SOLD 2014

 

 

237

SOLD

SHORT SALE-

LENDER OWNED

For 2014

7

 

 

Average Price Per Sq. Ft.

 

 

$283

      

 

    $221

 

 

$226

 

 

$175

    *All Averages Includes

            Custom Homes

*SEE ATTACHED STATISTICS

                   REPORT

 NEWS ON THE HOUSING MARKET: (check out our website under “Market” for Housing Market Updates)

Why Sellers Overprice Their Homes - There's one piece of advice that every real estate agent on earth will tell you - "If you overprice your home, it will take longer to sell and sell for less money."Read more ...

Mortgage Rates Push Back Above 4% - For the second consecutive week, average fixed-rate mortgages increased, bumping the 30-year fixed-rate mortgage back above 4 percent.                  Read more ...

 

Goldman Sachs: Do these charts show housing heading for a bubble? -Analysts give their take on the risk in housing and equity markets.  In a note to clients, Goldman Sachs looks at asset prices in housing and equity markets, given that equity markets are back at near-historic highs and some are sounding the alarm about a potential housing bubble. Read more ...

 

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

 

 TO SEARCH FOR HOMES - CLICK HERE

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