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

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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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