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.

 

Blinklist!Blogmarks!BlinkBits!Ask!

Add comment


Security code
Refresh