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

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