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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