Phoenix Real Estate Market Update for the month of May 2013
Posted by Dorette Oppong-Takyi on Jun 4, 2013 | Comments Off
The number of foreclosed homes and short sale homes for sale were down in Phoenix last month compared to the same time in 2012.
How is Phoenix doing with Foreclosures and Short sales?
The number of homes listed for sale after being foreclosed went down about 39% from 331 homes for sale to 204 homes in the month of May 2013 from May 2012.
This is a very good sign and indication that the Phoenix market is gradually bouncing back.
Phoenix also saw a significant reduction in the number of homes that were being sold as short sale since the home owners owed more than the homes they were selling were worth.
We saw a 68% percentage reduction in homes being short sold in May 2013 which were only 223 homes compared to the 714 homes that were listed for sale last year during the month of May.
Inventory of Homes for sale in Phoenix
The number of homes that came up for sale priced below $600,000 during the month in the City of Phoenix was not that much different from the number during May of 2012.
This past month we saw 2291 residential homes being put on the market, in the city of Phoenix for sale, compared to 2282 last year in May, a difference of only 8 homes.
This year our inventory has improved compared to May 2012 but still lower than our usual average number of homes available for sale.
Even though the same number of homes came up for sale, they were available for home buyers to actually get a chance to see the homes and make an offer as compared to last year where as soon as most homes came up for sale, the owners received and accepted an offer on it and many home buyers were left stranded, got frustrated and finally decided to put their dreams to owning a home on hold.
Indications showing the Phoenix Real Estate market is doing better.
Not only did the number of homes sold in may increase compared to May 2012, but the average price and median price did as well.
2,817 homes priced below $600,000 sold in May 2013 compared to 1,980 homes that sold in Phoenix in May 2012.
The average price of these homes was $176,660 compared to $148,067. The median price of homes sold in Phoenix during May 2013 was $145,475 which means about 50% of the homes sold higher than that price, compared to $120,000 for May last year. Find out what your Phoenix Home is worth today.
Home owners looking to sell are beginning to get some equity or even break even compared to the past few years. For home buyers, prices are begiining to rise meaning they will be getting less house for the same price they would have gotten last year. This market update is for just the City of Phoenix, contact Dorette if you you would like to get the Real Estate market Update for other parts of the Greater Phoenix Area or Subdivision.