- Jan Buchholz
- Reporter - Phoenix Business Journal
In 2011 there were 100,985 sales, or about 10,000 more sales than were recorded in 2010 when that number was 90,110.
Short sales of houses increased 17 percent from 18,651 in 2010 to 21,771 in 2011. Lender-owned sales of houses that have gone through the foreclosure process were static with 37,347 sales in 2010 as compared with 37,645 in 2011.
Cash sales accounted for 47 percent of all sales, which suggests that investors remain very active in the market. Twenty-seven percent of the remaining sales were financed with conventional loans, and 21 percent by FHA loans. VA loans accounted for 3 percent of total sales.
ARMLS provided some interested data, as well. December had 9.7 percent more sales than November with 7,840 sales recorded. Total inventory continues to decline with 24,712 listings in queue as compared to 42,881 properties for sale in January, the high point of 2011.
Months supply of inventory is down to 3.51 months as compared with 15.98 in December 2007 around the time the real estate bubble burst. That’s another good sign of market recovery.
However, prices remain dismal. List prices, which had been increasing, decreased. The median new list price dropped 5.8 percent in December as compared with November to end up at $129,900. The average list price dropped 10 percent in December as compared with November to end up at $200,200.
Actual sales prices were up. The median sales price in December was $117,000, as compared with $115,000 in November. The average sales price in December was $162,200 or slightly more than in November and a 3.3 percent increase as compared with the year average.
Pending foreclosures continue to decrease landing at 19,979 properties. That compares with 50,568 pending foreclosures in November 2009.
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