Phoenix Foreclosures & Bank Owned Homes Dominate Market

Phoenix AZ – Taking a look at the latest statistics from the Cromford report show that the bank foreclosed homes, also known as REO’s, bank owned or lender owned homes continue to dominate the Phoenix market.

According to the Arizona Regional MLS as of January 15, 2011 there were just over 30,000 single family homes for sale and 6,000 of those listings were lender owned.  Short sales or pre-foreclosure homes made up another 9,321 listings.  Investors who have bought a foreclosed home and fixed it up or “normal sellers” came in at 10,467.  The remaining homes on the market are in the retirement communities, divorce or probate sales.

You can often get a great deal on a home by purchasing a Phoenix bank repo home.  Here is a link where you can get a custom list of Phoenix foreclosures based on the price range and area you desire.  It is updated daily and gives you complete details, addresses, maps and pictures of the homes for sale: http://www.PhxAZRepos.com

The average home price in the Phoenix area increased 3.71% in 2010 compared to 2009. The average price of a home in 2010 was $183,040 compared to $176,245.  If you look at the charge below you will find the average home price will vary each month.  Taking a look at the number of single family homes sold in 2010 we show a 6% decrease in the number of homes sold.  In 2010 there were 75,473 homes sold versus 80,023 in 2009.  The summer of 2010 saw an unusual decrease in the number of homes sold with the month to month comparison down anywhere from 5.3% to nearly 35%.  This was an unusual as the selling / buying season in the Phoenix area is usually March through October.  Taking a look at ahead at 2011 we are off to a moderate start 8,069 homes pending as of January 15th.

Donald Keys is a professional REALTOR.  If you are thinking about buying, investing or selling a home, give him a call at 602-750-1744 for a free consultation.  Owe more money than your home is worth? Struggling to make payments, Donald is a certified Short Sale and Foreclosure resource that can help call today.  Visit www.DonaldKeys.com for more Phoenix real estate information.