Posted on Saturday, 30th January 2010 by Anna Kulbinski

While lender-owned homes in Phoenix make up only 19% of the listings, the January 1, 2010 reports show that they account for 49% of the sales.

This is no doubt in reaction to lenders’ decisions to clear out these homes at a price per square foot that’s 15% under their list prices, and 30% less than the list prices of pre-foreclosure homes.



Phoenix home sales


Chart courtesy of www.cromfordreport.com

December 2009 reports show lender owned homes selling for $64 per square foot, while pre-foreclosures went for $78 and non-distressed Phoenix homes sold for $109 per square foot. Overall, January 2010 sale prices are averaging between $79 and $81 per square foot.

The average price of homes sold the 4th week in January 2010 was $136,373 – down 60% from the peak of $341,282 in May 2007, and down 36% from January 2005, when prices began to escalate.

Phoenix Arizona prices per square foot

This is bad news for home sellers who purchased during the peak years of 2006 and 2007, when Phoenix prices per square foot hovered between $166 and $185 before plummeting to $86 during 2008.

However, it is good news for buyers who want to purchase a home. Even without considering the cost of the land beneath these homes, it would be impossible to duplicate these homes at today’s prices.

The good news for home sellers is that the bottom may have been reached. March 2009 showed the lowest average prices – $102,845 or $64.40 per square foot. Today’s prices are up about 30% from that low, and should continue to rise as lender-owned properties are sold and no longer dominate the market.

If you wish you’d purchased in March 2009, now may the time to buy – so you don’t look back and wish you’d purchased in February 2010.

Since HUD has waived the 90 day flipping rule for home sellers, this could also be a great time for talented fixer-uppers to take advantage of bargains in slightly abused homes. Remember, the prices reported here are averages– with homes in prime condition selling for more, and fixers for less.

See Phoenix homes for sale below – Listed by the most recent on the market…

Showing properties 1 - 10 of 500+. See more city of Phoenix real estate.
(all data current as of 9/9/2010)

  1. 4 beds, 2 full baths
    Size: 2,059 sq ft
    Lot size: 5,528 sq ft
  2. 4 beds, 3 full baths
    Size: 2,477 sq ft
    Lot size: 8,089 sq ft
  3. 3 beds, 2 full baths
    Size: 1,594 sq ft
    Lot size: 7,562 sq ft
  4. 2 beds, 2 full baths
    Size: 1,846 sq ft
    Lot size: 6,151 sq ft
  5. 3 beds, 2 full baths
    Size: 2,587 sq ft
    Lot size: 1.13 ac
  6. 3 beds, 1 full bath
    Size: 1,803 sq ft
    Lot size: 7,529 sq ft
  7. 3 beds, 2 full baths
    Size: 1,262 sq ft
    Lot size: 4,481 sq ft
  8. 3 beds, 2 full baths
    Size: 2,040 sq ft
    Lot size: 7,164 sq ft
  9. 3 beds, 2 full baths
    Size: 2,714 sq ft
    Lot size: 10,155 sq ft
  10. 3 beds, 2 full baths
    Size: n/a
    Lot size: 6,283 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Posted in Foreclosures, Market Report, Market Statistics, Phoenix Real Estate | Comments (0)

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