housing supply and demand, what's going on in your area now (Phoenix: bank owned, for sale)

[61scout80]

Lets have an updated thread with how your area of the valley is doing.


Looking at realtor.com (it's the only source i know) there are 575 single family homes listed for sale in Maricopa. August seen 247 home sales, July seen 246 and June had 269. that means maricopa has only 2.25 months of inventory available. i have read from many sources here an C-D that under 6 months of inventory is good for sellers. perhaps we are finally seeing the bottom! not long ago there was over 1,000 single family homes listed in maricopa...


building permits are starting to creep up around here too. in may there were 22, june 46, and july had 57. I live in a development that is still building and there has been A LOT of construction activity around my house recently. I'm curious to know how many were pulled in august...

[asufan]

There's 1,159 single family homes active or pending in the town of Maricopa, not counting FSBO's. There's 756 sales of single family homes in the town of Maricopa in the past 3 months, not counting FSBO's. That would equal approximately 4.6 months supply of homes. That data is kind of skewed, because there are a lot of first time buyers out there trying to beat the deadline for the $8,000 tax credit, plus many banks are holding off on foreclosures, which will eventually saturate the market with more listings.

I would never look at the entire town to determine what the months supply of homes is anyway. For instance, I live in Chandler, and don't care what the market is doing 10 miles away in another part of Chandler. In Maricopa, you have retirement communities, starter homes in the 50's in Tortosa, and nicer homes in Rancho El Dorado, or houses sitting of 2.5 acres. I would see what the inventory is for your specific subdivision, or maybe a 1-2 mile radius, and homes that are similar to yours in terms of livable area and amenities.

[MotleyCrew]

I can only tell you that in Vistancia/Peoria the foreclosed homes are down to 6 or so and the good deals leave the page in hours. There are some new builds still, and those seem to be moving now. I would love to see some realtor stats on Vistancia.
The age targeted side of our development, Trilogy/Vistancia has strong sales and the are building away in the new divisions across from my house.

[YAZ]

I'll just narrow it down to my street.

We bought our home here in north central Phoenix last February. There are about 40 houses here. 2 have been for sale since we moved in, one is listed for 160k and the price hasn't changed. It looks like a jungle over there.

Another has been on the market and the asking price has steadily gone down from 150k to 115k. A cute home just sitting there.

The one across the street was a foreclosure and was sold 9/1/09 after being "bank owned" for 3 months. We'll know soon what it sold for when the county releases the data for September.

I'm guessing 80k.

Between our home and our rental we're so "upside down" it's pathetic.

Hoping, hoping, hoping for an upswing.

[ArizonaBear]

Where I live (85204/85210) 3 months ago there were quite a few under $100K homes------------not anymore. They are getting sopped up really quickly these days.

Too; a while back quite a few of the above homes were 'owned' by illegal aliens and since they are down 30-50% in numbers (and continuing to disappear) compared to 2 years ago...........more and more Americans are buying 'em up.

[pbenjamin]

If I understand what I am looking at, there are 13 homes listed in Willo, ranging from $200K to $890K. Two are foreclosures. Based on my unscientific observation of for sale signs, that is considerably less for sale than it was a few months ago. Prices are a bit disappointing though.

[61scout80]

Originally Posted by asufan

I would never look at the entire town to determine what the months supply of homes is anyway. For instance, I live in Chandler, and don't care what the market is doing 10 miles away in another part of Chandler. In Maricopa, you have retirement communities, starter homes in the 50's in Tortosa, and nicer homes in Rancho El Dorado, or houses sitting of 2.5 acres. I would see what the inventory is for your specific subdivision, or maybe a 1-2 mile radius, and homes that are similar to yours in terms of livable area and amenities.

If i were to compare my home to the neighboring homes in my section of maricopa i would swear i was in the middle of a housing boom. I can't find one listing for my development that isn't new construction. there is a steady stream of construction crews, cement trucks, and building supplies. moving trucks are unloading into newly completed homes daily. the sales office has a full parking lot on a regular basis. Last time i counted there was about 30 homes in different stages of construction, and more have started since then.

Since i know the activity around my place isn't the norm i follow the trends for the entire city. when i want apples to apples comparison on my home i look at only homes north of the railroad crossing.

[Captain Bill]

Originally Posted by ArizonaBear

Where I live (85204/85210) 3 months ago there were quite a few under $100K homes------------not anymore. They are getting sopped up really quickly these days.

Too; a while back quite a few of the above homes were 'owned' by illegal aliens and since they are down 30-50% in numbers (and continuing to disappear) compared to 2 years ago...........more and more Americans are buying 'em up.

I ask this question in all seriousness.

How can one tell if a homeowner is an illegal alien?

I deal with a lot of Hispanic vendors and I would have no idea if they were illegal. I could ask for and be shown a green card, but how would I know if it was authentic?

Many of the legal Hispanic homeowners lost construction type jobs just like everyone else, and had to sell or lose their homes to find work elsewhere. So is it possible that the homeowners you mention were actually legal immigrants?