Tobias Team at Fairway Independent Mortgage Corporation

(480) 626-2202
2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289

Apr 08 2011

4th Time Ever Metro Phoenix Home Sales Over 10,000, March 2011

For only the fourth time ever in a month residential sales were over 10,000 this March. The three other months of sales over 10,000 were June 2004, June 2005 and August 2005.

Single family detached sales were 8,350 or 84% of the 10,000 sales. Seventy-seven percent of all single family sales were under $200,000. Single family sales under $50,000 were 862 with 90% purchased with cash. Page 9 breaks down how single family sales were purchased by sold price range.

Overall, 46% percent of single family sales were purchased with cash, 26% with a conventional loan, 23% with an FHA loan, 4% VA loan and 2% with other financing.

Pages 4-6 looks at the twenty cities in Greater Phoenix that had over 100 single family sales in March 2011. Phoenix led all cities with 2,024 sales. This was a 19% increase in sales over March 2010. The cities with the highest percentage increase in sales in March 2011 over March 2010 were San Tan Valley with a 66% increase, Tempe at 39% and Maricopa at 38%. Four cities had fewer sales in March 2011 than March 2010. They were Buckeye, Laveen, Casa Grande and Queen Creek. Queen Creek had the highest percentage decrease in sales at 31% decrease. Queen Creek however was the only city out of the twenty cities that had an increase in the single family median sales price in March 2011 over March 2010.

When combining all residential sales 43% were lender-owned sales (REOs), 19% were short sales and 38% categorized were neither a short sale nor a lender-owned sale, though many of sales in the other category were recent lender-owned sales that were fixed and flipped. See page 7 for a breakdown of the eight residential categories.

The single family rental market remained hot with a 1.5 month supply of single family rentals in Greater Phoenix. See page 10.

See page 12 for the April 29 event Face-Off on the Future: What’s Ahead for the Economy? at Gainey Ranch Golf Club.


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