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

Oct 05 2012

August 2012 Single Family Results for Greater Phoenix

August 2012 Single Family Results for Greater Phoenix:

• For twelve consecutive months the median sales price per square foot is up. In August 2012, it was $88.35 compared to $86.84 in July 2012 for a 1.7% increase.

• The August 2012 median sales price per square foot is up $22.12 or 33% over August 2011.

• While the median sales price per square foot is up the overall sales price is slightly down. It was $164,500 in August 2012 compared to $165,000 in July 2012. The August 2012 overall sales price of $120,000 is $44,000 or 36% more than August 2011. For an explanation why the sales price is down and why the median sales price per square foot is up go to page nine.

• This will be the record year for the most single family leases. I estimate there will be close to 26,500 signed leases in 2012. Thus, shattering the ARMLS record of 23,430 in 2011. See page twelve.

• Not many short sales or lender owned sales over $500,000. Only 29 of 1,665 short sales were over $500,000 and only 11 of 565 lender owned sales were over $500,000. See page five.

• In August 2012, 42% of sales were either a short sale, lender owned sale or HUD sale compared to 65% in August 2011. While short sales are up compared to last year, lender owned sales down drastically.

Single Family Sales:
One Year Later August 2011 August 2012 Difference
Short sales 23% 29% 6%
Lender owned sales 37% 10% 27%
HUD sales 5% 3% 2%
Traditional sales* 35% 58% 23%
Total 100% 100%

• Sellers still prefer cash over loans, and they prefer conventional loans over FHA insured loans. In August, 41% percent of purchases were cash, 36% conventional financing, 18% FHA, 4% VA and 1% other financing. See page seven.

• August 2012 sales up seven percent over July 2012 sales. August 2012 sales down thirteen percent from August 2011 sales. See page four. While sales were down in most cities this August compared to last August, four cities had more sales: Anthem, Sun City, Sun City West and Scottsdale. See page eleven.

• For the estimated months of supply of single family properties for thirty cities see page eleven.

• For a breakdown of single family rental markets by number of leases, estimated months of supply, median lease rates go to pages twelve through fifteen.

• The properties analyzed in this report unless otherwise stated are single family detached properties in Greater Phoenix. Greater Phoenix is defined as the cities in Maricopa County. The information in this report is from ARMLS. ARMLS stands for Arizona Regional Multiple Listing Service, Inc.

This data is courtesy of Fletcher Wilcox, with Grand Canyon Title.

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