Happy New Year Everyone!! As of January 1st, there are 329 Active Residential Listings. That's a pretty low number, probably due to all of the listings that expire at the end of the year. I think we will see quite a few more next month. Of that total - 210 are single family homes. There are 11 Lender Owned, single family homes on the market and 26 Short Sales. The Short Sales were 59% of our closed sales in December and the Foreclosures made up 38% of our closind, leaving only 19% to traditional sales. That means that there will be fewer homes that will ever get to foreclosure. There are 45 single-family homes that are in Pending Status (under contract) and 40 that have closed. The average number of days on the market were 138 and the average price of those Pending Sales is $402,979 (single family). The sellers are got an average of 95% of their list price for a traditional sale. While the Short Sales got 98% of their list price and the foreclosures got 97% of their list price. The average closed sales price is $361,888 (single family). There are 147 properties with scheduled trustee sale dates in the next 90 days. If you are a buyer, you should know that the inventory is low and the good ones still sell quickly and for a good price - sometimes above the list price. It also looks like you may have slightly more negotiating power with a homeowner rather than a bank in a distressed sale. Fountain Hills home values are down by an average of 50% from 2005-2006 compared to other parts of the Phoenix Metro Area that are down 65%. That combined with historically low interest makes this a great time to buy or invest in real estate!
