Michael Orr - Director of ASU Center of Real Estate Theory and Practice - Feb. 22nd update

Michael J Orr, Director

Center for Real Estate Theory and Practice

W P Carey School of Business

Arizona State University

February 22, 2012

MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – JANUARY 2012

Headlines:

• Overall single family home prices were 3% higher than 12 months ago (measured in $/sq ft)

• Townhouse/condo prices were down 2% compared with 12 months ago (measured in $/sq ft)

• Average and median prices have moved upwards since reaching their low point in September

• Single family median sales price is up from $113,166 to $120,500 since January 2011

• Townhouse/condo median sales price is up from $66,500 to $70,000 since January 2011

• Supply is down 42% compared with 12 months ago

• Monthly foreclosure starts were 3,710, down 49% from 7,207 in January 2011

• Monthly trustee sales totaled 2,802 are were down 42% compared with 4,813 in January 2011

• There has been a 62% reduction in the number of homes reverting to lenders at trustee sale

• Overall sales were 8% higher than in January 2011.

• Single family home sales increased for

o New homes (up 49%)

o Normal re-sales (up 57%)

o Investor flips (up 55%)

o Shorts sales and pre-foreclosures (up 28%)

o HUD sales (up 79%)

o Third party purchases at trustee sale (up 32%)

• Single family home sales reduced for:

o Bank owned homes (down 39%)

o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 56%)

Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.

Courtesty Michael Orr, the Cromford Report. For an in-depth customized report for your home, contact Kim Caron at 602-814-3419 or Facebook me.