SEAN NGUYEN, Associate Broker

Phoenix Home Sales Update for Nov. 2008

A total 1095 homes was sold in Phoenix last November, an increase of 58% from November last year. This makes five consecutive months of positive sales growth for Phoenix residential real estate market.

Phoenix home sales declined 49% last February from a year ago. Since then, Phoenix home sales trend has been showing continuous improvements. July '08 was the first month Phoenix home sales turn from negative to positive growth.

The number of lender owned (REO) home sales in Phoenix also increased consistently during 2008. REO home sales in November accounted for 52% of total sales. Total 573 REO listings were sold last month with median price of $80,500 and combined agent days on the market (CDOM) was 68 days. November's cheapest REO home in Phoenix was sold for $12,000.

You can visit www.Arizona-bank-owned-homes.com to view lender owned (REO) homes for sale in Arizona. As of today (12/11/2008), more than 4,000 bank owned homes in Phoenix alone are for sale. Kellson Team offers free live search with full details. Registration is NOT required.

The statistical table below provide a good reference on Phoenix home sales (total MLS sales and REO sales) for the first 11 months of 2008.

Should you have any question or comment, please contact Kellson Team at www.kellson.com. We offer one-stop-shop real estate services in greater Phoenix.

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Phoenix Bank owned homes (REOs) - Market updates for Oct 2008

Greater Phoenix residential real estate market is currently dominated by bank owned homes or lender owned properties (aka REOs). More and more bank owned homes in Phoenix-Mesa metro area have been sold at very attractive prices. Median price of REOs is significantly lower than the overall sale price in most cities. In this report, we only look at 14 major cities in Phoenix-Mesa metro area (see table below).

Three cities with highest percentage of REO Sales

Buckeye, Tolleson and Avondale are three cities in our list with most REO sales. Total 137 homes sold in Buckeye, 88 of them, or 64%, are bank-owned homes. Percentage of REO sales in Tolleson is 62%. Avondale has 90 bank owned homes sold or 58 percent of total sales.

Phoenix has the lowest REOs median home price

Total 1,274 homes were sold in October and 624 of them, or 49%, are bank owned homes. Median price of Phoenix REOs is $99,700. It was $185,000 a year ago.

Median price vs. REOs price

REOs median price in Tempe , Scottsdale , Phoenix and Chandler are less than 80% of their overall median price. For example, Tempe overall median price is $223,000 while REOs median price is $138,000. Phoenix and Chandler both have REO price at 22% below their overall median price.

REOs Statistic Table for October 2008

This table shows you details about home sales, REO sales and their median prices.
Last update: 11/01/2008

Disclaimer: Data obtained from the Arizona Regional Multiple Listing Service (ARMLS). Information deemed accurate, but not guaranteed. Note: information does not include non-MLS private home sales.

Where to find bank owned homes (REOs) in greater Phoenix ?

Kellson Team has created a REO blog to help you find bank owned homes (REOs) in greater phoenix. Click here or visit our REO webpage at http://activerain.com/groups/ArizonaREOs for details.

You will find Phoenix REOs, Scottsdale REOs, Mesa REOs, Chandler REOs, Gilbert REOs, Glendale REOs and bank owned homes in many other cities with full detail information: address, price, photos, virtual tours, features, description and much more.

Should you have any question, please call.

Best regards,

Sean Nguyen, Associate Broker
AZ Real Estate Broker ID: BR564478000
CA Real Estate Broker ID: 01454782
America ’s All in One Real Estate Services
1450 W. Guadalupe Rd , Bldg 4, Suite 132
Gilbert , AZ 85233
Direct 480-678-8222
Office 480-588-7611
Fax 480-588-7622
Email: sean@kellson.com
Web: www.Kellson.com
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Kellson Team offers free custom search and update for Phoenix commercial properties that are difficult to find anywhere else. The following subtypes of commercial properties are made available upon your request:

- Automotive
- Fast Food
- Medical/Dental
- Mixed use properties
- Office
- Warehouse
- Recreational
- Restaurant
- Bar
- Retail PAD
- Food Service
- Mini storage
- Office
- Liquor
- Relegious facility
- Retail
- Service business
- Wholesale
- Others

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