The Distressed Property Analysis continues to be an extremely important part of the market report, as it shows the percentage of sales that were bank owned/foreclosed,
short sales, and regular sales.  In 2010 we will continue to watch to see the shifts in the type of homes being sold.

A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on the home.  Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure. 

December saw a drop of 7% in “regular” home sales in laceName w:st="on">MaricopalaceName> laceType w:st="on">CountylaceType>, a 5% INCREASE in short sales, and a 2% increase in bank-owned/foreclosure sales.  This is most likely a reflection of Banks desires to make the Short Sale process quicker and more efficient.  Buyers and sellers alike need to continue to monitor these ratios to determine where buyers are spending their money.

Pending Sales Report Analysis:

Sellers:
Wow!  December saw an increase in the number of pending sales of nearly 57% over the month of November!  AND, this is an 83% increase over December of last year!  This means that buyers are very active and that sellers are having success in negotiating offers with those buyers.  We will continue to monitor this statistic to see what happens with home sales in the next 45-90 days.

Buyers:
Buyers should feel comfortable knowing that thousands of other buyers are finding homes AND making a commitment to purchase a home.  With prices remaining very affordable and interest rates at very attractive rates, it is very clear that buyers are taking advantage of the current market.   Buyers have not been this active
since April of 2009 … continue to work with your real estate professional to make sure you are benefiting as well from the fantastic opportunities available to you.

The market we are in today is in a constant state of shift, and month to month, I will keep you updated on the numbers that are having the most significant impact on the market. The information I provide here is for the entire Phoenix area, but it can be narrowed down to your neighborhood if you would like me to get that for you.  I keep up with the numbers, so if I can provide you with any other information, please do not hesitate to call.