Here is the Market Report I publish Monthly.  My goal is to keep you informed about the major factors influencing the Real Estate Market today.  I try to pick the two most compelling and important segments of the market to send to you.

I am continuing to include the Distressed Property Analysis in the monthly market report.  Short Sales and REO’s comprise 67% of the market today, and we are going to continue to watch and see if there are any shifts in the type of homes being sold.

The distressed Property Analysis shows the percentage of sales that were bank owned/foreclosed, short sales, and regular sales. 

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. 

We saw a slight increase of 1% in the percentage of REO/Bank-owned properties that sold in January of 2010.  Short sales dropped slightly AND “regular” sales increased nearly 2%.  8 months ago, regular sales made up only 28.5% of sales; now they are up to 35%.

New Listings Analysis

Sellers:

January saw an astounding 28.9% increase in new listings entering the market. This is the 2^nd highest figure since March of 2009.  This reflects bank-owned properties entering the market as well as short sale and traditional sales remaining as choices for buyers.  Sellers need to pay attention:  this is a substantial amount of competition – it will show itself by fewer showings, fewer offers, and more competition for the attention of serious buyers.

Buyers:
This is great news for buyers, as it means significantly more choices for homes that are available.  It is very important that you continue to spend time with and listen to your real estate professional to develop your strategy for succeeding in a market that is constantly changing.  Be prepared:  as more homes enter the market, more buyers may become active again as well.

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.