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Housing Market Tidbits:

• Demand has been weaker since 7/13. First time home buyer activity has been unusually low and is not compensating for the loss of strong investor demand from 2009-2013.
• Our supply of MLS properties had 24,993 active listings on August 1st including UCB homes (homes under contract but soliciting backup offers). This is a 3.5% reduction since July 1st, but overall a 35% increase over August 1, 2013. This is welcoming news for buyers who were frustrated with a lack of supply when shopping for homes a year ago.
• The market has now bounced back from the artificially low prices that we saw from the years of 2009-2011. We now see pricing a little lower than the level it would have been if it had increased from 2000 inline with the Consumer Price Index.
• All areas of Maricopa County are now showing annual positive appreciation on a price per sq. ft. basis with the exception of Aguilla, Guadalupe and Fort McDowell which account for under 50 total home sales annually. For the year, Scottsdale has increased 13%, Cave Creek 11%, Phoenix 18%, Carefree 23%, Fountain Hills 14%, Glendale 15%, Paradise Valley 10% and Tempe 14%
• Foreclosure starts for single family homes, condominiums, townhomes and patio homes rose 11% in the months of June and July. However, foreclosure starts have been decreasing dramatically and are now 29% lower than July of 2013. It is being predicted that foreclosures will continue to stabilize with the tightening of underwriting guidelines we have seen since 2009.
• Foreclosure completions have been on a steep decline as well with the number of completed trustee deeds down 45%, number single family homes reverting to lenders down by 28%, and the number of single family homes purchased at auction down by nearly 57%.
• Normal single family home resales have increased their market share to 72%, up from 61% a year ago. This has aided in the increased price per sq. ft. in the market. Normal re-sales are now by far the most common type of sale.
• Investor flips have decreased by 54% since July 2013.
• pre-forelosures are down 71% in volume. Now accounting for just 3% of total single family home sales. 
• Bank owned properties, foreclosures or REO's now account for just 2.7% of the total market.
  
  

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