Posts from — January 2010

Az Short Sale home at an amazing price!!

Scottsdale Short Sale Condo at Bella Terra Luxury Condominiums

Real estate follows basic economic factors, especially that of supply and demand.

A good estimate as to whether the real estate market is stable is by showing a minimal supply of homes which varies by marketplace. In general, a 3 month supply is considered a “stable” Arizona real estate market.

Here are the current month’s supplies of homes in various areas of Phoenix/Scottsdale:

Cave Creek — 8.6
Fountain Hills — 10.1
Paradise Valley – 13.6
Scottsdale — 9.4

Luxury homes show about a 26 month supply. Valley Wide we are seeing about a 5.8 month supply.

Maricopa County Home Sales ended up with 92,604 units sold which was a 33% increase over 2008.

93% of all home sales in Arizona were under the $400,000 price point.

Az Luxury Home Sales — December 2009

78 Arizona Luxury Home Sales (Properties selling for 1,000,000 or more)
22 REO or bank owned properties — about 28% of the Az luxury homemarket
8 Approved & closed Arizona luxury short sales – about 10% of the Arizona luxury home market

About 38% of the total Arizona luxury home sales in December were luxury distressed sales that required lender approval through either REO or short sale.