Category — Arizona Real Estate Stats

Very rarely do I ever post something not real estate related but I can’t help it — our very dear Phoenix Coyotes hockey team has made the playoffs for the first time in a loooong time and I am so excited for them!

Please cheer them on and even if you have never watched a hockey game it would be a huge loss to the city of Phoenix, the city of Glendale, as well as a major economic downfall for the real estate around Westgate if they were to leave town. So please support your local teams (especially the Coyotes) and let’s keep them here in town where they belong!!

I knew I could tie a hockey team into real estate somehow…

Top 5 most expensive Cities to live in Arizona ranked by average annual sales price by square foot. Data from the Cromford Report, April 2010.

1. Paradise Valley
2. Carefree
3. Scottsdale
4. Fountain Hills
5. Rio Verde

Paradise Valley continues to be the most expensive place to live in the greater Phoenix/Scottsdale real estate market. The average annual price per square foot is $307.33 which represents a -19.6% decrease since last year where the pricing was $382.06. Paradise Valley remains in a class all it’s own as the only city not only to break the $300 mark but also the only city averaging over $200 per sq.ft.

Carefree is a distant 2nd at $199.34, a decrease of -21.3% over 2009 totals of $253.35.

Scottsdale came in 3rd at $186.55, a decrease of -20.2% over 2009 numbers of $233.88.

Fountain Hills is 4th at $173.86 which is a decrease of only -16.4% over 2009 figures of $207.90.

Rounding out the list 5th is Rio Verde which saw a whopping -30.9% drop in pricing from 2009. 2010 shows $137.90 while 2009 average pricing was $199.69.

1st Quarter 2010 Stats for the Phoenix Real Estate market

1/1/2010 – 3/31/2010

21, 263 Closed transactions
4,382 Closed Short sale transactions
8,764 Closed lender owned properties

21% of the closed transactions in the 1st quarter of 2010 were short sales. 41% were lender owned properties.

Phoenix Real Estate Stats

March 2010

Closed Transactions — 8,993
Short sales Closed — 1,790
Lender Owned closed — 3,562

Of the 8,993 closed transactions 20% of those were short sales & 40% of those were lender owned property.

60% of the closed transactions were lender related as the short sale & REO market continues to dominate Arizona real estate.

Current market conditions for the Phoenix Real Estate Market as of 4/5/2010

Active listings: 42,081
Pendings : 13,384
Active short sales : 15,832
Active lender owned: 5,367

A whopping 38% of the current active listings in Phoenix are short sales! 13% are lender owned properties. There are more active short sales on the market than pending listings!

This definitely concretes the fact that lenders are getting more interested in short selling properties rather than taking them back in foreclosure.

Short sales will continue to dominate the market place for many months and probably for the next 2-3 years until the Arizona real estate market stabilizes.