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Foreclosures and the Adult Communites

February 9, 2009 By Leave a Comment

Although there are no adult communities within McCormick Ranch, our initial website is focused on Active Adult Communities and we work with many 55+ buyers.   

We are seeing lots of numbers being published for the ratios of Bank Owned and Short Sale properties in the valley.   We are not seeing those same numbers in the Adult Communities.   Since it is a cold rainy day, I have been playing with numbers and really surprised myself with what I found!

Taking only single family detached homes in the entire MLS for the valley, a total of 41,832 this morning, 10,796 of them were Bank Owned and an additional 9,003 were Short Sales.  Those numbers round off to 25% of the single family homes on the general market are bank owned and another 21% are short sales.  

Current MLS Single Family Homes on the market, with Bank Owned and Short Sale

Current MLS Single Family Homes on the market, with Bank Owned and Short Sale

 

 

BUT when you look at the Active Adult Community 55+ single family homes, there are a total of 2819 on the market.  Of that 2819 only 52 are bank owned and 63 are short sales which works out to 2% of the homes are bank owned and another 2% are short sales.

Current active single family home listings in adult communities comparing bank owned/ foreclosure and short sale

Current active single family home listings in adult communities comparing bank owned/ foreclosure and short sale

 

 

HMMMM  kinda makes you wonder.    Our 55+ citizens have indeed saved for their retirement homes, their financing is minimal and their risk taking days are in the past.

There were very few zero down,  or investor homes sold in these communities in the 2005 and 2006 sales surge.    I believe it is the investors who did get in to these adult communities, that are making up the Bank Owned and Short Sale properties.

Filed Under: Foreclosure, Market Condition, Retirement, Short Sales Tagged With: , , , ,

State of the Phoenix Housing Market

December 23, 2008 By 1 Comment

The worst month for home sales in Maricopa County (the greater Phoenix area) was January 2008. There were a total of 2,912 homes that closed and sold. The lowest number in 8 years or more. From there the number of homes sold each month improved with our banner month in June. In June, 2008 (5,748 homes sold) we had more homes sold than June 2007 (5,438). That started a trend where month over month we have had more homes sold than in 2007. It has continued thru the rest of the year.

What does this mean? It means we have hit the lowest spot in our market and are starting to see recovery. Does this mean housing prices are headed up again? Not necessarily. We still have an inventory of 47,396 homes on the market, and 6,139 listings waiting to close. That is still a lot of competition.

There are currently 34,846 listings under 350k. This is important because it is the FHA loan limit. And the price point of most of the home sales. Of those properties priced under 350k, 10,231 are foreclosure properties. Just under 1/3. Foreclosures are driving the market and will continue to do so for a while.

The good news is our market is showing signs of recovery for the past 6 months.

Filed Under: Market Condition Tagged With:

85258 McCormick Ranch area home statistics

August 3, 2008 By Leave a Comment

This month we have seen a slight increase in the number of listings, and decrease in the number of sold and pending properties.  It could be we are leveling out.  The summer months are not a popular time for seasonal people to come purchase a property.  It is when families are looking to get into their new home before the schools start for the new year.  Check out the pending status for Single Family homes, the only group to keep the numbers strong.  Summer will soon be over, and the cooler months will arrive.  With snow up north we will see more visitors, and more of the condos and patio homes selling.

 


 

2-May-08

6-Jun-08

7-Jul-08

3-Aug-08

Total Active Listings

554

507

475

483

Single Family Homes

285

253

242

249

Patio/Town/Gemini Homes

149

128

127

129

Apartment style Homes

120

126

106

105

Total Pending Listings

79

51

67

56

Single Family Homes

37

23

33

34

Patio/Town/Gemini Homes

26

17

14

7

Apartment style Homes

16

11

20

15

April

May

June

July

Total Sold 

55

68

51

45

Single Family Homes

32

35

23

21

Patio/Town/Gemini Homes

14

19

16

10

Apartment style Homes

9

14

12

14
Filed Under: Market Condition

85258 Sales Statistics

July 7, 2008 By Leave a Comment

Looking at the numbers from this past month we have a growing positive trend.  Currently the number of active listings is decreasing, we are seeing the lowest number of actively listed homes in quite a while.  Where last month there was a dip in the number of homes pending, we see that show up in this months closings.  With the increase of pending’s again, we should see a strong number of sold by the end of the month.

 

  3-Mar-08 4-Apr-08 2-May-08 6-Jun-08 7-Jul-08
Total Active Listings 556 572 554 507 475
Single Family Homes 279 287 285 253 242
Patio/Town/Gemini Homes 150 167 149 128 127
Apartment style Homes 127 118 120 126 106
           
Total Pending Listings 72 70 79 51 67
Single Family Homes 33 39 37 23 33
Patio/Town/Gemini Homes 22 17 26 17 14
Apartment style Homes 17 14 16 11 20
  Feb March April May June
Total Sold  42 55 55 68 51
Single Family Homes 21 19 32 35 23
Patio/Town/Gemini Homes 17 21 14 19 16
Apartment style Homes 4 15 9 14 12
           
Average Sales Price          
Single Family Homes 590k 761k 640 600 662
Patio/Town/Gemini Homes 529k 440k 494 429 353
Apartment style Homes 155k 173k 244 260 190
Filed Under: Market Condition

McCormick Ranch Sales numbers for April 2008

May 2, 2008 By 1 Comment

The numbers are looking good.  We have even reduced the number of active listings just a bit.  The total pending sales are remaining steady, and also see a bit of an incline.  The solds remain steady.  This is a good sign.  Each month we are anxious to see the pending and more importantly the sold listings remaining steady and hopefully increase.    The true test will come in the coming months.  Without all of the big crowd pleasers (Super bowl, Barrett Jackson, Nascar etc) and with the increase of our temps over the upcoming months, our northern visitors will be mostly out of the picture.  We will know in another couple of months if this was a seasonal influx or a true measure of the change in the market. 

  1-Feb-08 3-Mar-08 4-Apr-08 2-May-08
Total Active Listings 578 556 572 554
Single Family Homes 277 279 287 285
Patio/Town/Gemini Homes 157 150 167 149
Apartment style Homes 144 127 118 120
         
Total Pending Listings 57 72 70 79
Single Family Homes 36 33 39 37
Patio/Town/Gemini Homes 17 22 17 26
Apartment style Homes 4 17 14 16
  Jan Feb March  April
Total Sold  29 42 55 55
Single Family Homes 14 21 19 32
Patio/Town/Gemini Homes 11 17 21 14
Apartment style Homes 4 4 15 9

 

Filed Under: Market Condition Tagged With: ,

March Statistics for McCormick Ranch, and 85258 zip code

April 4, 2008 By Leave a Comment

It is the beginning of April, time to take a look at March’s numbers.  The total number of listings is up a little more than 2%.  The great news is the number of pending contracts is staying at the level of last month.  With an increase of closed properties as is expected with the increase of pending contracts last month.  I am looking forward to seeing this trend continue…

The average price of the single family homes that sold is just over $760,000, with the patio home/ town home/ gemini homes averaging $440,000 down from last month.  The average on apartment styled properties was just over $170,000 up from last month.

 

  2-Jan-08 1-Feb-08 3-Mar-08 4-Apr-08
Total Active Listings 523 578 556 572
Single Family Homes 246 277 279 287
Patio/Town/Gemini Homes 153 157 150 167
Apartment style Homes 124 144 127 118
         
Total Pending Listings 36 57 72 70
Single Family Homes 19 36 33 39
Patio/Town/Gemini Homes 11 17 22 17
Apartment style Homes 6 4 17 14
  Dec Jan Feb March
Total Sold  38 29 42 55
Single Family Homes 17 14 21 19
Patio/Town/Gemini Homes 11 11 17 21
Apartment style Homes 10 4 4 15

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Filed Under: Market Condition Tagged With:

85258 Real Estate Statistics for February

March 3, 2008 By Leave a Comment

< ![CDATA[This months stats are looking good.  We have a nice increase in the number of pending homes.  These reflect the sales that took place in February and are waiting to close.  Notice the dip in the number of closed homes in January, those are the homes that sold during the holiday season in December.  We should see an even better number next month, with 72 pending contracts ‘in the hopper’.

The average price of a single family home that closed last month is $590,000
The average price of a town home/patio home was skewed a bit with a $1.5 million sale, so eliminating that from the average it was $473,000
and the average apartment style was $155,00.  It will be interesting to see that number adjust with the increase in pendings (17) from the category.

  26-Nov-07 2-Jan-08 1-Feb-08 3-Mar-08
Total Active Listings 568 523 578 556
Single Family Homes 264 246 277 279
Patio/Town/Gemini Homes 168 153 157 150
Apartment style Homes 136 124 144 127
         
Total Pending Listings 51 36 57 72
Single Family Homes 21 19 36 33
Patio/Town/Gemini Homes 17 11 17 22
Apartment style Homes 13 6 4 17
  Nov Dec Jan Feb
Total Sold  36 38 29 42
Single Family Homes 14 17 14 21
Patio/Town/Gemini Homes 10 11 11 17
Apartment style Homes 12 10 4 4

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Filed Under: Market Condition

Scottsdale’s McCormick Ranch home sales Statistics

February 1, 2008 By Leave a Comment

Here are the numbers for the beginning of the month.  We see an increase of listings, and that is expected.  People who held off listing their homes over the holiday season were busy getting their homes ready for being shown.  We have lots of homes in the pending status.  Next month will see an increase in solds and that is a good thing.  Remember the solds reflect a purchase of 30 days earlier or more. 

Have a great weekend, enjoy and be safe with all the Super Bowl parties. 

  Sept – 07 Oct – 07 Nov – 07 26-Nov-07 2-Jan-08 1-Feb-08
Total Active Listings       568 523 578
Single Family Homes       264 246 277
Patio/Town/Gemini Homes       168 153 157
Apartment style Homes       136 124 144
             
Total Pending Listings       51 36 57
Single Family Homes       21 19 36
Patio/Town/Gemini Homes       17 11 17
Apartment style Homes       13 6 4
  Sept Oct Nov   Dec Jan
Total Sold  33 34 36   38 29
Single Family Homes 19 20 14   17 14
Patio/Town/Gemini Homes 6 7 10   11 11
Apartment style Homes 8 7 12   10 4
Filed Under: Market Condition Tagged With: ,

McCormick Ranch Home Sale Statistics

January 2, 2008 By Leave a Comment

Happy New Year!

I have updated my chart with the current listing numbers and the sold homes for December.  I can see a slow but good trend for the number of properties sold going up.  With 38 closings this past month and the reduction of homes on the market, we currently have a 13.7 month supply of homes in the 85258 zip code.

Have a great day!

Click on ‘more’ to view the chart.

  Sept – 07 Oct – 07 Nov – 07 11/26/2007 2-Jan-08
Total Active Listings       568 523
Single Family Homes       264 246
Patio/Town/Gemini Homes       168 153
Apartment style Homes       136 124
           
Total Pending Listings       51 36
Single Family Homes       21 19
Patio/Town/Gemini Homes       17 11
Apartment style Homes       13 6
  Sept Oct Nov   Dec
Total Sold  33 34 36   38
Single Family Homes 19 20 14   17
Patio/Town/Gemini Homes 6 7 10   11
Apartment style Homes 8 7 12   10
Filed Under: Market Condition Tagged With: ,
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