Right now we are looking at an 8 month supply of homes, not too bad when compared with other areas of the Valley. $200K seems to be the magic number for an average sales price currently, average sold price per sf is $106.02 @ 61 days on market. Overall the homes are moving fairly well right now, hopefully the trend continues...
Showing posts with label homes. Show all posts
Showing posts with label homes. Show all posts
Tuesday, December 16, 2008
November Market Snapshot for Dynamite Mountain Ranch
Right now we are looking at an 8 month supply of homes, not too bad when compared with other areas of the Valley. $200K seems to be the magic number for an average sales price currently, average sold price per sf is $106.02 @ 61 days on market. Overall the homes are moving fairly well right now, hopefully the trend continues...
Sunday, November 4, 2007
Are vacant homes selling any better than occupieds?
With almost half of the homes currently listed on Arizona Regional MLS being vacant, I'm just wondering how they are selling when compared to occupied homes. I decided to run some numbers and see if there was any correlation that suggests vacant homes are selling quicker. Typically a seller would want to get rid of a vacant home faster than if they are living there or have it occupied by a tenant but of course this isn't always the case. Let's take a look at some numbers and see if they have something to say.
I ran two sets of numbers-the entire ARMLS and then only Phoenix. I compared these vacant homes with sales from last month, October 2007. Currently we have 57,291 active listings with 27,815 being vacant, or 48%. Of those active listings, 9,942 are in Phoenix and 4,390 of those are vacant-44%.
As for sold homes in October, we had 3,467 sales out of our 57,000+ listings, only 6% of the entire MLS inventory. In Phoenix numbers were a little better, with 756 sales out of 9,942, 7.6% of the Phoenix inventory. Okay, now lets see how many of those sales were vacant homes. Of the 3,467 sales on the MLS, 2,103 were vacant, 60% of all solds. Phoenix was about the same, 441 vacant homes sold out of the 756 sales, 58%.
Now there's one more set of numbers that is interesting, what percentage of vacant homes sold out of the vacant listings? Remember that only 6% of the entire MLS sold last month, and only 7.6% sold out of the Phoenix inventory. Now let's see what that percentage is with the vacants. In Phoenix, 441 vacant homes sold out of the 4390 vacant listings, 10%. Compare that to 7.6% of Phoenix homes sold and you have a gain of 2.4%. Of the entire MLS, 2,103 vacant homes sold out of the 27,815 listings, 7.6%, an increase of 1.6% over the 6% across the board. So, there was more vacant homes sold than occupieds, but not a significant amount.
What kind of conclusions can be made from this data? To me, it suggests that vacant homes are selling better because sellers are financially "pinched" more-so than if the home is occupied by an owner or renter. The difference is small which shows that many sellers are simply not able to drastically discount these vacant homes because of lack of equity. Sales falling less than 10% of inventory is probably the most important number that we need to be concerned with. I know that everyone keeps saying it, but this really is a terrific time for buyers to find a great deal. Short sales are going to grow and maybe my next analysis will be to see how those sales are going.
I ran two sets of numbers-the entire ARMLS and then only Phoenix. I compared these vacant homes with sales from last month, October 2007. Currently we have 57,291 active listings with 27,815 being vacant, or 48%. Of those active listings, 9,942 are in Phoenix and 4,390 of those are vacant-44%.
As for sold homes in October, we had 3,467 sales out of our 57,000+ listings, only 6% of the entire MLS inventory. In Phoenix numbers were a little better, with 756 sales out of 9,942, 7.6% of the Phoenix inventory. Okay, now lets see how many of those sales were vacant homes. Of the 3,467 sales on the MLS, 2,103 were vacant, 60% of all solds. Phoenix was about the same, 441 vacant homes sold out of the 756 sales, 58%.
Now there's one more set of numbers that is interesting, what percentage of vacant homes sold out of the vacant listings? Remember that only 6% of the entire MLS sold last month, and only 7.6% sold out of the Phoenix inventory. Now let's see what that percentage is with the vacants. In Phoenix, 441 vacant homes sold out of the 4390 vacant listings, 10%. Compare that to 7.6% of Phoenix homes sold and you have a gain of 2.4%. Of the entire MLS, 2,103 vacant homes sold out of the 27,815 listings, 7.6%, an increase of 1.6% over the 6% across the board. So, there was more vacant homes sold than occupieds, but not a significant amount.
What kind of conclusions can be made from this data? To me, it suggests that vacant homes are selling better because sellers are financially "pinched" more-so than if the home is occupied by an owner or renter. The difference is small which shows that many sellers are simply not able to drastically discount these vacant homes because of lack of equity. Sales falling less than 10% of inventory is probably the most important number that we need to be concerned with. I know that everyone keeps saying it, but this really is a terrific time for buyers to find a great deal. Short sales are going to grow and maybe my next analysis will be to see how those sales are going.
Friday, October 26, 2007
Norterra, North Phoenix Gem that I call home!!!
Norterra is an area of North Phoenix located at the base of an expansive mountain preserve. Hiking trails are abundant throughout the communities, and into the adjacent mountains, allowing residents to connect with the surrounding nature. Convenient freeway access and nearby shopping make Norterra a convenience paradise in North Phoenix.
Location
Norterra has perfected the art of balancing privacy and convenience. With quick and direct access to both I-17 and the 101, Norterra makes any valley destination easily reached, while its peaceful setting still causes you to feel like you're away from it all. Tucked in around the Phoenix mountain preserve, Norterra residents will enjoy living in a serene community, with nature at their doorsteps. With Flagstaff and Sedona within a couple hours and Lake Pleasant being a convenient shot off Highway 74, quick weekend getaways are definitely a reality.
The prominent Northeast Valley has more benefits than nice stores, beautiful mountain-scapes and accessible highways, there are also extraordinary schools. The Deer Valley Schools that serve this area are ranked in the top 6 of 42 districts in the Phoenix area.
Shopping-Within a few miles
Happy Valley Towne Center
Featuring Super Walmart, Lowes, Circuit City, Old Navy, Staples, Petco, Barnes & Noble, and many more. Restaurants are Logan's, Olive Garden, Red Robin, Friday's, and a few fast food.
http://www.shophvtc.com/
The Shops at Norterra
Nearby shopping includes the Shops at Norterra with Best Buy, PF Changs, Dicks Sporting Goods and Harkins Theaters. Opening Nov. 2007.
http://www.norterrashopping.com/
Communities
Sonoran Foothills
Sonoran Foothills is the beautiful new desert community now taking flight a mile south of the Carefree Highway at 27th Avenue. It is a quiet enclave rising with the foothills adjacent to the proposed northern mountain preserve. Sonoran Foothills presents a rare opportunity to live in harmony with the desert.Panoramic views of the nearby mountains and descending natural wash corridors help to define Sonoran Foothills. The nearby proposed mountain preserve will be connected to Sonoran Foothills via a system of trails. Natural desert trails and improved trails knit together the many community amenities and provide the ideal way to enjoy the desert experience unique to Arizona.
Dyamite Mountain Ranch
Dynamite Mountain Ranch is a planned community of 1045 single family homes nestled at the base of the Union Hills, a geological landmark in north Phoenix, Arizona. You can find us by exiting off of the I-17 freeway at Happy Valley Road and proceeding north on Norterra Parkway approximately two miles.
The community was planned and constructed by DR Horton and is part of a master planned community with shopping and jobs immediately adjacent. The community is noted for its beautifully planned and strategically located park system, all ADA accessible.
Local Employers
Employers include BF Goodrich, USAA Insurance, Chubb Insurance and Honeywell.
Location
Norterra has perfected the art of balancing privacy and convenience. With quick and direct access to both I-17 and the 101, Norterra makes any valley destination easily reached, while its peaceful setting still causes you to feel like you're away from it all. Tucked in around the Phoenix mountain preserve, Norterra residents will enjoy living in a serene community, with nature at their doorsteps. With Flagstaff and Sedona within a couple hours and Lake Pleasant being a convenient shot off Highway 74, quick weekend getaways are definitely a reality.
The prominent Northeast Valley has more benefits than nice stores, beautiful mountain-scapes and accessible highways, there are also extraordinary schools. The Deer Valley Schools that serve this area are ranked in the top 6 of 42 districts in the Phoenix area.
Shopping-Within a few miles
Happy Valley Towne Center
Featuring Super Walmart, Lowes, Circuit City, Old Navy, Staples, Petco, Barnes & Noble, and many more. Restaurants are Logan's, Olive Garden, Red Robin, Friday's, and a few fast food.
http://www.shophvtc.com/
The Shops at Norterra
Nearby shopping includes the Shops at Norterra with Best Buy, PF Changs, Dicks Sporting Goods and Harkins Theaters. Opening Nov. 2007.
http://www.norterrashopping.com/
Communities
Sonoran Foothills
Sonoran Foothills is the beautiful new desert community now taking flight a mile south of the Carefree Highway at 27th Avenue. It is a quiet enclave rising with the foothills adjacent to the proposed northern mountain preserve. Sonoran Foothills presents a rare opportunity to live in harmony with the desert.Panoramic views of the nearby mountains and descending natural wash corridors help to define Sonoran Foothills. The nearby proposed mountain preserve will be connected to Sonoran Foothills via a system of trails. Natural desert trails and improved trails knit together the many community amenities and provide the ideal way to enjoy the desert experience unique to Arizona.
Dyamite Mountain Ranch
Dynamite Mountain Ranch is a planned community of 1045 single family homes nestled at the base of the Union Hills, a geological landmark in north Phoenix, Arizona. You can find us by exiting off of the I-17 freeway at Happy Valley Road and proceeding north on Norterra Parkway approximately two miles.
The community was planned and constructed by DR Horton and is part of a master planned community with shopping and jobs immediately adjacent. The community is noted for its beautifully planned and strategically located park system, all ADA accessible.
Local Employers
Employers include BF Goodrich, USAA Insurance, Chubb Insurance and Honeywell.
Wildcat Ridge in Desert Ridge YTD
There are currently 12 homes on the market for an average list price of $371,057 for 1,893 sf...$196/sf. We have 12 sold homes this year for an average sales price of $362,991 for 1,883 sf...$192/sf. Right now it is taking 4.5 months to sell.
In 2006 we had 19 homes sell for an average of $394,542 for 1,882 sf...$209/sf and it took just over 2 months to sell. That's over a 6% decrease this year and we are approaching the slow months. My advice...hold onto your home if you can for the next few months, get it rented, or be prepared to price it WAAAAY less than comparables.
For more information, check out www.danmullarkey.com
In 2006 we had 19 homes sell for an average of $394,542 for 1,882 sf...$209/sf and it took just over 2 months to sell. That's over a 6% decrease this year and we are approaching the slow months. My advice...hold onto your home if you can for the next few months, get it rented, or be prepared to price it WAAAAY less than comparables.
For more information, check out www.danmullarkey.com
Sunday, October 21, 2007
Arroyo Rojo Market Update
Currently there are 19 homes on the market with an average list price of $331k for 1963 sf...$169/sf. 17 homes have sold this year for an average of $311k for 1844 sf...$169/sf. So, homes are priced right and are currently taking about 2.5 months to sell.
Compare this to 2006, where we had 18 homes sell for an average price of $328k for 1936 sf...$169/sf. Those homes took 94 days to sell.
So, some positive news!!! In a down market, this community has not depreciated from last year and homes are selling quicker, definitely a good sign:-)
For more information, check out http://www.danmullarkey.com
Compare this to 2006, where we had 18 homes sell for an average price of $328k for 1936 sf...$169/sf. Those homes took 94 days to sell.
So, some positive news!!! In a down market, this community has not depreciated from last year and homes are selling quicker, definitely a good sign:-)
For more information, check out http://www.danmullarkey.com
Saturday, October 20, 2007
Winter visitors returning
It seems as though we have had an increase in winter visitor population over the past few weeks. Many seem to be ready to purchase winter homes now that our market has cooled off and great deals abound. Hopefully this gives our market a nice "jumpstart" that we could really use right now as we approach the slower winter months.
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