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Phoenix, Arizona Re-sales Hit Record Highs

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By : Paul Escobedo    99 or more times read
According to a recent report by Jay Butler an associate professor of real estate at Arizona State University; single detached home sales increased to record numbers in March. The 9.3% spike represented 6,490 in re-sales. This increase is based on sales numbers for the same period last year.

The increase in sales is not all good news. The spike in re-sales is being considered the bi-product of a market flooded with foreclosures. The amount of Phoenix area foreclosures has continued to rise at phenomenal rates. Included in Mr. Butlers report was statistical information on the Valley’s ever growing foreclosure rates. According to this report there were 4,370 single family detached home foreclosures in March. This represents a 24.4% increase from February 2010 where there were only 3,305 foreclosures. One year ago the number of foreclosures totaled 2,670. That equates to an annual increase of foreclosure of 63.7%. The previous record of foreclosure in the Valley of the Sun was listed at 4,200 in July of 2009.

Typically this time of year sees an upswing in sales. These sales increases are anticipated annually due to nicer weather and more stability in the market proceeding the holidays. This increase in sales is also being spurred along by the impending April 30th expiration of the tax credit. It is hard to say what percent of the sales increase is linked to a specific contributing factor, however market watchers agree that sales will continue to grow throughout August of this year.

In addition to the 9.3% sales increase in Valley home sales, the median home price has outpaced the sales percentage increase to 10.9%. One year ago the median home price in Maricopa County was $127,000, now the price has settled at $142,500. This increase seems to have brought some well needed optimism to one of the hardest hit markets in the nation.

The increase in single-family homes unfortunately has no bearing on the disappointing numbers in the condominium sector. Condominium foreclosures have continued to sky rocket. In March alone there were a reported 660 foreclosures. These 660 foreclosures represent a 123.7% increase from the prior year. The median price on condominiums has also taken a severe hit. The median price on these properties fell 18.3 from $115,000 to $94,000.
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