Majority of homebuyers in Arizona still prefer Sheriff sale homes and other affordable residential properties, like distressed dwellings. Housing sales data for the state showed that luxury dwelling sales have lagged cheaper houses in the past few months.
According to housing market analysts, Phoenix foreclosures for sale and other affordable dwellings still beat pricier residential properties in terms of sales. During the October-December 2010 quarter, a total of 708 residential properties worth at least $3 million were in active listings in Phoenix. Of these 708, only 12 were sold during the fourth quarter. Data also showed that houses priced at this level remain unsold by an average of 436 days.
Industry analysts stated that these more expensive dwellings are shut out by foreclosed homes in Arizona, which are sold at very low prices and are available in vast quantities. Realtors also reported that luxury homes are facing tough competition and they usually stay for 14 months in the market before they get sold. In addition, the inventory of homes priced higher than $3 million currently stands at around five years, which means that a lot of these pricey dwellings are still in the pipeline waiting for someone to purchase them.
On the other hand, Sheriff sale homes being sold at a maximum price of $100,000 and cheaper residential properties in general are doing well in terms of sales. More than 32,000 of these dwellings were in active listings in Phoenix during the fourth quarter of last year. Out of this total, 6,253 were sold over the same period.
People who buy foreclosure homes and other types of low-priced residences also move faster as these affordable dwellings only stay in the market at an average of 95 days. In terms of inventories, homes that are within this price range only have unsold supplies equivalent to five months.
Meanwhile, inventory of Sheriff sale homes and other dwellings ranging in price from $251,000 to half a million stands at around six months. Realtors stated that the prevailing reality in the Arizona housing market right now is that, the cheaper the house, the easier and faster it gets sold. They added that homes under $500,000 are getting sold at a healthy pace.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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