Here’s how December shaped up in the Phoenix real estate market:
- 5,210 single family detached homes sold in Maricopa County, a roughly 10 percent drop from the 5,700 and change sold in December 2011.
- 493 of the 5,210 were bank owned properties
- 123 were HUD homes
- 1,407 were short sales
- The remaining 3,000 and change were traditional sales – not distressed sales
For the full year:
- 66,530 single family detached homes sold in the Phoenix real estate market, excluding Pinal County (Maricopa, Queen Creek, San Tan Valley)
- Last year, there were 74,574 sales. Keep in mind, inventory levels were double or more what they were throughout this year
- 9,424 of the sales were bank owned homes
- 1,709 were HUD homes
- 18,483 were short sales
- The remaining 37,000 and change were traditional sales
Last year, 27,684 properties listed at $100,000 or less sold. This year? 15,012. Price points most certainly have shifted.
Last year there 14,429 bank owned sales – about 19.3 percent of the total. This year? Bank owned sales accounted for 14 percent of the market. Despite early-year claims of a “shadow inventory” lurking to swamp the Phoenix market, foreclosed homes became a smaller part of the real estate landscape.
Last year, 6,933 of the sales were short sales – just over 9 percent of the market. This year? Short sales were 27.8 percent of the market. Shadow inventory and legitimate bank owned inventory can’t rise when lenders (finally) are working to keep the homes from getting to the courthouse steps for a trustee’s sale.
Last year, 2,542 of the sales were HUD homes – about 3.5 percent of the market. This year? HUD homes accounted for 2.5 percent of the market. My guess? Since HUD homes are properties financed with FHA loans that then are defaulted upon, the rising price point likely is diminishing the number of HUD homes.
Yes, the total number of sales in the Phoenix market was down. But by almost any other indication – including the double-digit appreciation in most areas – 2012 was the best year we’ve seen here in more than a half-decade.