Hey Friends,
This info came in from my friend at Grand Canyon Title in the Phoenix area.
Prices Rise Again, Low Inventory, Cash Dominates, Hot Single Family Rental Market, Sales Prices Rising Faster Than Rental Rates, Some Sellers of Short Sales Being Paid by Lender to Short Sale.
Sale prices pushed up again by high demand and low supply. June was the ten consecutive month the median sales price per square foot increased. It increased 23.7% or $16.35 from June 2011 to 2012.
When breaking out different categories of sales and comparing June 2011 to June 2012 lender owned sale prices increased 36.7%, traditional sale prices increased 11%, but short sale prices were flat. The reason for flat short sale prices is because lenders are approving many short sales below market value to get through the real estate mess as fast as possible. So lenders are short selling more and foreclosing less. June short sales in Greater Phoenix were 1,895 the highest number ever in a month, while the number of lender owned sales was 726, the lowest number in years. Lenders are taking advantage of the investor demand in Greater Phoenix for single family properties by short selling to them, and investors are flocking to short sales because of purchase price. In June, 56% of short sales were purchased with cash. Also, I have been told Chase has paid some short sale sellers between $10,000 and $30,000 on the short sale.
Overall estimated months of supply on July 18 was 1.2 months, but the estimated months of supply differs greatly by price range.
Forty-two percent of sales were purchased with cash, thirty-six percent were purchased with conventional loans, seventeen-percent with FHA insured loans, four-percent with VA insured loans, and one-percent of the sales were purchased by none of the aforementioned.
Sixty-two percent of all sales were under $200,000. Eighty-percent of all short sales and seventy-four percent of all lender owned sales were under $200,000.
June 2012 sales down seventeen percent from June 2011.
Signed leases in June 2012 were 2,270, eleven-percent higher than the 2,038 signed leases in June 2011.
The June 2012 median rent per square foot was .67 cents compared to .66 cents in June 2011 for an increase of two-percent. The median rent in June 2012 was $1,202.50 compared to $1,200.00 in June 2011.
Sales prices rising faster than rental rates. See page twelve for the rent versus own ratio.
The lease rate range with the most signed leases was between $900 and $999 with thirteen-percent all leases and finishing number two was the $1,200 to $1,299 range with twelve-percent.
Anthem edged out Gilbert with the lowest estimated months of supply of single family rentals at 1.0 months compared to 1.1 for Gilbert. El Mirage had the lowest median monthly lease rate at $800 and Paradise Valley had the highest at $3,250.
The properties analyzed in this report unless otherwise stated are single family detached properties in Greater Phoenix. Greater Phoenix is defined as those cities that are in Maricopa County. The term ARMLS stands for Arizona Regional Multiple Listing Service, Inc.
Fletcher Wilcox, V.P. Business Development Real Estate Analyst Grand Canyon Title Agency, Inc.
Click on the link below for the full report.
Greater Phoenix Single Family Property Report
Make it another great day!
Billy A
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