Phoenix Median Home Values Rise for 7th Straight Month
Investors and first-time buyers are responsible for driving the Phoenix Metro housing market’s median home values to their highest since December of ‘08, moving 3.4% in November to $142,700.
Cash buyers accounted for more than 31% of all November sales according to DataQuick, while total sales rose to 10,482, up 62% from the same time last year.
Phoenix MSA
| Number of sales | Nov-08 | Nov-09 | %Chng |
| Resale houses | 3,934 | 6,299 | 60.1% |
| Resale condos | 322 | 815 | 153.1% |
| New homes | 1018 | 1430 | 40.5% |
| All homes | 5,274 | 8,544 | 62.0% |
With 52.2 percent of resold homes and condos in November being foreclosed properties of 12 months or fewer, investors are harboring successful fix and flip campaigns while demand stays steady and supply lessens.
Recent Cromford Reports show decreased inventories of lender-owned properties, while notices of trustee sales dropped 9% from October to November. This is the 3rd straight month of declines, an occurrence that one would have to go back 4 years ago to see… an indication of a stabilizing market.
Let’s not forget about all those maturing option-ARM and Alt-A loans… The expected sidekick of the 2010 new wave of foreclosures. So long as supply doesn’t start dwarfing demand, the promises for building wealth through purchasing foreclosed homes at Phoenix Trustee Sale Auctions during 2010 remain ever-present.