Phoenix Real Estate Market Report May 26th

by Shar Rundio on May 26, 2009

Over the years I have spent hours and hours at the end of the month on the MLS breaking down the active, pending and sold numbers by city and price range and importing them into Excel spread sheets.  While I greatly enjoy the knowledge and interpretation of the numbers, as someone who doesn’t love Excel or spreadsheets this is almost as much fun as a paper cut on my eyeball.  Recently, I have become acquainted with The Cromford Report a subscription site where they compile the numbers and I just have to pay for it.  There really sick are people out there who LOVE putting this stuff together.  They even come with colored arrows for those who can’t figure out if things are trending up or down.  

Here’s a quick snapshot of the Phoenix real estate Market as of today: 

Things to make note of include:

  • The active listings - see how they are coming down, that means that houses are selling and/or expiring and not being replaced with new listings.
  • The pending (under contract) listings - nearly twice as many as this time last year!  The buyers are getting it…
  • Sales are up too!
  • Months Supply of inventory is way down.  If no other houses came on the market at the rate things are selling it would take 4.3 months to deplete the inventory on the market.  

Things are a-changing…

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The REAL First Memorial Day

by Shar Rundio on May 25, 2009

It’s a little late in the day (I’ve had some technology issues while away) but I hope y0u’ve had a wonderful day remembering and honoring those who serve our country in order to offer us the freedoms that we so easily take for granted.  As I was catching up on Twitter today I found a link to what is now being considered the first Memorial Day or Decoration Day.  I thought you might enjoy pondering this little bit of history, too.  

Thanks to all of you who are or know and love service men and women.  Your dedication does not go unnoticed in this heart.  For those who gave the ultimate for my freedom, there are no words for my appreciation.

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GreatSchools.net: A Resource for Moving Parents and Beyond

by Shar Rundio on May 24, 2009

If you are a parent and you are contemplating the idea of making a move one of the likely things on the top of your list of questions pertains to the schools.  Where are they?  What are they like?  How are they rated?  I frequently have clients ask me questions about schools and thought I’d share with you the resource I send them to:  greatschools.net. 

Greatschools.net is a researching parent’s dream.  From public to charter to private schools, you can learn about everything from student and teacher statistics, spending per child, test scores (see Las Sendas Elementary 4th grade AIMS scores above), demographics, extra cirricular activities, parent & student reviews, and much more.  You can also compare schools or school districts.  

If you have something to say about a school your kids go to make sure to leave feedback for others there, too and then sign up to receive updates about your specific schools.  

Don’t miss Great School’s blog, too!

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A Smile to Share

by Shar Rundio on May 23, 2009

I have nothing profound to share with you today so I thought I’d pass along a little smile. This video just makes me happy. Watch the cute little love pat as they switch. Enjoy~

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Housing Bust Gone Boom? Be Careful…

by Shar Rundio on May 22, 2009

The LA Times is reporting that the Phoenix housing market is out of it’s bust and is in a quasi-boom.  They tell the stories that the agents on the streets are telling, too.  

Multiple offers.

Frantic bidding wars.

Paying over asking.

Placing 15 offers before getting acceptance. 

Lack of selection and inventory. 

Sound a little familiar?  Maybe like 2005?  

Here’s my take:  

At the request of the federal government most of the large financial institutions put a moratorium in place starting toward the end of last year that wasn’t lifted until April 1.  The moratorium halted many foreclosures.  My short sale clients in foreclosure were getting automatic postponement of their foreclosure dates 30 days at a time.  

Now that the moratorium has been lifted I see the tell-tale signs that the banks are ramping up their foreclosure inventory.  I do BPOs (Broker Price Opinions — like a mini-appraisal) for several companies and there have been more BPOs lately than I have ever seen.  The banks are determining values on homes and getting ready to start a new wave of foreclosures.  

So, we’ve had conditions that have inticed the buyers to come back into the market (mad-crazy low pricing, great rates, 1st time buyer incentive tax credit) but not added 6 months worth of foreclosure inventory into the market.  

What does that do?  In my opinion, it creates a false frenzy.  A skewed supply/demand issue.  Bidding wars, multiple offers, increased pricing.

It IS (no doubt) a great time to buy.  But I caution you against starting to that we are out of the woods yet.  Go buy a house.  Better yet, go buy a house with me.  But be careful that you don’t get caught up in 2005 mentality again.

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