The Phoenix real estate market has been very favorable to buyers in the last year or so. Since June 2007, the average sales price for residential properties in Maricopa County dropped over 46% as an average. The available “homes for sale” inventory shrunk from an 18 month supply in November 2007 to a 4.6 month supply in May 2009. Additionally, the inventory of foreclosures (chart of bank owned homes) for sale on the MLS has shrunk from 6 months to ½ month respectively. In example: just this year, the sales volume of foreclosed homes for sale has increased 90% (from January 2009 to May 2009).
March 2010 Update: As of January 2010, the inventory of available foreclosures for sale is 88% less than in January 2009 (foreclosures inventory chart 2010). The amount of bank owned homes decreased in supply from 3.45 to 0.52 months. The average sales price in February 2010 is 5% higher than in February 2009, and the sales time is 41 days less than a year ago (foreclosures days on the market vs average price chart).
Foreclosed Homes for Sale in the Valley
Foreclosures in Popular Areas |
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|---|---|---|---|
| North Phoenix | |||
| South Phoenix | |||
| Scottsdale | |||
| Paradise Valley | |||
| Cave Creek | |||
| Carefree | |||
| Rio Verde | |||
East Valley Foreclosures |
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| Apache Junction | |||
| Chandler | |||
| Fountain Hills | |||
| Gilbert | |||
| Mesa | |||
| Queen Creek | |||
| Tempe | |||
West Valley Foreclosures |
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| Avondale | |||
| El Mirage | |||
| Glendale | |||
| Goodyear | |||
| Laveen | |||
| Litchfield Park | |||
| Peoria | |||
| Sun City | |||
| Sun City West | |||
| Surprise | |||
| Tolleson | |||
- Foreclosure
- A legal procedure whereby property used as security for debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document.
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Besides saving you a lot of time
it makes sure You Don't Miss a Single Deal:
- Searches and saves all the properties that match your criteria.
- Keeps you posted when properties on your list are reduced or increased in price.
- Keeps track of the listings you already saw.
- Keeps track of the properties that you like.
- Shows locations of properties on the map.
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- Provides tax record information.
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