Sunday, September 7, 2008

Sunday Stats

This week's edition of the Sunday Stats shows continuing strength in ZIP 85027. Homes are selling like hotcakes out there!

Fifty-six sales in the past 30 days brings the total inventory on market to just 4.93 months' worth. That's a pretty solid seller's market. Yes, you read that right - seller's market, not buyer's market.

Of course, financial distress sales are driving the market in 85027. A full 40% of the closed sales in the past 30 days were financial distress sales (meaning pre-foreclosure, foreclosure, short sales and/or lender owned properties).

Haven't done a deal in the ZIP myself lately, but I suspect that multiple offers and bidding wars are becoming common in this ZIP. I did a little more digging into the sales in this ZIP and found that, by and large, the financial distress properties are selling quicker (average 88 days on market) than standard sales (110 days on market). No surprise since distress properties are typically priced at the low end of the value spectrum, and often are priced outright below market value.

(Click here for the entire series of Sunday Stats)

Hope these stats are useful to someone reading! If you don't see a ZIP you'd like to track, email me.