So these are the stats for this Sunday in sunny, hot metro Phoenix Arizona.
Made a change this week. I’m now counting properties coded “AWC” as “pending” instead of counting them with the “Active” (i.e. for sale) properties as I had been doing. Why? Read this post from a few days back to see why.
The grey shaded fields are ZIP codes that – apparently – represent a hotbed of short sale activity. When I looked at the details, 40% to 90% of the AWC properties in these ZIPs are short sales with a currently accepted offer just waiting for the seller’s lender’s blessing.
My personal experience with short sale buyers and sellers has been that getting lender approval takes about 2 to 4 months. So only time will tell if these grey-shaded buyers & sellers are wasting their time.
Note: this chart includes data from the AZ Regional Multiple Listing Service (ARMLS) and includes single-family detached homes, condos, townhomes, multifamily housing. It excludes raw land, commercial properties, manufactured & mobile homes.