Sunday, August 2, 2009

Sunday Stats

bar-graph-by-miamiamia-id-987804photo credit to MiamiAmia, courtesy of StockExchange.

Click here to see the entire Sunday Stats series and many other statistical and analytical peeks at the Valley’s real estate market. Click here for an explanation of Absorption Rate and to get a little background to help you understand what these charts show.

Here’s a look at the entire Arizona Regional Multiple Listing Service data trends going back to last fall:

8-2-2009 whole MLS (click to enlarge)

And here’s the ZIP by ZIP breakdown, for the ZIPs we commonly cover:

8-2-2009 by ZIP (click to enlarge)

It’s The Fast and The Furious out there for buyers right now. At least it is in the under-$200,000 market. We’re working with several first time buyers who can’t win for trying. We're writing 6, 10, 12 or more offers and can't compete with the cash investors.

By the way, cash does give you a slight edge as a buyer, but it doesn’t get you a discount in today's market. We have a new listing at $159,000 for 2500+ square feet, 4 beds, 3 baths with a pool. We got multiple offers so fast we didn’t even have time to build the home’s website. The cash offers aren’t any lower than the FHA first time buyer’s offers. Some are actually coming in a few thousand dollars higher than they normally would have been. Those cash buyers are secure in the knowledge that they don't have to appraise for purchase price like buyers getting financing do. Sniff, sniff. Is that the seeds of another bubble I smell?