Thursday, October 29, 2009

ZipRealty Says “Phoenix is Hot”

ZipRealty released it’s Third Quarter Home Hunter Report a few days ago and according to them… wait for it… Phoenix is hot.


We’ve been working 60 to 80 hour weeks (each) since about June. So this isn’t news to us. But sometimes folks don’t believe it till they see it in print with a big corporate name behind the data. So here it is. A big corporate name to back us up.

The 10 ZIP codes with the highest sales-price-to-list-price ratio were:

  • Rancho Bernardo, Calif., 92127 (124.9 percent sales-to-list ratio)

  • Davie, Fla., 33328 (123.2 percent)

  • Grand Prairie, Texas, 75050 (120.1 percent)

  • Commerce (Los Angeles), Calif., 90022 (118.5 percent)

  • Everett, Wash., 98205 (109.3 percent)

  • Whitestone (Queens), N.Y., 11357 (108.5 percent)

  • Glendale, Ariz., 85307 (107.6 percent)

  • Phoenix, Ariz., 85035 (106.3 percent)

  • Oakland, Calif., 94608 (105.6 percent)

  • Arleta (Los Angeles), Calif., 91331 (105.3 percent)

Note: Data for home sales in the 4th quarter, in the 33 markets tracked by ZipRealty

What’s it mean to you? If you’re shopping bank owned foreclosure (a.k.a. REOs) in the metro Phoenix/Glendale market, don’t be surprised if your Realtor advises you offer more than list price. The closer your shopping takes you to the under-$100,000 price range, the higher above list you should expect to see sales prices.  The closer you get to the $400,000 range, the less you should expect to be paying over list price.

Want more specific than that? Contact us for a personalized look at your price range in the neighborhoods you’re shopping.