Record Setting December 2009 Fueled by Phoenix Foreclosures
Yes, it's true. December saw7,670 residential sales in metro Phoenix. Foreclosures dominated those sales numbers, though the sales total wasn'tquite the all-time high. December 2004 was the only month in this last decade that had higher sales, and that was by less than 200 homes. Is that an amazing feat for Phoenix,foreclosures sales included? Definitely, considering that December is historically one of the lower sales months in the entire year as people turn towards holiday shopping and parties. It's also an impressive feat considering all of that doom and gloom reporting on the national (and local) economy seen in the Az Republic newspaper, Phoenix. Foreclosure sales made up 65.6% of December 2009 sales.
Take a look at these numbers from the Arizona Regional MLS. Sales include metro Phoenix foreclosures and normal sales.
MONTH - SALES
2009 - 7,670
2008 - 5,630
2007 - 3,347
2006 - 5,311
2005 - 6,527
2004 - 7,829
2003 - 6,311
2002 - 5,954
2001 - 4,531
2000 - 3,907
Additionally, 2009 recorded the third highest residential sales in the last decade. 2004 and 2005 (boom years) were the only two years with higher residential sales in the Phoenix real estate market. Phoenix foreclosures accounted for 69.7% of all sales in 2009.
33,014 more homes were sold in 2009 than in 2008, or a 55.7% increase!
YEAR - SALES
2009 - 92,292
2008 - 59,278
2007 - 54,231
2006 - 74,106
2005 - 104,133
2004 - 98,294
2002 - 68,411
2001 - 62,523
2000 - 55,400
There are currently 33,278 homes for sale in Metro Phoenix. Foreclosures account for 42% of all active listings. Sales are off to a pretty good start in January 2010 after a great December 2009.
Foreclosures can bear productive results for the potential purchasers as it may provide a reasonable inexpensive alternative to have possession of a property in the posh areas of America.
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