Did We Already Hit Bottom and We Just Don't Know It Yet????

By
Real Estate Agent with Associate Broker with HomeSmart ADRE# BR523915000

As I was driving into work this morning listening to talk radio I started thinking "Is it really as bad as the media protrays it to be?".  It is true that there are tons of foreclosures and short sales available.  It is true that people are losing their jobs and companies are closing their doors.  It is true that financing is more difficult to obtain now than it has been over the last 5 years. 

Now what will boggle your mind and IS A FACT that can't be ignored, SALES ARE UP.  Yes...I said it they are up!  I am a member of the MLS...ARMLS (Arizona Regional Multiple Listing Service) to be exact.  When I arrived at my office this morning I checked the MLS to see a side by side comparison of closed sales from last year to this year.  This comparison reflects homes listed in ARMLS that sold in the months October, November and through Dec. 18th of both 2007 and 2008.  Hold on to your seats, here goes!

October 2007 - Closed Listings = 3422

October 2008 - Closed Listings = 5365 (up 57% from 2007)

November 2007 - Closed Listings = 3315

November 2008 - Closed Listings = 4407 (up 33% from 2007)

Through December 18th 2007 - Closed Listings = 1678

Through December 18th 2008 - Closed Listings = 2607 (up 55% from 2007)

These numbers are amazing considering the fact that FHA put into place new guidelines in regards to down payment assistance that became effective in October of 2008. 

People might say that the average sales price is down compared to last year somewhere within the 30 percentile range.  This is true, however, with sales on the rise from last year and taking the law of supply and demand into consideration prices should start to even out soon.

Every Realtor has their opinions of when this "recession" will truly be over, but remember this one thing...You will only know that the bottom has been hit AFTER it has been hit and the market starts to rise again!

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Topic:
Real Estate Market Trends
Location:
Arizona
Tags:
market condition
decline
sale statistics
foreclosure
short sales

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Rainmaker
853,032
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Three words, Jessica. I hope so.

Dec 18, 2008 12:37 PM #1
Rainmaker
222,740
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Jessica, glad to hear your numbers are picking up.  Ours are still down and I'm guessing it'll be April before we really get a sense of what our market is going to do. 

Dec 18, 2008 12:48 PM #2
Rainmaker
316,472
Michael Russell
Keller Williams Realty Partners, Inc. - Overland Park, KS
Overland Park Kansas Real Estate

I would like to believe it but I think we have at least 6 more months to go. It will take a t least that long for the media to get on board.

Dec 18, 2008 01:11 PM #3
Ambassador
534,052
Konnie Mac McCarthy
The Majestic Group - Mc Lean, VA
Associate Broker - VA & MD

I've seen the numbers around here increase too,I think we have reached bottom my listing are getting multiple offers, and sometimes going over asking.

Dec 18, 2008 01:24 PM #4
Rainmaker
137,821
David Krushinsky
AmeriFirst Financial, Inc. - NMLS 202115 - Phoenix, AZ

You will only know that the bottom has been hit AFTER it has been hit and the market starts to rise again!

Looks like you were right on Jessica.  Arizona home prices appear to have hit bottom in the first quarter of 2009.  And you think you're not a good writer.  

Nov 03, 2009 02:23 PM #5
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Rainmaker
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Jessica Monroy

REALTOR®, Certified Residential Specialist, GRI
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