Arizona Short Sales and REO Listings by the Numbers

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 16, 2009 -- About 37,000 properties are currently active on the Arizona Multiple Listing Service which is the online system used by Arizona real estate agents & brokers to market Az homes & other properties. Not all of these are traditional listings however as there is an increasing number of REO’s & Short Sales.

REO Listings are bank owned foreclosed properties. Short Sales are properties where the seller is trying to sell the property for less than the total owed to the bank. Sean Bonini, an Arizona real estate agent with Arizona Realty One Group in Scottsdale who specializes in luxury homes & short sales gave us some numbers.

“Of the 37,000 Arizona properties currently active just over 12,000 of them are Short Sales and just over 5,000 of them are REO listings.” quoted Sean as he pulled his current stats from the MLS. “32% of all active listings are arizona short sales and 14% are REO listings. It’s an amazing number when you consider that almost half of all the property listings in Arizona right now are lender owned or require lender approval, as in the case of a short sale.”

The numbers tell a story locally as well. ARMLS features property all over the greater Phoenix & Scottsdale real estate markets. Sean pulled a few major areas out of those numbers to give us a feel for the local markets.

“The luxury home market is not immune to these kinds of properties. In taking all the active listings at $1,000,000 and up we find 2,617 properties of which 159 are short sales and 73 are REO listings. That’s 6% of all luxury home listings are short sales and 3% are REO. Certainly not as high as the overall market but there is a presence there. Scottsdale has about 4,800 listings right now of which 962 (20%) are short sales and 300 (6%) are REO listings. Paradise Valley has 539 active listings with 53 (10%) short sales & 17 (3%) REO listings. The city of Phoenix shows 8,266 properties with 2889 (35%) short sales & 1568 (19%) REO listings for a total of about 54% of all properties are lender related.”

With numbers like these it’s obvious that the Arizona real estate market is in a different place than it has been in the past years. As lenders become more forgiving with their borrowers and make it easier to short sell properties and buyers continue to purchase Az homes at low prices the market will continue to stay active. Eventually we will see a balance in the market and we’ll start to see a slow rise in appreciation again. Nobody knows when this will be but the numbers will surely tell the story.

RESOURCES

Sean Bonini

Arizona Real Estate Agent
Arizona Realty One Group, Scottsdale AZ
(480) 241-4406
http://www.AzHomeHelp.com

Arizona Regional Multiple Listing Service

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