December 2009 Housing Tracker - Phoenix Market
Here is another in a series of reports for our regular housing tracker. Phoenix market results for December 2009 indicated an increase in the number of homes that sold for under $100,000. December 2009 is the first month in which there was any significant increase in this statistical category.
Looking at the total number of homes that sold for under $100,000 is one way to look at Metro Phoenix housing. Market tracker information is revealed in the following chart and is read in this manner: "There were 7,670 homes sold in metropolitan Phoenix during the month of December 2009. 2,811 (or 36.6%) of all thesesales were under $100,000. 2,249 of those homes (80% of the total) were foreclosure type sales."
As indicated by the color yellow, this number had been on a decline since a peak of 3,866 homes in May 2009. At that time 90% of all homes that sold for under $100,000 were foreclosure-type sales (indicated in orange).
A primary reason for the June through November decline has been thegradual increase of home prices in the Phoenix area. Our Phoenix housing market tracker has indicated the increase began in April 2009 when the average price in the entire metropolitan area was approximately $84.00 per square foot. Price per square foot in December 2009 was approximately $91.00.
