As of December 2011, the median home sale price again increased, the number of foreclosures and listings declined, and monthly sales reached a near record pace in metro Phoenix.
The median price of a metro Phoenix home rose to $117,000 in December, its highest level since November 2010 and the first December since 2005 that the median price didn’t decline.
Foreclosures pending declined to less than 20,000 or 60% below the high of 50,568 in November 2009. Only 9% of listed homes were lender-owned foreclosures, compared to 20% a year ago.
The number of new listings in December declined to 7,339 from a high of 12,312 in March. Total inventory declined 42% to 24,712 from a high of 42,881 in January.
Months supply of inventory (MSI), declined to 3.2 months or 16% lower than November and 80% lower than December 2007, when MSI was 16.0 months. The number of sales in December rose 10% over November to 7,840. The total number of homes sold in 2011 was nearly 95,000, the highest level since the market peaked in 2006.
Multiple offers (often 15-20) and over-biding on the more desirable properties is the norm. Investors are snatching up both foreclosure and short sale properties at a record pace. Owner/occupant buyers needing financing are over-bidding listed prices in order to compete with all-cash investors.
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