These numbers change even more drastically in certain price brackets, for example if we look at a price range of $75,000 to $125,000 there were only 161 active listings for sale at the end of December 2011 which is down from 258 in December of 2010. There isn’t a shortage of qualified buyers either indicated by the blue and green bars on the same graph, which makes the competition for properties even stronger!

The red bar on the graph indicates the average price per square foot of active listings, which has an upward trend since June. This category typically leads the pack since it indicates what is currently trending in new listings. The blue bar indicates the homes that are in escrow or that have a buyer that has contractually agreed to purchase the home. This is usually the second fastest indication of a trend since most of these will typically show in the green bar the next month, or the month after depending on how long the closing period is. The green bar indicates the average price per square foot of sold properties. This one is the truest indicator of change, but is typically 1 to 3 months behind the red bar or active listings.

So why would closed sales be so far below the active listings? Ah yes, a valid question and concern. One word: Appraisals.
Because appraisals are completed during the escrow or closing period, they utilize data that is one to three months behind. The data that is most considered in an appraisal is sold data – which is typically not on the cutting edge of the market – which is clearly illustrated in the graph above.

This is the time to jump in if you’ve been sitting on the fence!

]]> http://melissayostfuentes.com/2012/01/12/market-update-casa-grande-is-in-recovery/feed/ 0 melyost Average Price per Square Foot 2011 http://melissayostfuentes.com/2011/11/04/419/ http://melissayostfuentes.com/2011/11/04/419/#comments Fri, 04 Nov 2011 15:07:09 +0000 Melissa Yost Fuentes http://melissayostfuentes.com/?p=419 ]]> Does it feel like trust is one of the major casualties of the economic meltdown of 2008 – followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”

Weren’t we assured that home values were destined to go up and up and up?

There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter. So where’s a homeowner who’s underwater or overleveraged to turn?

Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.

It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.

My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery.

It CAN be done! And it would be my privilege to help.

An astounding 42.4% of total occupied housing units are occupied by tenants! And nationally, that trend is rising – In 2000, 66.2% of all housing units were owner occupied compared to 65.1 in 2010 according to the 2010 US Census.

If you’ve been thinking about investing, but just aren’t sure if its the right time, don’t wait! Our local market has already begun its recovery and there are some incredible investing opportunities!

Scared of taking the plunge into the world of collecting rent and finding tenants? We have a property management department that will handle it all so you don’t have to!

An estimated one fourth of the mortgage holders in the country owe more on their home than its current market value. One out of seven are in some state of default or foreclosure. And possibly the most troubling statistic of all: the vast majority of homeowners who end up foreclosing on their home, do so without ever reaching out for help or attempt a short sale. As a Realtor and a CDPE, it’s my mission to help homeowners to avoid the indignity and financial devastation of foreclosing on their homes. In the process, I help them to move forward on a positive path.

If you or anyone you care about is faced with an unmanageable mortgage, please know that I am here to help. I invite you to visit my website or forward this link www.MelissaHelpsHomeowners.com for a copy of our most recent report.

That’s all changed.  And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.

With bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure – they’ve sharpened their focus on short sales big time.

The biggest lenders in the country have staffed up to ensure faster processing of short sale applications. They’ve ponied up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to RE/MAX and CDPE agents to put them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is changing.

As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties.  I invite you to visit my website www.MelissaHelpsHomeowners.com to learn more and feel free to contact me any time at my office via phone (520) 836-1717 or via email at Melissa@YostHomes.com if you or anyone you know is struggling with an unmanageable mortgage.

Click on the chart to view a larger image.

As you can see, the number of active listings was on a month over month downward trend with a view areas of level inventory. Pending and closed sales aren’t particularly encouraging, but are still holding steady given the season swing to the Casa Grande market. We anticipate seeing a rise in the pending and closed sales from November through to late spring, and possibly early summer.

In fact, let’s compare the months supply of inventory for the past year. In September 2010, the Casa Grande area had a 6.2 months supply of inventory and at the end of September 2011, we’ve dropped to a 3.3 months supply. The months supply of inventory is determined by the number of sales per month divided by the number of active listings. Meaning that if sales continued at the same pace without new listings coming on the market, it would take 3.3 months to sell out. The numbers on what constitutes a normal market vary, but typically a 1 to 3 months supply is a sellers market, a 4 to 5 months supply is a buyer’s market with anything over 6 months being a buyer’s market. The past few years have been buyer’s markets, but it appears that it’s the seller’s turn.

Click on the chart to view a larger image.