Phoenix Bank Owned Sales Statistics

Ok, these types of reports were usually found over at our other website Phoenix Market Trends, and they will end up there again soon. That site is updated constantly, but we are working on a big project to transform it into something bigger more mobile friendly for the normal computer and the ipad type of computers with a mobile search as well for the android and iphone. That's why you're seeing a Greater Phoenix report here for now.

A few days ago we looked at the short sale market in Phoenix and the traditional home sales in Phoenix yesterday. To complete the segments here are the states for the lender owned segment in Phoenix.

[ Graph: The Cromford Report ]

Bank owned homes are 15% of the active market. 43% of the pendings are bank owned and 44% of the sales are bank owned. Last year sales were 41%, but 2 years ago reo properties made up 62% of all sales and 13% of the active market.

Look at the supply of these homes: 1 month and the average sales to list price of nearly 99% and a 95.5% success rate in sales.

That's leading to a higher list price of $73.66 per square foot which is heading up: though pending and sold per square foot pricing is lower.

More importantly there are fewer notices or trustee sales and fewer trustee sales indicating a trend toward less bank owned homes on the market, though we won't see these go away anytime soon.