Traditional Sales Statistics For Greater Phoenix

Since I covered the short sale market in Phoenix yesterday, I though why not do the same for traditional sales and reo sales. The bank owned sales report will come out tomorrow. We just adjusted the blog layout to be 720 px vs. 480 px so that we can put up larger photos and graphs. I hope you like the bigger graph.

[ Graph: The Cromford Report ]

As all segments, normal or traditional, sales - those not bank owned or short sales - are on the rise, both in terms of sales numbers and percentage of active and sold properties: good stuff. That's the direction we need to be headed. Granted, many of these normal sales are flips. These investors doing flips are necessary in this market. They take abused properties and make them FHA and market ready. The market wants and needs move in ready homes and that's what they provide.

Not all cases are so rosy. I would say most do a decent job of remodeling, but plenty don't: doing the equivalent of putting lipstick on a pig as the saying goes or I'd prefer to say 'painting the mud'.  These flips buyers need to be wary of and they are not always so obvious.

We have a while to go to normalcy, but we're getting there a bit at a time. We'll see how the market performs in the coming month or two as the summer buying season cools down.  Pending listings indicate a good July at least, may be not as good as May, but on track.