Arizona Trustee Sales - Newsletter

March 25th, 2009

Arizona Trustee’s Sales is proud to present our first Newsletter for 2009.  This month we will compare sales and listing data for December 2008 and January 2009.  The data will focus on properties listed as distressed such as Lender Owned Properties (REO) and Short Sales, versus the market as a whole.

The following data pertains to Distressed Sales in the month of January 2009.

LENDER OWNED (REO)
Total Sales: 3,055
Median List Price: $109,900
Median Sales Price: $108,900
Median Days on Market: 41

SHORT SALES
Total Sales: 464
Median List Price: $165,000
Median Sales Price: $160,000
Median Days on Market: 78

The following data pertains to the entire market of for sale residential properties for the month of January 2009.

ALL SALES
Total Sales:4,748
Average List Price: $191,685
Average Sales Price: $180,411

NEW LISTINGS
Listings: 13,653
Average List Price: $309,419

DISTRESSED MARKET

General Market Data showed that January had 129 more REO sales than December.  The REO sales in January accounted for 64% of all sales for the month.  While sales numbers are up, the median price for the REO sales in January were nearly 10% less than December’s sales.

December REO Median Price $119,900
January REO Median Price $108,900

The REO listings that sold in January were on the market for an average of 56 days, 2 days longer than the sales in December.  In addition, the REO homes sold in January, sold for $66.48 per square foot, $5.23 less PSF than the REO sales in December ($71.71).

Closed sales designated as Short Sales were also up for the month of January, from 457 to 464 total sales.  These sales accounted for nearly 10% of all sales in the month of January.  Similarly to the REO sales, short sales closed in January had a median price nearly 6% lower than the short sales closed in December.

December Short Sale Median Price $170,000
January Short Sale Median Price $160,000

The Short Sales closed in January were on the market for an average of 102 days, which is unchanged from December.  In addition, the short sales closed in January, sold for $80.73 per square foot, $6.05 less PSF than the short sales closed in December ($86.78PSF).

TRUSTEE MARKET
There were a total of 8.680 Notices of Trustee’s Sales (NTS) recorded in Maricopa County in January representing the highest number of recordings since the downturn began.  Notices of Trustee’s Sales were up nearly 10% from last months total of 7,890.  January 2009 had 38% more Trustee’s Sales recorded than January 2008.

Trustee’s Deeds on the other hand, showed just over a 7% increase since December, with 4,301 recorded Trustee’s Deeds in January.  January’s numbers are on par with the last half of 2008, and are overall down from the high in October with 4,700 Trustee’s Deeds recorded.

The number of notices filed in October versus Trustee’s Deeds recorded in January, represent a sale rate of nearly 51% for January.  The other half of notices filed, represented either postponed or cancelled sales or reinstated loans.  The actual sale rate for January is also down from the high in July 2008, when nearly 66% of homes with a Trustee’s Sale notice, actually selling or reverting back to the beneficiary at the Trustee’s Sale.  Assuming that nearly 90% of all homes sold at Trustee’s Sale revert back to the beneficiary, approximately 3,870 homes were added to the housing inventory in January.

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