One of yesterday’s posts referenced Phoenix homes listed under $200,000. As promised, here are the actual numbers of homes currently listed in the Phoenix area MLS for under $200K.
Of note:
Data is for single-family detached homes only. No condos, town homes, or manufactured homes (other than erroneously entered data, of which there is certainly some).
“Total ARMLS” covers all of Maricopa County and the vast majority of Pinal County. As such, it includes many small outlying areas (where approximately 1/3 of the homes under $200K can be found).
Note the percentage of inventory under $200K for the ‘burbs that are somewhat distant from Phoenix proper — Queen Creek, Maricopa, and Apache Junction. They are showing significantly higher percentages than areas closer in. This should not be surprising to anyone familiar with real estate in these areas.
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Jay, another interesting fact is that of the 12,000+ under $200K, almost half are indicated as short sales (lender approval required), probably more since many are not properly marked. As you noted in your earlier post, many of those will probably end up as REOs.
Jay do you have any idea how many of the homes are new builds? Forgive me if this is a dumb question but I’m not too familiar with the MLS. I’d be interested in seeing some numbers from Sept. - Oct. 2005 if you can dig those up.
It’s pretty clear where the expensive homes are - I would have guessed 0% for Scottsdale and Ahwatukee; you can probably thank condo conversions for the more affordable home pricing in these areas.
Rob — that is interesting. And I wonder how many are short sales but aren’t properly marked as such. I suspect the number is not insignificant.
Jayson — I didn’t look at the age of the homes. It would be interesting to do that. I’ll see if I can pull that data in the next day or so.
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