Experts estimate more short sales in 2012 - East Valley Tribune: Ahwatukee Foothills

Experts estimate more short sales in 2012

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Sunday, January 22, 2012 12:25 pm | Updated: 12:31 pm, Sun Jan 22, 2012.

Ahwatukee Foothills home sales were up slightly in 2011, which could be a positive sign for the real estate market in 2012.

According to Allen Henderson, a broker in Ahwatukee Foothills, home sales rose to 1,712 units sold in 2011 from 1,466 sold in 2010. The average sale price decreased from an average of $231,517 to $217,239 in 2011. The amount of homes sold by homeowners in a regular listing increased to 744 units sold in 2011 from 644 sold in 2010. Short sales declined to 368 units from 421 in 2010.

"The increase in regular listings and the sale of properties by the homeowner is a positive note," Henderson said on his blog at homesahwatukee.com. "We are seeing the banks finally take some measures to put staff and resources in place to expedite the short sales process. While not reflected in the 2011 numbers, we anticipate that shorts sales will rise dramatically this year and lender owned sales will decline as the banks and lenders finally realize that it is more economical to short sale a property than it is to foreclose. As banks and lenders put the staff and resources in place to accommodate this shift, we should see a faster normalization of our real estate market."

The average listing price for homes in Ahwatukee in 2011 was $225,136, but the average selling price was $217,239. Homes spent an average of 112 days on the market.

The average listing price of regular listings was $296,057, down from $321,636 in 2010, and the average selling price was $268,269. Regular listings spent an average of 99 days on the market.

The average listing price for short sales in Ahwatukee was $248,387, up from $222,860 in 2010, but the average selling price was $217,133. Short sales spent an average of 164 days on the market. Lender owned homes had an average listing price of $184,394 and sold for an average of $167,949. Lender owned homes spent an average of 99 days on the market.

• Contact writer: (480) 898-7914 or ahurtado@ahwatukee.com

More about

  • Discuss

EVT Ice Bucket Challenge

The East Valley Tribune accepts the Ice Bucket Challenge.

Your Az Jobs