Phoenix Real Estate October Sales

Are we at the bottom yet??? Hold on let me check the crystal ball….dang it, the thing seems to be on the fritz, again. Anyways, home sales in the greater Phoenix area for October 2008 were stronger than I expected with the financial turmoil we’ve seen of late.

Phoenix MLS Data

While the final numbers for October from ARMLS (Arizona Regional Multiple Listing Service) haven’t been officially released yet the data I am seeing shows that a total of 5,366 homes were sold. That’s an increase of 1909 homes (55%) over October 2007′s 3,457 homes sold. That’s a pretty big increase year over year and a good sign in my opinnion.

Foreclosures in the Majority

Foreclosure and pre-foreclosure home sales account for 51% of sales or 2,747 homes. Given that banks are pricing their REO (Real Estate Owned) properties aggressively to get rid of them I’m not surprised that they account for the majority of sales. Of note, our office handles a lot of bank owned homes and word is that the majority of buyers are paying with cash which leads me to believe that a large number, if not a majority, of buyers are investors.

Opportunities Abound

If you are in the market to sell your home the foreclosures are making for some tough competition. However, if you are in the market to buy there are some great opportunities to get into a home for less money than it cost to build the home in the first place. You can search Phoenix area foreclosures on our MLS search.