Ahwatukee Homes Sales Up 17% in 2011 – Price Decline Slows
- Ahwatukee Homes Sales rose to 1,712 units sold from the 1,466 unit sold in 2010. Average Ahwatukee Homes sale prices declined 6.6% from an average $241,049.00 in 2010 to $225,136.00 in 2011.
- Regular listing (owned and sold by the homeowner) increased to 744 units sold 2011 from 644 units sold 2010.
- Short Sales declined to 368 units sold down from 421 units in 2010.
- Lender owned property sales increased to 528 units in 2011 up from 453 units in 2010.
- Sales prices for Regulars listings, short sales and lender owned properties declined slightly over 2010 sales prices as well.
- Marketing times remained about the same from 2010 to 2011.
The increase in regular listings and the sale of properties by the homeowner is a positive note. 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.
