Fletcher Wilcox is with Grand Canyon Title Agency and puts out some serious data infused real estate content. Click HERE for his latest outstanding summary. Caution - only for those who enjoy a healthy dose of statistics! We are likely back to a normal market and are speeding by it due to lack of inventory.
Some observations by Michael Orr at the Cromford Report:
"August 1 - We have a mixed result for foreclosure statistics in Maricopa County for July. The number of new Notices of Trustee sale was down to 1,362, which is 3% below June's total. This is actually more impressive than it sounds since June had 20 working days while July had 22. The average number of new notices per working day was down 12%.
The number of completed Trustee Deeds increased by 25% over June to reach 906. Allowing for the number of working days still gives us a 14% increase.
So with notices going down and deeds going up, the number of pending foreclosures has dropped below 7,000 for the first time since July 2007.
We now have roughly the same number of pending foreclosures as in the summer of 2002. Since the population has grown by some 23% since that date, it is fair to say we now have below-normal numbers for pending foreclosures in Maricopa County.
July 31 - We were asked not too long ago whether or not single level homes tend to sell for more dollars per square foot than multi-level homes. It does not cost as much for a new home builder to add a more square feet by building upwards since they don’t have to pour another slab or install another kitchen. Therefore, they often will not charge as much per square foot at the onset. However, we were not sure if that translates into the resale market. Additionally we were interested to see if that gap widens or closes in a buyer’s or seller’s market.
The answer is yes, single level homes do tend to sell for more per square foot. The price gap between single and multi-family homes was greatest at the peak of supply in 2007. Back then a single-story home sold for about $46/SF more than a multi-story. As supply started to come down, the gap narrowed and stabilized. On average over the past 4.5 years, single story homes have sold for $19/SF more than multi-story homes. However, it’s important to note that multi-story homes often have more square footage and may sell for a higher sales price overall."