Check out the
A) Rapidly increasing inventory the past 12 weeks as investors (flippers) rush their properties to market in a desperate attempt to get out
B) Rapidly decreasing median asking prices in all pricing percentiles - note the 50% percential is the median price for the market
C) Note the lower bracket is holding better than the others - especially the high end which is seeing a complete meltdown. But then again, $850,000 for a two bedroom condo seemed a bit high, didn't it? Didn't it?!
Date Inventory 25th % 50th % 75th %
11/21/2005 13,782 $265,000 $355,000 $559,900
11/14/2005 13,295 $267,000 $359,000 $569,000
11/07/2005 12,813 $269,000 $359,900 $574,999
11/01/2005 12,275 $268,000 $360,000 $575,000
10/28/2005 11,959 $269,000 $364,500 $579,000
10/21/2005 11,287 $269,000 $368,800 $589,900
10/14/2005 10,845 $269,000 $370,000 $597,000
10/07/2005 10,169 $269,900 $374,990 $599,000
10/01/2005 9,264 $268,900 $369,900 $585,000
09/28/2005 9,118 $269,000 $369,900 $585,950
09/21/2005 9,352 $269,000 $375,000 $599,900
09/14/2005 8,907 $269,900 $379,000 $600,000
09/07/2005 8,319 $269,900 $380,000 $625,000
09/01/2005 8,030 $269,000 $380,000 $630,000
08/28/2005 7,979 $267,000 $379,900 $626,834
08/21/2005 7,769 $265,950 $379,900 $629,999
08/14/2005 7,447 $264,867 $379,900 $629,900
November 27, 2005
Phoenix, we have a problem - check out meltdown going on in Arizona
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2 comments:
I don't see much price change in the 25% range. These would be te more affordable units. There may be pent up demand in that range, I know here in NJ that is the case.
it was interesting to see the collapse at the higher end, and in the median, but the holding of the lowest level pricing
My take is that there is less and less of that lower level as prices went up 55% last year, so basic supply and demand
In addition, you don't get killed buying a $250,000 house that goes down to $200,000. You do get killed buying a $850,000 2-bed condo with the intention to flip it, that goes down to $650,000 in four month.
That's where the panic is right now - the overpriced new builds that investors are trying to flip - but now there are no buyers (i.e. other investors)
The meltdown in phoenix is happening lightening-fast. The market went from its apex, white-hot, panic-buying, to almost overnight panic selling and fear.
We'll miss the speculators. They sure made some people some serious coin. But now the community will pay the price. 40% of phoenix jobs are tied to construction. And probably 80% of the illegals are involved in housing in some way - it'll be interesting to see if they stay after the collapse - my take is they won't - as there'll be no jobs here.
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