Phoenix area home values- November, 2010 --- (for sale, rent, how much)

[GreenNorthwestScott]

Zillow: Phoenix home values drop again | Phoenix Business Journal

Highlights (or lowlights):

* Home values in Phoenix dropped by almost three times the National Average, falling 12.8 percent over the year to hit a median of $131,400

* On a quarterly basis, Phoenix home values dropped 4.1 percent in the third quarter -- more than triple the national average of 1.2 percent

* 68.4% of Phoenix homeowners are underwater which is the largest amount of the 25 largest metro areas covered by Zillow. Orlando FL was next worst with 64.2% owing more than their home's value. (you have to click the link at articles end for a full recap with these numbers)

Be thankful those same Canadians that some like to ridicule (550 KFYI) are down here buying. Otherwise the numbers would be worse.

[Ritchie_az]

Yeah, I don't place much stock in what Zillow says. It can be a helpful tool, but they certainly don't have a reputation of accuracy.

[sh9730]

Yep...agrees Zillow isnt accurate at all...especially here in Pinal County. They admit as much. My home is down 2% year of year using Zillow, but UP 7% since June. There is no rhyme or reason with them...it fluctuates wildly.

[artvandelay]

Haha. I just short-sold my house for $116,500. Bank BPO was $111-$120 range.

Larger house next door is for sale around $130,000.

Here's what Zillow says:
Zestimate $177,000

[AZgarden]

And yet, the home builders are still at it. Putting up more and more houses. The glut doesn't mean a thing to them. Every time I drive by a new home site with construction going on, I want to shut "STOP IT ALREADY."

[Ritchie_az]

And yet, the home builders are still at it. Putting up more and more houses. The glut doesn't mean a thing to them. Every time I drive by a new home site with construction going on, I want to shut "STOP IT ALREADY."

Well, people are choosing to buy them, that's why they are building them. If there were no buyers, then there would be no builders. But there are buyers so there are builders.

I actually see the new-builds as a good sign, but that's just me.

[khuntrevor]

Zillow says the house I am under contract for in Central Phoenix is worth 82,000. I'm paying 18,500. 2011 assessment is 32,500.

[Phxguy]

We put our home up for rent, and in 2 weeks we already have a famliy moving in out of at least 20 different families who looked at it. While 2 years ago we put it up for sale and couldn't sell it. I don't think housing is doing as bad as you say it's doing. Any article can say that home values continue to decline.

[GreenNorthwestScott]

From yesterday-November 10th AZ Business Journal:
Clouds hang over Arizona home market forecast | Phoenix Business Journal

The AZ. MLS just released its Pending Price Index, which uses the pending prices of homes under contract in the system to forecast average and median sales prices for the upcoming four months. The conclusion is that the Phoenix market still may not have hit bottom. February is currently forecast to nosedive bigtime again based upon pending contracts.
Not sure how much better of a source you can currently ask for than the service that is responsible for the listing and sales activity, but I'm sure we are about to hear the new ostrich approach to Valley home values.

[Ritchie_az]

The AZ. MLS just released its Pending Price Index, which uses the pending prices of homes under contract in the system to forecast average and median sales prices for the upcoming four months. The conclusion is that the Phoenix market still may not have hit bottom. February is currently forecast to nosedive bigtime again based upon pending contracts.

The problem is, fall almost always sees a "dip" or slowdown in the Phoenix housing market. It begins to pick up again in the winter. If one were to use that data to predict next month's trend, or even the month after, that might be usefull, but four months is too far out to use that data as some kind of crystal ball--the market four months from now will be different than it is today, no doubt.