Probably more telling are the closed sales. Since October 1, there have been 61 closed sales in Estrella (as it's now known.) One was a short sale, or at least was documented as such. 30 were bank owned homes.

Incidentally, a map search for Estrella shows only 162 currently for sale including 31 bank owned homes. There are only 978 single family detached homes for sale in all of Goodyear at the moment.

There may not be nearly as many bank owned homes in Estrella as non-bank owned right now, but the REOs are selling at a much, much quicker rate. And with each sale and each attempt by the lender to price the next home even more aggressively, values continue to fall.

You probably will not see things stabilize until those trying to sell a non-bank owned home are able to do so at a rate better than 10 per month. (10 per month, 131 non-REO for sale = 13 months of inventory vs. three months of inventory on bank owneds.

JStockham,

I did a quick look a found over 120 homes in PRE-FORECLOSURE. We can only look about 90 to 120 days ahead. For the next 3 or 4 months at least there will be a lot of foreclosures and bank owned properties hit the market.

JStockham,

I did a quick look a found over 120 homes in PRE-FORECLOSURE. We can only look about 90 to 120 days ahead. For the next 3 or 4 months at least there will be a lot of foreclosures and bank owned properties hit the market.

Hello again!

In Estrella Mountain Ranch area, here are a few current numbers for you, from MLS:

Total listings: 1,181

Short Sale Properties: 30

Lender Owned Properties: 96

NOT short sale or lender owned properties: 1,055

If you'd like to have this information available to you, 24/7, just let me know. I'd be happy to set up a website for you containing nothing but Estrella Mountain listings.

All the best!

...randy

With every buyer I have right now we are in a multi-counter on several properties. Lenders are requesting the highest and best offer on each one.

It appears to be more lender owned. Some buyers are tired of the multi -offer situation and are willing to make offers on resale homes as long as they are priced well. There definatley has been a shift in the market! I don't have any numbers but could send you some if you would like!

I hope this helps!

Lucinda Tkach
Windermere Central LLC

Great question, jstockton! But one that I would prefer to research before shooting off my mouth. I'll check out the current situation in EMR and let you know hat I find.

Regards,

...randy