What is the average percentage of sale price vs asking for north phoenix/cave creek/anthem area?

Asked by Scott, Phoenix, AZ Tue Apr 15, 2008

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Jon Griffith, Agent, Scottsdale, AZ
Thu Apr 24, 2008
In Anthem, ARMLS reports that of the 169 properties that have sold since the first of 2008, the average asking price was $332K and the average sale price is $314K. Cumulatively, the properties were on the market an average of 157 Days.
Web Reference:  http://www.jongriffith.com
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The Urban Te…, Agent, Phoenix, AZ
Tue Apr 15, 2008
Good morning Scott. What a great question.

I looked up sales figures for January and March in the areas you mentioned. Anthem was pretty easy since we can look up sales by City. January the percentage was 92.9 and in March it was 96%. I applied a map based search for an area of north Phoenix approximately bounded by I-17 & Tatum, Shea & Happy Valley Road. Similar results came up... January's percentage was 94% while March came in at 95%. I ran one final check on Cave Creek's numbers... it came in at 94.6%. for January and 94.2% in March.

Here is another interesting thing that came up. Anthem's single family home sales in March nearly doubled those of January. The North Phoenix region showed a similar spurt in home sales. This upward growth in demand may account for the March sales showing a bit more stability in the sales verses asking prices.

Hope this helped.
Web Reference:  http://www.urbanteamaz.com
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Dan Mullarkey, Agent, Scottsdale, AZ
Tue Apr 15, 2008
Hi Scott,

I realize that the 3 areas that you are interested in are generally in the same area, but each market is very independant of the other and should be researched separately. I would recommend speaking with an agent who is either knowledgeable in EACH of these markets or 3 different agents who are experts in each market respectively. I myself reside in North Phoenix and have sold many homes in the area. There are many factors to consider when determining an offering price in today's market; some of those being days on market, recent sold and pending sales (actives are not realistic comps in today's market), percentage of sold price vs. list price, just to name a few. My advice-look at bank owned homes and don't waste your time with short sales. The banks are very motivated to get rid of their inventory and become more and more flexible on price as days on market increases. Many short sales are falling through as the banks do not have the manpower to handle them after they laid off so much of their staff following the subprime crisis. The success rate is very low and the list price can be very misleading, as many of these agents selling the homes have no idea what the bank will accept. If you would like a list of bank owned homes in these areas I would be happy to send you the current inventory in each of these areas.

Great question!

Dan

AZBankOwnedBargains.com
Web Reference:  http://www.NorterraHomes.com
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