AF housing market rebounding quicker than wider Phoenix area - Ahwatukee Foothills News: News

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AF housing market rebounding quicker than wider Phoenix area

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Posted: Friday, January 21, 2011 4:51 pm

While the Phoenix-area housing market as a whole went through a slowdown in 2010, according to an Arizona State University study, Ahwatukee Foothills seems to have suffered less than other places.

Pam Eagan, an associate broker with Realty Executives at 45th Street and Chandler Boulevard, said local sales began picking back up in the latter half of last year, and now Ahwatukee has returned to being a "normal market."

"We're doing just fine right now. We're back to where we were in 2004 before everything went crazy," Eagan said.

Last year, there were a total of nearly 107,000 single-family home sales in the Phoenix area, including both foreclosures and resales, according to a report released this week by ASU's W. P. Carey School of Business. That's down from nearly 113,000 in 2009.

The median price for traditional home resales, not including foreclosures, was $138,000 last year, slightly up from $135,000 in 2009, but still down from $200,500 in 2008, according to the study.

Eagan said places like Ahwatukee and Scottsdale are seeing demand return because of the areas' desirability.

"We're not immune, but we're certainly above it," she said of the general housing market slowdown. "We have low inventory right now. I've got buyers with no houses to show them."

Jay Butler, the ASU associate professor of real estate who authored the study, said foreclosures are on the rise as a percentage of total home transactions in the Phoenix area. About 4 percent of the single-family homes in Maricopa County were foreclosed in the last year, while more than one in 10 homes in the county have been foreclosed on since 2008, he said.

Foreclosures represented 39 percent of total transactions in 2010, up from 36 percent in 2009, according to the study. There were 41,625 single-family home foreclosures in the Phoenix-area last year. December 2010 saw more than 2,400 foreclosures, up from about 2,100 in November.

"The main question for 2011 is whether - when the issues are resolved - the market will begin a path to improvement or keep being dominated by foreclosures," Butler said.

In the townhouse/condominium market, the 2010 median price for traditional resales, not including foreclosures, was $88,000, significantly down from $106,000 in 2009, according to the study. More than 4 percent of the townhome/condos in Maricopa County were foreclosed in 2010.

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