Inside Look at Phoenix Foreclosure Sales in December

Sales continued the same trend line as the previous months prior to December 2011, though the tighter supply of homes for sale is having an impact on the availability of good quality foreclosures.

There were 255 HUD (Department of Housing and Urban Development) foreclosures that sold in December, down sharply from the 355 HUD homes sold in November.  The average HUD home price sold in December was $73,774 with a median price of $70,000.  The average HUD home was approximately 1500 sqft, built in 1987 and was on the market for an average of 22 days before an offer was accepted.  The average home sold for 104 percent of the asking price with a sold price range of 60 percent of the asking price on the low end and 159 percent of the asking price on the high end.  Sales of HUD homes ranged from a low of $10,100 to a high of $226,000 in December.

Fannie Mae foreclosures continued a similar trend in December as well.  There were a total of 131 Fannie Mae foreclosures in December with an average price of $123,334 and a median price of $120,000.  Fannie Mae foreclosures sold for an average of 97 percent of the asking price, continuing approximately the same trend line from previous months, with a range on the low end of 80 percent of the asking price on the low side to 120 percent of the asking price on the high side.  Fannie Mae foreclosures had sales ranging from $16,000 to $445,000.  The average Fannie Mae foreclosure was built in 1995 with 1657 sqft.  

Inventory levels of Phoenix foreclosures continue remain at extremely low levels.  Currently there are only 57 HUD homes for sale in Maricopa county while Fannie Mae foreclosures account for only 72 homes for sale.  Foreclosures as a whole only make up  10 percent of the available supply of homes for sale in Maricopa county (distressed property as a whole only account for 25 percent of the available inventory, including short sales that make up 15 percent of the market while foreclosures only account for 10 percent of the available inventory).