Short Sale homes are at $62 per sq ft up from $60. The problem with short sales, in 2012 they are not closing as they did in past years, banks are figuring they can sell it themselves as a bank owned for more as the numbers seem to show.
Court Steps are at about $64 per sq ft. They were at $40 so they are being bid up above the market by investors from Canada, NYC and the mid-west. More investors and novice investors are making the court steps one of the higher priced ways to buy. The good news is we have very little Short Sales on the market. Less than 100 SS listed and these represent our next 6 month supply of REO's. I don't see many more Bank Owned coming into the South East Valley this year!
Retail, these are homes not SS nor Bank Owned. They are selling for $80 per sq ft up from $70.
New builds are selling again for the first time in 5 years, and are at $75. Once you go through the design center they average $85. This is great news for our little community of 80,000 homes!
We are on the upswing, prices may never be this low again so it is a great time to buy. Why? Record low interest rates and lenders that are seeing the South East Valley a better place to loan money.