Ø Total units sold in August 2011 for
both Single Family and Condos were higher than August of 2010. The total
increase while only 89 additional units still indicates a slightly improving
marketplace.
Ø Single Family Median sales price fell;
however Condo Median Sales Price was up slightly August over August. In
both cases this has more to do with the mix of price categories that are
selling and the number of sales in each category.
Ø In other words, where you buy and what
you buy – city by city – will affect how much
houses and condos are bought and sold for. In a given valley city a
single family house overall median price may dip while the condo price may
rise. It’s not all up or all down.
Ø Continuing as with the
past few months, the
percentage of sales for both Single Family and Condos that were bank owned or
short sales fell in August 2011 compared to same
period a year ago. A recovering market needs this trend to
continue. However, should a new wave of distressed inventory come into
the market the pace of recovery could once again pause and slow.
Ø The Desert summer is not necessarily a
good gauge for the future in any market – good or bad.
Ø The “Season” is beginning to work itself into
place. As the weather cools and the seasonal population begins to
reappear there is cause to be hopeful. For Desert dwellers and businesses
of all kinds…this is our time.
Ø The general economy, employment, and
tax policy will continue to be a major player affecting the housing market and
recovery.
