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Tag Archive: ARMLS

Phoenix Real Estate Market – August 2011


(Video Report: Phoenix Real Estate Market – August 2011)

July has 8,377 closed transactions as of 8/1/2011. Of those 3,597 (43%) are Bank Owned and 1,991 (24%) are Short Sales. The percentage of distressed sales continues in the 2 out of 3 range.

July 2011 had the 4 highest number of homes sold compared to the last 11 years. It’s an above average or above normal number. However 7/11 was down 21% from June in a month to month comparison; but 7/11 was up 18% from 7/10 in a year over year comparison. Note: ARMLS is currently over-reporting 6/11 total closings @ 11,125. My search today for 6/11 closings found 10,582, which is the number I used for this report.

Our inventory remains low with 20,217 in active status. We could add the ~7,600 properties in AWC status (6,900 – 91% of these are short sales), but I like to compare to previous reports of actives less the properties with contracts on them. So we now have a 2.4 month supply of active inventory, but only because there were ‘only’ 8,377 closings instead of +10,000. A balanced market has 4-6 months inventory, so we’re still in a seller’s market with lots of multiple offer situations.

Bank owned properties have a 1 month supply with approx 3,600 active and 3,600 closed in July. HUD owned homes have a 2 week supply with 289 active and 554 closed.

Short sales come in with 3,900 active, 6,900 AWC, 3,900 pending, and 1,991 (24%) closed.

Prices in July had little newsworthy developments as they continued to bump along the bottom. The median price was down slightly in July (110k), but has basically been unchanged since 12/10. Both the average price ($155k) and the price per square foot (~$80) are at or below their previous low figures from 2/11.

As I look back at July’s performance, I remember when July/August used to have a ‘close before school starts’ flurry of activity. But with only 1 of 3 sales normal (non-distressed), and 73% of all closings vacant, the back to school rush might apply more to rentals than sales in this market.

That’s how I see it on August 1, 2011. Try to stay cool this month.

Jim Sexton
John Hall & Associates Inc.

Phoenix Real Estate Market – July 2011

Once again building the Phoenix real estate market report first thing on the first of the month produced some surprising results. The number of closings looks too high, especially the number and percentage of short sale closings. Even though I think these numbers will change, I’ll report them as I see them on 7/1/11.

June 2011 had 10,509 closed transactions; highest number of home sales from any June. In fact, it happens to be the highest number of home sales from any single month ever, previous high 10,250. The Arizona Regional MLS (ARMLS) has reported +10,000 sales only 3 other times: 6/04, 6/05, and 8/05. This is the first time over 10,000 in almost 6 years.

Phoenix Market Trends

Looking at recent Phoenix market trends, June 2011 sales volume increased 7% over May 2011 and by 13% over June 2010.

Fortunately in early July, we have good news on the price front as well. Both the average and median home sales price increased month over month 2% and 3% respectively – $161,000 and $111,000.

Since we have 6 months in the books, I looked at the year to date comparisons 2011 vs. 2010 and 2011 vs. all-time. Remember 2010’s number of transactions were approximately 92,000 which ranked fourth highest home sales all time. Greater Phoenix’s highest year with 104,700 came in 2005. Well, 2011 is off to a very strong start with 53,501 closings YTD. That’s 11% higher than 2010′s numbers and 1% off of the record setting 2005.

ARMLS Market Report Analysis

Average Home Sold Price in Phoenix ArizonaIn the middle of each month, ARMLS publishes their official market reports for the previous month’s transactions.  That’s when Leif Swanson updates his spreadsheet and shares it with all the REALTORS® at John Hall & Associates. When he sends it over to be added to the company intranet, he includes interesting talking points.  Talking points worth passing along…

  • 27.73% of the listings sold in April, the highest percentage since November 2005
  • 3.61 months’ inventory, the lowest since November 2005
  • $161,297 average sold price, the highest in 6 months
  • $111,000 median sold price, the best in 5 months
  • $193,168 average new list price, the 2nd lowest in 10 years
  • Homes sold for 95.68% of final list price, the best in 8 months
  • $83.5/square foot, the best in 8 months
  • Active listings are down 32.5% since January 1st
  • 14,431 pendings on May 13, the 3rd highest total ever

Thank you Leif for sharing your Phoenix Metropolitan Area Real Estate Statistics with us!

Intranet link to download entire spreadsheet.

Flexmls Auto-Emails and Portals (Schedule Update)

Thank you to all who voted for the in-house ARMLS training in May. It was a good race, but Flexmls Auto-Emails and Portals won!

The last couple of months we’ve been lucky enough to have ARMLS trainers come to our real estate offices. In March we started the in-house ARMLS training series with flexmls tips and tricks, then we learned about the Cromford Report in April. Even though ARMLS and I initially picked RPR for May’s classes, we realized letting you decide the topic was a much better idea. Turns out it was, based on the survey we emailed earlier this week you’d rather learn about flexmls auto-emails and portals than RPR.  Here’s the schedule of classes:

Flexmls Auto-Emails and Portals

We have updated the intranet calendar and will include the new topic in our weekly schedule emails. If you’d like to attend, please RSVP to psexton@johnhall.com and indicate which date you’ll be attending.

In House Cromford Report Class

Jim Sexton uses the Cromford Report every week at the John Hall & Associates broker meetings. Learn how you can find and share the relevant statistics with your clients to paint an accurate picture of the local real estate market.

ARMLS trainers in our house on Thursdays!

Come to the Scottsdale office on Thursday from 10-12 to learn more about the Cromford Report statistics and charts. If this Thursday doesn’t work, mark your calendars for next Thursday from 10-12 at the Paradise Valley branch.

Many thank yous to ARMLS for reaching out and making it easier for REALTORS® to attend their valuable training.

REALTOR® Mobile Search Tool – Goomzee

REALTORS® now have access to a new mobile search tool powered by Goomzee.  Last week at Technopalooza I got a chance to talk with the reps and they informed me that all ARMLS subscribers have been “turned on”. That means you now have free access to their mobile search tool.

Why would I use Goomzee?

One reason is that it works with phones that most REALTORS® use; Android, iPhone, and Blackberry. Another is that it automatically finds my GPS location and displays active listings within a quarter mile from where I’m standing. (GPS set-up instructions, page 2-3) Last but not least, the welcome screen couldn’t be simpler.

Goomzee vs other mobile search tools

REALTOR.com, Trulia, and Zillow all have apps that provide the public with tons of listing information. Why would a REALTOR® use goomzee instead of one of these? Simple. All these big dogs are focused on attracting the public; home buyers and home sellers. Goomzee is a free tool for agents. This means when you use your flexmls ID to access, you get access to REALTOR® only fields like Private Remarks and Showing Instructions.

How do I access Goomzee?

Bookmark armls.goomzee.com. Use your flexmls ID and password to login. The site is designed for your mobile phone, but you can check it out from your lap/desktop too. So far Goomzee has been met with welcome words from fellow users.

Nick Bastian

Check it out and let us know what you think!

Currently Testing Goomzee

ARMLS is on the brink of releasing Goomzee to the masses!  The ARMLS Technology Committee (which I’m excited to be back on after a year hiatus) is currently testing it’s mobile MLS search capabilities.  Initial thought: Oooohhhhh, niiiiiiicccccceeeeee. (<-- actual initial thought)

I had a chance to talk to a Goomzee sales representative at the NAR convention in New Orleans this November.  Here's a short video of him answering the question, What is Goomzee?

When is goomzee going live for ARMLS?

Since testers started signing in this week, I think it may depend on how that goes. On Friday, Dawn McKinley twitterly asked ARMLS, “@ARMLS I’m curious… has Goomzee launched yet?” To which they responded, “Check ARMLS.com on Monday around 10am for details.”

Based on the feedback on the John Hall & Associates facebook page, REALTORS® are looking forward to a better mobile solution for ARMLS searching.

See you on ARMLS.com at 10am Monday.

NAR Convention New Orleans 2010

So what do you say about a long weekend in the Big Easy? Wow and ouch sound appropriate. Wow because of the sheer volume of meetings, classes and vendors to check out and ouch because your feet are challenged from all the walking and standing.

Let’s cover the Expo – the overall theme continued to be mobile applications, social media and integration. Phil reported on QR codes and tags, which were prominently scattered throughout the trade show floor. I took the time to shop for a new phone, hear from the vendors their recommendations as well as what they use and what REALTOR® discounts are available. I also stopped in to a couple of booths to see their latest offerings; including REALTOR.com; Realtytrac; and Houselogic; all of whom I would recommend for further study.

On the meeting front, I would start by recommending going to www.narconferencelive.com and ‘clicking on’ Conference Live, which will take you to a number of videos from the conferences highlights. I would recommend that you start on Day One and work your way forward by your favorite topic. The 59 and ½ is the Conference kick off and this year the 2010 President Vicki Cox Golder spoke of the year’s challenges and accomplishments. Also, Ron Phipps interviewed HUD’s Secretary Donovan. Probably the next session to watch is Lawrence Yun’s Economic Forecast. These sessions are sometimes the entire presentation, although some have been edited. Also there are many more sessions available and in different formats-i.e. on a CD or MP3 format so you can listen in your car or on your iPod. These you’ll have to order and buy.

At the BOD meeting on Monday, the board decided to update the Code of Ethics to include some Social Media points including one on ‘retweeting’. We heard a number of reports including one from REALTOR.com discussing accurate data and their recent purchase of ListHub. This is a point that agents and consumers will be seeing and hearing more about, since the data is in so many places, but who is checking to see if it’s been updated in a timely fashion to make sure the price is correct or solds have been pulled? RPR gave their presentation discussing their live data for the last 6 weeks. I think that they are starting to get some traction in our marketplace. I did speak with their officers about timely data for the ARMLS system. They are certainly aware of the issues and have committed to fix them ‘in the near future’. Stay tuned.

ARMLS Learnathon Classes – RPR and Flexmls Tips

REALTOR® Property Resource

Since RPR went live for ARMLS subscribers on October 5th, 2010 it has been a hot topic at our real estate broker meetings.  The most praise we hear is pointed at their comprehensive reports.  If you’ve haven’t had a chance to get in there and run any, be sure to check out our 5 tips to successfully explore RPR for the first time.  On the flip side, the biggest critique we’ve been hearing is due to their data quality.  When I asked @ReggierRPR about this important piece, he informed me they have 300 million updates in queue.  That’s 300,000,000 improvements to their data scheduled to be added to their system in the near future.

Regardless of the pros and cons, RPR ran a successful intro session (that was recorded) at the ARMLS LEARNaTHON last week.  We’ll embed the video below, but just in case it doesn’t show up you can also watch it here.

Flexmls Tips and Tricks

Saving time is a wonderful thing.  For REALTORS®, tips and tricks to quickly navigate flexmls is one way to achieve this.  ARMLS gets it, that’s why they offer these classes on a regular basis.  Just in case you can’t make it to a live session, they recorded the flexmls tips and tricks class given at LEARNaTHON.  My favorite tip from this class is definitely the one about multi-tasking; right-click on a link, left-click “Open in New Tab”.  Again if embedded video doesn’t display you can also watch it here.

Watch ARMLS LEARNaTHON Online!!

Just in case you couldn’t make it to ARMLS’s LEARNaTHON today you can still watch it online! We’ve embedded the live-stream on the careers page of JohnHall.com so you can still “attend”.

Here’s the schedule for the day…

  • 7:30am – 8:59am LEARNaTHON Lobby
  • 9:00am – 9:50am Facebook Beginner Class
  • 9:51am – 11:59am LEARNaTHON Lobby
  • 12:00pm – 12:50pm flexmls Tips & Tricks Class
  • 12:51pm – 2:59pm LEARNaTHON Lobby
  • 3:00pm – 3:50pm RPR (Realtors Property Resource™) Class
  • 3:51pm – 5:00pm LEARNaTHON Lobby