Residential home Sales in the Gold Canyon Arizona area for May 2011 were down from the April 2011 sales figures. But sales for May 2011 were about the same as the area saw in May 2010. Same as we reported for April 2011, home sales for May 2011 saw some higher-end homes selling which caused the average price per square foot of homes sold in May 2011 to be slightly higher than the March 2011 average price per square foot sales. The average price per square foot of “distressed” homes sold during May 2011 was up a bit from April 2011’s averages, mainly due to the fact the “distressed” homes were larger and therefore more expensive in general.
May 2011 – Real Estate Stats – Gold Canyon Arizona at a glance
- May 2011 sales at a glance shows fewer Gold Canyon homes sold in May 2011 than in April 2011. May 2011 sales were 40 and April 2011 sales were 58. (Of note, May 2010 saw 42 homes selling during that same time period.)
- Average price per square foot for sold homes in May 2011 was $111.55 – up slightly from April’s sales price averages which was $108.40. This increase can be attributed to the fact that the homes sold were of slightly larger size and should not be considered as a sign the market is really going upward.
- Average price of homes sold in Gold Canyon Arizona in May 2011 was $251,532, which is down from the April 2011 averages of $252,026.
- Distressed properties – of the 40 homes sold in the Gold Canyon Arizona area in May 2011, there were 16 of the properties sold that were “distressed”***. This lesser number should not be interrupted to mean that there are actually fewer “distressed” homes in the area. The number shows less as there are some foreclosed homes that are bought at the “court-house steps” by investors and then are being resold. However when they show up as a sale now, they now show up as a “traditional” sale, as they are no longer a foreclosure, but are now being sold by the “flipper”. So the “distressed” homes are still a big part of the inventory picture, but they do not necessarily show up in the same manner.
- Average price per square foot for “distressed” homes sold in May 2011 was $89.59, up from the April 2011 average of $75.85. This higher number does not mean the market is improving, merely there were larger homes in this category that sold during the month, therefore elevating the averages.
- Number of homes on market in Gold Canyon Arizona during May 2011 – there were 392 homes on the MLS. (Note some listings have gone off the market due to the season. Often times there are sellers who will opt to remove their listings from the market in Arizona during the summer months.)
- Based on 392 homes on the MLS, at the current rate of home sales this is a 10 month inventory of homes.
(** A “distressed” home means either a home is a “short-sale” or one that has foreclosed.)
(Real estate data taken from Phoenix Multiple Listing Service. Information is deemed accurate, but not guaranteed.)