New active listings continue to pile in, and although there continues to be a large number of pending sales, their number is not growing anything like as fast as in 2009, so we see the first evidence of a weakness in demand for a very long time. This is reflected in the fact that the Cromford Market Index™ is now falling back towards the normal level of 100. During January, $/SF sales pricing weakened sharply in lender owned properties, with far fewer expensive properties being sold by the banks. However, pricing strengthened among normal listings, short sales and pre-foreclosures. Overall pricing is just 52c per sq. ft. higher than last month but we see signs of a little price weakness ahead during February. We note that annual appreciation has improved to -1.9% from -16.7% in the last three months. By the end of February it is likely to have turned positive.
For Maricopa County, new notices of foreclosure jumped in the last week, but the count for the month of January was 6,762, the lowest total for any month since November 2008. 4,454 trustee deeds were recorded, about average compared with the recent few months. Overall, we saw a slight decline in foreclosure activity.
- Mike Orr
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