1. This report was generated on April 26, 2011
State of the Market
This report was generated on April 26, 2011

2. Nationally
Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010.
Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.

3. Nationally
Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue.
“Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.

4. Nationally
“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low-downpayment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.
A parallel NAR practitioner survey2 shows first-time buyers purchased 33 percent of homes in March, compared with 34 percent of homes in February; they were 44 percent in March 2010.
All-cash sales were at a record market share of 35 percent in March, up from 33 percent in February; they were 27 percent in March 2010.
Investors accounted for 22 percent of sales activity in March, up from 19 percent in February; they were 19 percent in March The balance of sales were to repeat buyers.

5. Nationally
The national median existing-home price3 for all housing types was $159,600 in March, down 5.9 percent from March 2010.
Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010.
Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply4 at the current sales pace, compared with a 8.5-month supply in February.

6. Nationally
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March The median price in the Northeast was $232,900, down 3.0 percent from a year ago.
Existing-home sales in the Midwest increased 1.0 percent in March to a pace of 1.06 million but are 13.1 percent lower than a year ago. The median price in the Midwest was $126,100, which is 7.1 percent below March 2010.
In the South, existing-home sales rose 8.2 percent to an annual level of 1.99 million in March but are 1.0 percent below March The median price in the South was $138,200, down 6.6 percent from a year ago.
Existing-home sales in the West slipped 0.8 percent to an annual pace of 1.25 million in March and are 3.1 percent below a year ago. The median price in the West was $192,100, which is 11.2 percent lower than March 2010.

7. March Maricopa/Pima/Pinal Market Residential Homes SFH, Condos, TwnHms
The ASP of Closed homes was $162
However, the ASP of Listings is $201
The SP/LP ratio is running 96.2%
There were 13,923 New Listings LM
Bringing the current listing Inv to 42,418 but has been on a steady decline for the last 6 months
Last month, 10,801 homes closed escrow
11,638 listings received an Accepted Offer
The avg $/SF is running $77/ft. There continues to be a very strong appetite for lower priced homes
March sales were up 11.2% from March of LY and up 38.6% from LM and the largest month in 3 years!
There is currently a 3.9 MSI
Inventory is Trending Down - Sales are up – Price Driven Market – Slowly getting better

8. Distressed Property Report
ACTIVE LISTINGS
SHORT SALES
REO
% DISTRESSED
SOLD LISTINGS
By County
Maricopa County
31,448
11,834
4,839
53.02%
9,246
1,650
3,887
59.89%
Pima County
8,033
1,651
1,510
39.35%
1,194
102
685
65.91%
Pinal County
3,229
1,278
432
52.96%
1,212
202
516
59.24%
Prescott MLS
2,025
247
270
25.53%
250 22
124
58.40%
Lake Havasu MLS
2,696
159
286
16.51%
470 32
190
47.23%
Green Valley MLS
941 34 30
6.80%
121 3 8
9.09%

9. March sales stats for Lake Havasu
Total homes sold
168
Average Sales price
$168,593
Median sales price
$139,950
Average days on the market
121
List price to sales price ratio
94%
Average price per sq. ft.
$103
Total sold foreclosures / short
sales-69   (41%)
Foreclosure inventory is down and still more than half of the homes sold have been cash sales!

10. Prescott Market
The Prescott Area saw continued increases in both units sold and sales volume in March of 2011, compared with March of The median price of a Single Family Home, for the first quarter of 2011, compared with the first quarter of 2010, is down 12%. Months of inventory for single family homes stood at 6.5 in March of 2011, 40% less than the MOI in March of 2010.
Single Family Homes At A Glance
Change
Results
Mar ‘11 vs Mar ‘
vs 2010 (ytd)
Mar ‘11
Mar ‘10
Feb ‘11
Homes Sold
26%
18%
288
229
196
Median Sales Price
12%
$129,900
$159,000
$136,450
Sales Volume
13%
$47.8m
$42.6m
$35.8m
Active Listings
25% -
1845
2493
1903
Months of Inventory
40%
6.5
10.9
9.8
Average Days on Market 3% 2%
148
138
162