Fountain Hills Real Estate Market November Update

For thoses of us who live in Fountain Hills and for those buyers who are interested in buying a house in our beautiful town, these numbers are of great importance.
November brought increased activity to our Fountain Hills real estate market. There are currently 360 single family houses available.
Is this the new norm? 22% of the available single family houses are distressed properties.
Over 70% of what buyers are buying today is DISTRESSED POPERTY

Total # on market 360 29 foreclosures + 53 short sales = 82 distressed properties
$100,000-$200,000 ……13 on market……..4 foreclosures……. 6 short sales
$200,000-$300,000 ……24 on market……..8 foreclosures…….16 short sales
$300,000-$400,000 ………50 on market……..0 foreclosures………9 short sales
$400,000-$500,000 ………47 on market……..4 foreclosures………3 short sales
$500,000-$600,000 …… 33 on market……… 2 foreclosures………4 short sales
$600,000-$700,000 …… 25 on market……..2 foreclosures…… 1 short sale
$700,000-$800,000 ………16 on market……..1 foreclosure……….2 short sales
$800,000-$900,000 ………22 on market……… 0 foreclosures……….2 short sales
$900,000-$1M………………. 14 on market……… 1 foreclosure………….1 short sale
$1M-$2M……………………… 62 on market……….7 foreclosures…………9 short sales
$2M-$3M……………………… 25 on market……….0 foreclosures…………0 short sales
$3M +……………………………. 7 on market “ “

Total of 48 single family houses went under contract in November

$100,000-$200,000 ……4 under contract …….2 foreclosures ……..2 short sales
$200,000-$300,000 ……16 under contract …… 3 foreclosures……..9 short sales
$300,000-$400,000………10 under contract…...1 foreclosure ………7 short sales
$400,000-$500,000………2 under contact…………………………… both short sales
$500,000-$600,000………6 under contract…………………………………… 3 short sales
$600,000-$700,000………4 under contract………………………………… 2 short sales
$700,000-$800,000………no activity
$800,000-$900,000………2 under contract…… both foreclosures
$900,000-$1M……………… 1 under contract…………………………………. 1 short sale
$1M-$2M…………………….. 3 under contract………..2 foreclosures…… 1 short sale

Freddie Mac reported mortgage rates down for the fifth straight week, now at record lows! The 30-year fixed-rate mortgage averaged 4.71%, with an average 0.7 point, for prime borrowers with 20% down payments. That's a new low for the survey which has been tracking rates since 1971.
For more information about Fountain Hills and what is available visit www.ericawesthomes.com.