MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – SEPTEMBER 2012

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MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – SEPTEMBER 2012 Powered By Docstoc
					Michael J Orr, Director
Center for Real Estate Theory and Practice
W P Carey School of Business
Arizona State University


October 31, 2012


MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – SEPTEMBER 2012

Headlines:

    •   Single family home prices were stable between August and September 2012 but continue to
        show a very significant recovery when compared with September 2011:
            o The median sales price is up 27.1% from $118,000 to $150,000
            o Average price per square foot is up 23.3% from $79.58 to $98.14
    •   Similarly, townhouse/condo prices were stable between August and September 2012 and are
        showing substantial increases over September 2011:
            o The median sales price is up 33.6% from $67,375 to $90,000
            o Average price per square foot is up 16.7% from $81.60 to $95.24
    •   Overall supply (excluding homes already under contract) was down 21% at the start of October
        2012 compared with October 2011, and distressed supply was down 58% over the same time
        frame. However overall supply has increased by 24% over the last 3 months.
   •    Foreclosure starts on single family and condo homes fell by 18% between August and
        September 2012 and were down 40% from September 2011
   •    Recorded trustee deeds (completed foreclosures) on single family and condo homes fell 31%
        between August and September 2012, and were down 32% from September 2011.
   •    With bidders still very active at trustee auctions, 45% fewer single family homes reverted to
        lenders at trustee sale compared with September 2011.
   •    Sales of single family homes were 12.1% lower than in September 2011. Annual sales volumes
        are in a clear downward trend.
   •    The percentage of residential properties purchased by investors remains high but is now in a
        downward trend.
   •    Single family home sales increased year on year for the most expensive sectors:
            o New homes (up 15%)
            o Normal re-sales (up 76%)
   •    Single family home sales reduced year on year for homes sold at discounts to full market value:
            o Investor flips (down 22%)
            o Short sales and pre-foreclosures (down 17%)
            o Bank owned homes (down 74%)
            o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 79%)
            o HUD sales (down 57%)
            o Third party purchases at trustee sale (down 11%)

Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.
Introduction
September home sales were 14.9% below August and down 12.7% when compared with this time last
year. This reduction is primarily due to a huge decline in distressed sales particularly lender and
government owned homes. In the sections below we compare September 2012 data for Maricopa and
Pinal County with that for September 2011. We have analyzed volumes and pricing for 8 different
transaction types as well as for the overall totals. Individual statistics are also provided in the attached
tables by county and city. This report concentrates on single family homes but detailed statistics for
townhouse/condo properties are shown in the attached tables.

Demand
Single family home sales fell 15.2% compared with August 2012, with Maricopa County down 15.2% to
6,987 while Pinal County was down 15.5% to 827. Some large investment companies have been buying
homes in bulk from other investment companies, clearly frustrated by the difficulty of acquiring large
numbers of homes through normal channels. These are mostly rental properties and we have excluded
these bulk wholesale contracts from our statistics, otherwise they would distort the picture of the
market.

Buyer interest has eased a little with fewer bargains available but we still see multiple bid situations for
the majority of resale listings.

In September the auctions were dominated by two large buyers of rental homes with very deep pockets:
the Blackstone Group and Two Harbors. Relatively slim pickings were left for wholesalers and property
rehab operators. As a result, the number of flip transactions is significantly down compared with 2011.

Lenders are aware of how much prices have increased for the post-foreclosure homes they have sold
recently, so have been requiring higher prices for short sales before they will agree to them. This has
resulted in lessening demand with a lower number of completed short sales and a significant jump in
pricing for them.

Foreclosures are lower than last year, and so fewer foreclosed homes have been added to the REO
inventory. As a result, subsequent REO sales have declined dramatically. These changes are illustrated
in the bar chart below:
Note: ‘Reverted’ homes are excluded from ‘All Sales’.

Total sales for townhouse / condo properties fell between August 2011 and August 2012, as shown in
the chart below:
Supply

According to the STAT report from our local Multiple Listing Service (ARMLS Inc), there were 22,862
active listings in September. This is down 15% from the 26,950 we saw the year before. Supply has
increased 9% over the previous month and is now in a strong growing trend, but the inventory of homes
for sale remains well below the average for the last 10 years. In addition almost 30% of the active
listings already have a signed contract, typically waiting for the lender’s short sale approval.

The number of active single family homes without an existing contract was 11,272 for the Greater
Phoenix area as of October 1. However 75% of this supply is priced above $150,000 and 19% is priced
over $500,000, so the scarcity of homes for sale is most severe in the lower price ranges. The inventory
of single family homes for sale under $150,000 that have no existing signed contract is now up to 35
days. This is a big increase over May when it reached a low of 15 days. However it is still far below a
normal supply level. The lower price ranges remain unbalanced with more buyers than sellers. At the
higher price ranges over $500,000 supply is adequate to meet demand.



Pricing

We can see that overall prices reached a low point in September 2011 and have risen sharply since then.
However the picture is far more complex than that simple statement suggests.

The gap between distressed pricing and non-distressed pricing has been closing. When we look at the
individual transaction types we find the following:



                     Single Family        Average $ Average $                         %
                 Average Sales Price      Sep 2012 Sep 2011                         Change
           New Home Sales                  $255,202 $259,405                         -1.6%
           Normal Re-sales                 $221,580 $228,706                         -3.1%
           Investor Flips                  $178,430 $149,821                        +19.1%
           Short Sales & Pre-foreclosures $171,743 $143,217                         +19.9%
           Bank Owned Sales                $220,275 $139,517                        +57.9%
           GSE REO Sales                   $144,473 $117,700                        +22.7%
           HUD Sales                       $111,114   $76,723                       +44.8%
                              rd
           Trustee Sales to 3 Party        $133,571 $111,737                        +19.5%
           All Sales                       $195,833 $159,580                        +22.7%
                      Single Family                   Median $       Median $         %
                  Median Sales Price                  Sep 2012       Sep 2011       Change
            New Home Sales                            $219,122       $227,000        -3.5%
            Normal Re-sales                           $168,750       $156,000        +8.2%
            Investor Flips                            $147,950       $128,750       +14.9%
            Short Sales & Pre-foreclosures            $130,000       $111,000       +17.1%
            Bank Owned Sales                          $135,000        $93,100       +45.0%
            GSE REO Sales                             $134,500       $103,000       +30.6%
            HUD Sales                                 $110,000        $71,000       +54.9%
            Trustee Sales to 3rd Party                $114,001        $85,150       +33.9%
            All Sales                                 $150,000       $118,000       +27.1%


                       Single Family          $/SF     $/SF                          %
                 Average Price per Sq Ft    Sep 2012 Sep 2011                      Change
             New Home Sales                  $110.53 $106.82                        +3.5%
             Normal Re-sales                 $111.11 $109.55                        +1.4%
             Investor Flips                   $94.10   $77.75                      +21.0%
             Short Sales & Pre-foreclosures   $83.93   $71.01                      +18.2%
             Bank Owned Sales                $102.80   $69.64                      +47.6%
             GSE REO Sales                    $80.98   $62.68                      +29.2%
             HUD Sales                        $63.94   $43.89                      +45.7%
                                rd
             Trustee Sales to 3 Party         $73.71   $58.99                      +25.0%
             All Sales                        $98.14   $79.58                      +23.3%

We believe that average price per sq. ft. gives the most useful guide to price changes in the market.

The significant annual price increase over the last 12 months has now spread to the vast majority of
Greater Phoenix. The largest increases are seen in areas which last year had a strong supply of
foreclosed homes but are now attracting a lot of investors. Examples include Youngtown (up 45% in
average $/SF from September 2011 to September 2012), El Mirage (up 42%), Tolleson (up 41%), San Tan
Valley (up 36%) and Avondale (up 35%).

Most areas are showing double digit percentage increases but those with a preponderance of more
expensive homes or those with large active adult communities are showing relatively modest annual
gains in average price per square foot. Examples include Scottsdale (up 9%), Fountain Hills (up 13%),
Paradise Valley (up 11%), Sun City (up 10%), Sun City West (up 1%) and Sun Lakes (up 3%).
Those areas with very small sales volumes (for example, Eloy, Carefree, Wickenburg, Florence,
Wittmann, Tonopah, and Rio Verde) will probably continue to show extreme volatility from month to
month. Only Eloy and Florence are showing a negative change in price per sq. ft. this month. In both of
these there is a large contrast in pricing between homes in age restricted communities (where prices are
generally higher) and those in other areas. When the quantity of sales in those age restricted
communities is lower the average price per sq. ft. tumbles.

The large fall in transaction volumes among the lowest priced segments (trustee sales to third parties,
HUD sales, bank owned sales and GSE REO sales), and the increase in volumes among the higher priced
segments (new home sales and normal re-sales) has significantly amplified the underlying upward trend
in prices over the last 12 months. However In the single month that elapsed between August and
September 2012, average prices rose from $193,479 to $195,833, while average price per sq. ft. rose
from $96.60 to $98.14 and the median sales price remained unchanged at $150,000.

We must remember that a percentage increase in average or median sales price is not the same as a
percentage increase in home values, because of the significant change in the transaction mix over the
last year.

Foreclosure Starts

Foreclosure starts for single family and condo/townhouse homes fell 18.2% in September 2012 from the
level of August 2012 and were 39.7% below September 2011 levels. The breakdown by county was
2,565 for Maricopa and 309 for Pinal. Both of these continue a long-term downward trend.

After the signing in February of the settlement between the states and 5 of the largest lenders we saw a
slight uptick in the rate of foreclosure notices, but this has now subsided and is now far below the peak
levels of March 2009, which were 10,099 in Maricopa and 1,256 in Pinal.

For comparison with “normal” levels of foreclosure notices, in 2002 we averaged 1,160 per month for
Maricopa County. Since the population has grown by about 20% since 2002, we would consider 1,400
foreclosure notices per month a normal level for Maricopa County, so we were still at about 1.8 times
the normal level in September. A normal level for Pinal County is harder to estimate because the
population in Pinal County has more than doubled in the last 10 years.

Foreclosure Completions

We can see a large change in foreclosure results when we compare September 2012 with September
2011.

    •   The number of completed trustee deeds is down by 32%
    •   The number of single family homes reverting to lenders is down by 45%
    •   The number of single family homes purchased by third parties at the auction is down by 11%
New Home Sales

Recorded new single family home sales rose more modestly than in earlier months from 705 in
September 2011 to 810 in September 2012. This shows a weakening of the previously strong upward
trend in new home sales. Gilbert still leads the table with 181 homes, but this is its lowest total for many
months. Other cities with significant new home sales volumes are Goodyear (86), Phoenix (66), Buckeye
(62), San Tan Valley (58), Goodyear (63), Peoria (55) Mesa (54), and Surprise (38). Chandler dropped to
join the second tier players with 27 sales, similar to Glendale (28), Tolleson (21) and Maricopa (29).

New construction purchases in Maricopa County during September were on average about 19% larger in
livable sq. ft. than an average normal re-sale. New home sales have increased their market share from
8% to 10% of sales units over the last 12 months. This is still a long way below their normal market
share.

Normal Re-sales

Normal owner-occupier single family re-sales jumped 76% from 1,819 in September 2011 to 3,200 in
September 2012. The average sales price is down 3% but the median sales price is up 8% and average
price per sq. ft. is up 1.4% over the year. Normal re-sales have grown their market share to 41% from
20% a year ago and are now by far the most numerous type of sale.

Investor Flips

These are similar to normal re-sales in that there is no distressed owner, but we count them separately
where the property was previously purchased with the obvious intent to resell at a higher price within a
short period. Often the investor obtained a distressed property at a trustee sale (sometimes through a
wholesaler), as an REO or, less frequently, as a short sale. The investor usually refurbishes and renovates
the property and then sells the home somewhat below the price for normal sales in order to ensure it
sells quickly.

Prices for investor flips have been increasing rapidly, with average $/SF rising by 21% between
September 2011 and September 2012 for single family homes. Flips now represent about 9% of total
sales, down from 10% in September 2011.

Short Sales and Pre-foreclosures

Most lenders are strongly encouraging homeowners facing financial hardship to use short sales as a
preferred alternative to foreclosure. However many have been insisting on higher contract prices and
these increased prices have dampened buyer enthusiasm, resulting in fewer sales being completed than
in September last year. Short sales are down 17% in volume but average $/SF has risen by 18% since
September 2012, a much greater increase than we saw last month.

Short sales and pre-foreclosures represent about 18% of single family home sales, down from 19% in
September 2011. Despite the price increases, short sales and pre-foreclosures are still selling for a lower
average price per sq. ft. than bank owned homes, but they have once again overtaken the pricing for
GSE-owned properties.

Bank Owned Sales

Often referred to as REO sales, these are properties owned by commercial lenders following a
completed foreclosure. If there are no bidders at the trustee sale the trustee issues a deed in favor of
the beneficiary, i.e. the foreclosing lender, who subsequently liquidates the asset by marketing the
property as a “bank owned home”.

Between September 2011 and September 2012 these REO sales have declined in number by as much as
74%. Sales $/SF pricing for the remaining bank owned single family REOs is up by 21% in Pinal County
and 47% in Maricopa over the last 12 months. Bank owned REOs now represent only 3% of the market,
down from 10% in September 2011.

Fannie Mae / Freddie Mac / VA REO Sales

Similar to Bank Owned Sales except the entity receiving the foreclosed home is a government sponsored
enterprise (GSE) rather than a commercial lender. Between September 2011 and September 2012 these
REOs have fallen nearly 79% in volume. Sales $/SF pricing for GSE single family REOs is up by 29% over
the last 12 months. GSE REOs now represent 4% of the market, down from 15% in September 2011.

HUD sales

If a bank receives a property through foreclosure where the loan had been insured by FHA, the lender
will usually deed the property to HUD for disposal. Average price per square foot for HUD homes has
increased a starling 46% over the last 12 months, but at an average $63.94 per sq. ft. still remains much
lower than most other sources of single family homes. However volumes of sales in this segment are
rarely very large and they currently represent only 2% of sales, down from 4% in September 2011.

Third Party Purchases from Trustee Sales

Foreclosures provide a significant supply of homes for those willing to bid at the trustee auction. During
September 2012, there were 1,005 single family homes purchased by third parties in this way, 873 in
Maricopa and 132 in Pinal. The trustee sales have turned into something of a feeding frenzy as the
number of auctioned properties has fallen and the number of bidders continues to grow. Average prices
have risen 25% from $58.99 to $73.71 per sq. ft. for these homes over the last 12 months. They
represent 13% of the market, the same as in September 2011.

Reverted to Lender (i.e. Beneficiary)

If the lender sets an opening bid which is too high to attract any bids then the property fails to sell and it
becomes the lender’s property to dispose of. The outstanding loan debt is removed with no recourse
(under Arizona law) to the original borrower. Most other liens (but not necessarily all) are also
eliminated at this time. When the lender is not interested in disposing of the property through the
trustee sale, the opening bid is often set to be the outstanding loan balance plus expenses, so this will
usually be well in excess of the current market value. As such the bid has little to no relevance to us and
we do not record it as a sale. However if the lender wishes to liquidate the home at the trustee sale, an
opening bid is set which is low enough to attract the interest of third parties.

Over the last 12 months, the number of reversions to beneficiaries has plummeted. There were 1,439 in
September 2011 and only 788 in September 2012 for single family homes.

New Construction Permits

Permits reported by the US Census for single family home construction in Maricopa and Pinal Counties
fell to 828, the lowest level since January. However this is still 16% higher than September 2011 (711).
The total for Maricopa County was a relatively weak 661, with Pinal County showing a stronger trend
with 167. These permit numbers are still very low compared with what we typically saw for any
September prior to 2008. For example there were 2,323 single family permits in September 1996. The
number of permits has declined since peaking in May and unless we see these permit levels increase
significantly, new single family homes will remain a relatively small part of the market compared with
2007 and earlier.

Out of State Purchasers

The percentage of residences in Maricopa County sold to owners from outside Arizona was 20.3% in
September 2012 by unit count, down quite a bit from the 24.1% we saw in September 2011. If we
compare by dollar value we see a smaller fall from 25.3% to 24.1%. Californians dropped their market
share from 5.3% to 4.8% but they were still the largest group of out of state buyers. Canadians fell from
3.8% to 2.7%, and are having less influence on the market than they did between 2008 and 2011.
Washington State is in third place with 1.7%, down from 1.9% in September 2011.

Cash Buyers

For some considerable time, cash purchases have been running at an unusually high level due to the
volume of investor activity and most sellers’ preference for cash offers over financing. In Maricopa
County the percentage of properties recording an Affidavit of Value and purchased without financing
was 35.5% in September 2012 compared with 35.1% in September 2011. For comparison, in June 2007
we saw 8.3% of sales being completed by cash buyers. However 35.5% is actually the lowest percentage
since September 2011 and the trend now appears to be downward. Cash purchases are most dominant
at the lowest end of the market:

    •   Under $150,000                           50% cash (51% last month)
    •   Between $150,000 and $500,000            23% cash (24% last month)
    •   $500,000 and over                        28% cash (32% last month)

This analysis excludes bulk sales between investors and third party purchases at trustee sales.
Investor Purchases

When someone buys real property in Arizona, an Affidavit of Value is usually recorded by the county.
The new owner indicates whether the property will be occupied by the owner or a family member, or
instead will be rented to someone other than a family member. Studying this information gives us some
idea how many homes are being acquired by investors. The percentage of individual single family and
townhouse/condo parcels acquired by investors in September 2011 and September 2012 are as follows:

                                   Sep 2012        Sep 2011        Sep 2012       Sep 2011
                                   Maricopa        Maricopa          Pinal          Pinal
                 Investor %         30.3%           27.5%           23.0%          20.9%


These percentages are much higher than the historical norm and indicate that investors are still active
acquiring homes to rent to tenants, many of whom have lost their former homes to foreclosure or
through a short sale. The percentage of homes acquired by investors rose significantly between 2011
and 2012 in both counties but has declined between August and September 2012.

Outlook

We still have a long term supply shortage for residential homes, although it has eased considerably at
the bottom end of the market compared with the spring. Due to the usual dip in higher end homes sales
volumes, pricing tends to be a little weaker during the summer. This was still true in September when
prices were only slightly higher than in August, July or June. However the comparison with the summer
of 2011 is stark. Average price per sq. ft. is up over 23% since September 2011 and now that we are
moving into the cooler months, prices are resuming their advance with greater speed.

Many cities have seen very large increases in average pricing over last year. This has encouraged more
sellers to enter the market and we are seeing a significant increase in supply in most areas. Investor
purchases are down from the peak in July and August and will probably decline further. Investors (as
opposed to speculators) tend to react to rising prices by reducing their appetite for additional homes.

Most homes below $250,000 that are priced realistically are still attracting a large number of offers
within a short time, and offers will often exceed the asking price. It is still much quieter in the luxury
market and active adult sector but prices are firming here as we enter the season when snowbirds
return to the valley.

With the recent stability in pricing, appraisals have had a chance to catch up, so during the summer
appraisals have tended to come closer to current market value. With renewed price escalation we
expect low appraisal issues will remerge during the fourth quarter.

The situation for the average home buyer remains fairly difficult despite extremely low interest rates
and still-cheap prices by any historical standard. This is because the number of homes for sale is still well
below normal and well-funded investors are still here in sufficient numbers to make very serious
competition with multiple all-cash offers with few strings attached. Many ordinary buyers continue to
come away empty handed after submitting 10 or more offers.

This difficult situation is continuing to drive potential home buyers to the developers’ sales offices.
Reported traffic is high in many new builder subdivisions although completed sales are down from last
month and new permits are also down. The number of active subdivisions is very low by historic
standards and vacant developed lots are in very strong demand as home builders try to put themselves
in a position to build more homes in the near future. Developers are forced to pay much higher prices to
secure these lots so we conclude that new home prices will rise substantially over the next year.
Construction labor costs are also rising as subcontractors struggle to attract additional people into their
workforce. The increase in new home costs will tend to pull resale prices higher while the inventory
shortage prevails.

Investors are focused primarily on the lower price ranges, where the rental return on investment is
highest. So prices have continued to move higher for homes below $250,000. After moving backwards
for a while over the summer, the upper end of the market is starting to show renewed signs of life.

Now that cooler weather has returned we anticipate stronger pricing to be reported next month albeit
on weaker sales volumes. In a normal market rising prices tend to reduce demand and so inhibit sales
volume. We saw the opposite behavior in 2004 and 2005 when strong price gains drew in an increased
number of buyers in a frenzy of speculation. This market is relatively well behaved. Investors are risking
their own money rather than borrowed funds, so risk is being more carefully managed. Ordinary
homebuyers drawn into the market now are less likely to regret their action than those who did so in
2005 and 2006.

Source & Acknowledgement

The sales and foreclosure transaction data used in this report was compiled by the Information Market
LLC www.theinformationmarket.com). ASU wishes to thank them for their extensive cooperation in
creating this report. We would also like to thank ARMLS Inc. for permission to use the active listing
statistics from their monthly STAT report and Belfiore Real Estate Consulting for data related to new
home construction and sales.
                                                                      September 2012 - Recorded Sales - Single Family
                                 All Sales                               New Home Sales                               Normal Resales                            Investor Flips                  Short Sales & Pre-foreclosures
                 Qty      Average       Median      Average Qty       Average       Median      Average    Qty      Average      Median Average      Qty     Average    Median Average       Qty      Average       Median      Average
                 Sold    Sale Price    Sale Price    $/SqFt Sold     Sale Price    Sale Price    $/SqFt    Sold    Sale Price   Sale Price $/SqFt    Sold   Sale Price Sale Price $/SqFt     Sold    Sale Price    Sale Price    $/SqFt
     Anthem        44    $229,177      $207,000     $104.11                                                 19     $236,495     $205,000   $112.93     3    $272,433   $305,000   $109.88      7     $171,429      $178,000      $86.51
Apache Juntion     56    $129,729      $116,000      $82.36    8     $152,408      $150,553      $88.15     26     $126,650     $120,000    $86.21     3    $259,833   $318,000   $110.30      6     $155,667        $94,000     $82.27
  Arizona City     27      $64,836       $65,500     $45.37                                                  6       $65,583     $72,500    $47.00     4     $96,875    $93,250    $57.92      3       $65,467       $67,900     $48.28
    Avondale      160    $127,181      $125,450      $67.34                                                 60     $142,670     $136,500    $74.13    11    $129,700   $135,000    $70.77     38     $112,021      $108,250      $60.21
    Buckeye       215    $142,742      $123,650      $70.80   62     $187,863      $161,562      $95.06     58     $143,908     $124,950    $68.63    11    $134,132   $139,000    $56.39     39     $113,305        $98,000     $54.74
    Carefree        6    $564,500      $402,500     $190.55                                                  2     $625,000     $625,000   $190.40     1    $345,000   $345,000   $139.96      1     $337,000      $337,000     $160.48
  Casa Grande     104    $119,715      $116,100      $59.56    4     $180,396      $185,588     $118.12     25     $106,819     $107,500    $63.38    19    $141,608   $124,000    $68.76     16     $123,692      $110,000      $50.94
   Cave Creek      59    $392,325      $340,000     $153.94    7     $470,645      $477,131     $166.10     23     $316,593     $315,500   $146.46     2    $364,750   $364,750   $142.06     15     $552,620      $345,900     $174.75
    Chandler      446    $227,535      $185,000     $111.18   27     $373,236      $384,106     $132.19    217     $241,496     $204,000   $116.45    35    $202,444   $178,000   $111.35     97     $198,670      $170,000      $97.42
    Coolidge       24      $85,255       $76,939     $43.40                                                  7     $112,171      $93,000    $44.53     5     $78,804    $78,200    $42.81      1       $52,500       $52,500     $41.02
    El Mirage      90      $98,677       $95,450     $63.22                                                 27     $103,870     $105,000    $69.21     6    $103,183    $90,900    $66.49     12       $93,321       $89,375     $52.31
       Eloy        11      $85,545       $65,000     $46.55                                                  6       $77,667     $61,000    $42.46     1     $69,000    $69,000    $52.71      1       $55,000       $55,000     $35.14
    Florence       38    $119,989        $98,500     $62.49    9     $214,819      $196,450     $110.34     10       $92,490     $91,200    $56.65     6    $125,700   $114,950    $51.33      4     $101,500        $81,500     $38.98
 Fountain Hills    45    $432,084      $380,000     $161.17                                                 24     $376,738     $350,750   $163.04     4    $426,375   $382,750   $172.31      9     $451,911      $404,900     $147.54
      Gilbert     599    $230,410      $215,000     $102.48   181    $245,859      $243,978      $99.90    201     $247,316     $232,000   $107.89    37    $256,030   $214,000   $116.34    106     $197,770      $193,500      $91.58
    Glendale      449    $144,809      $127,000      $80.43    28    $195,679      $179,991     $100.26    173     $158,975     $139,900    $89.41    43    $155,850   $144,900    $85.89     88     $121,164      $110,000      $66.89
  Gold Canyon      22    $193,205      $172,500     $111.79                                                 10     $224,300     $185,750   $133.75     2    $154,500   $154,500    $76.41      5     $159,000      $175,000      $95.02
    Goodyear      240    $209,304      $191,386      $91.13   86     $245,296      $234,955      $99.67     66     $208,480     $190,000    $92.41    19    $231,001   $198,125    $96.21     36     $168,696      $147,600      $78.08
     Laveen       114    $137,897      $130,810      $63.26   14     $162,985      $158,581      $78.25     22     $133,769     $123,000    $68.14     6    $152,981   $149,500    $73.20     35     $129,527      $118,000      $57.30
Litchfield Park    57    $205,237      $185,000      $86.14   14     $239,888      $232,306     $101.36     25     $207,675     $178,000    $86.55     1    $250,000   $250,000    $76.08     12     $164,675      $149,000      $72.31
    Maricopa      205    $131,079      $124,000      $59.39   29     $161,779      $148,216      $89.29     56     $141,361     $122,900    $63.85    32    $147,169   $134,500    $63.07     41     $103,008        $95,000     $44.51
       Mesa       673    $170,825      $142,930      $91.71   54     $278,719      $250,017     $113.89    269     $183,657     $159,000    $99.31    64    $174,248   $152,500    $92.40    111     $152,171      $127,000      $78.54
   New River       19    $232,785      $248,671      $97.52    3     $271,158      $271,908     $124.48      4     $255,375     $243,250    $94.01     1     $98,000    $98,000    $88.77      7     $227,121      $228,000      $87.77
Paradise Valley    27   $1,119,837    $1,100,000    $295.72    2    $1,747,650    $1,747,650    $415.56     20    $1,061,810    $950,000   $288.54     1    $440,000   $440,000   $295.70      2    $1,645,000    $1,645,000    $273.76
      Peoria      357    $199,344      $170,000      $98.55   55     $294,392      $263,638     $129.00    144     $211,930     $185,500   $101.35    25    $201,059   $160,000   $101.88     61     $168,759      $147,300      $81.62
     Phoenix    1,984    $164,219      $116,750      $94.08   66     $325,639      $310,935     $126.93    895     $187,601     $134,000   $106.54   222    $140,781   $110,500    $87.95    350     $146,382      $102,500      $81.41
 Queen Creek       78    $234,769      $208,748      $90.64   17     $254,930      $250,981      $93.58     23     $254,370     $255,000   $100.14     7    $256,271   $194,900    $90.61     14     $202,529      $156,750      $81.89
    Rio Verde       5    $394,000      $450,000     $150.98                                                  4     $373,750     $352,500   $145.06                                             1     $475,000      $475,000     $173.29
San Tan Valley    296    $146,581      $134,019      $72.83   58     $208,959      $165,923     $103.69     77     $143,139     $134,990    $68.67    52    $139,775   $138,250    $74.06     39     $118,526      $114,300      $57.67
   Scottsdale     428    $488,058      $390,000     $178.09    9     $819,318      $804,781     $235.56    256     $507,250     $406,500   $187.18    41    $415,570   $342,000   $179.55     74     $399,530      $342,500     $147.16
     Sun City     100    $123,538      $118,000      $71.11                                                 71     $125,968     $118,000    $74.10     4    $138,750   $134,000    $66.40     13     $117,538      $113,100      $65.64
 Sun City West     69    $173,181      $160,000      $97.92                                                 57     $175,363     $160,000    $99.65                                             5     $216,130      $200,000      $99.52
   Sun Lakes       42    $208,798      $186,500     $109.31                                                 32     $223,597     $211,500   $110.27     2    $212,250   $212,250   $135.28      3     $119,833      $120,000      $95.26
     Surprise     344    $153,459      $145,000      $76.65   38     $189,841      $181,809      $87.38    119     $164,092     $155,000    $85.67    31    $152,152   $145,000    $77.59     81     $130,799      $125,000      $64.35
      Tempe       159    $209,200      $169,000     $113.27                                                 83     $237,857     $185,400   $126.52    14    $165,343   $175,000   $101.67     30     $167,161      $158,746      $90.86
    Tolleson      103    $120,247      $122,000      $62.79   21     $158,118      $154,800      $81.52     33     $117,423     $120,000    $63.62     4    $113,461   $107,000    $66.64     17       $96,914       $95,000     $48.27
    Tonopah         5    $101,820        $99,500     $50.57                                                  4     $101,600      $98,250    $56.61
    Waddell        22    $218,585      $186,950      $79.38    5     $186,812      $184,000      $83.50      7     $289,771     $295,000    $93.12                                             6     $211,817      $204,950      $67.03
  Wickenburg       16    $169,502      $147,000      $92.69                                                  8     $161,063     $137,000   $102.93     1    $145,000   $145,000    $96.67      3     $270,000      $285,000      $91.89
   Wittmann         9    $126,689      $143,700      $68.23                                                  5     $100,200     $113,000    $68.22                                             1     $143,700      $143,700      $85.94
  Youngtown        18      $83,020       $82,550     $54.15                                                  2       $66,952     $66,952    $59.09     1     $71,000    $71,000    $88.75      3     $107,833      $118,500      $54.68

Maricopa County 6,987    $202,793      $155,000     $101.59   689    $264,084      $232,619     $111.26   2,956    $228,250     $172,750   $114.19   597    $186,630   $155,000   $100.20   1,277    $177,069      $135,000      $86.96
 Pinal County     827    $137,030      $125,000      $68.90   121    $204,625      $168,376     $105.50     244    $140,782     $126,712    $72.63   127    $139,881   $132,000    $68.08     117    $113,622      $105,000      $52.73

     Total      7,814    $195,833      $150,000      $98.14   810    $255,202      $219,122     $110.53   3,200    $221,580     $168,750   $111.11   724    $178,430   $147,950    $94.10   1,394    $171,743      $130,000      $83.93
                                                                    September 2012 - Recorded Sales - Single Family
                           Bank Owned Sales                    Fannie Mae / Freddie Mac Sales                       HUD Sales                                                        o
                                                                                                                                               Foreclosure - Trustee Sold to 3rd Party Bidders at Auction - Reverted to Lende
                  Qty     Average      Median      Average Qty      Average      Median      Average   Qty     Average      Median Average       Qty     Average    Median Average Qty       Average     Median     Average
                  Sold   Sale Price   Sale Price    $/SqFt Sold    Sale Price   Sale Price    $/SqFt   Sold   Sale Price   Sale Price $/SqFt     Sold   Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt
     Anthem         5    $290,550     $329,000      $94.85    3    $258,033     $269,000     $107.92     2    $149,958     $149,958   $87.39       5    $209,268   $214,000   $106.38    7     $258,633     $250,013    $119.93
Apache Juntion      2     $63,500      $63,500      $52.92    1     $57,750      $57,750      $61.70     2    $110,350     $110,350   $58.53       8     $79,213    $84,450    $59.49   12     $152,364     $138,753    $100.74
  Arizona City      1     $69,000      $69,000      $39.09    2     $70,750      $57,750      $39.79     2     $47,075      $47,075   $42.45       9     $52,057    $53,500    $37.29    9     $104,492      $92,086     $75.73
    Avondale        3    $120,601     $121,804      $63.53   10    $129,815     $138,050      $65.39    11    $119,514     $108,000   $58.47      27    $115,951   $115,500    $65.49   18     $171,480     $159,180     $93.40
    Buckeye         3    $109,803     $109,900      $62.46    7    $136,704     $133,000      $73.85     8     $90,313      $98,500   $53.01      27    $103,410    $91,100    $55.25   17     $162,900     $150,300     $84.86
    Carefree        2    $727,500     $727,500     $218.96
  Casa Grande       5     $74,780      $56,101      $47.08   12    $122,358     $119,000      $67.69     4    $139,719     $129,939   $53.55      19    $104,622    $97,000    $46.52    14    $140,012     $135,315     $74.57
   Cave Creek       4    $292,350     $270,000     $118.23    2    $296,000     $296,000     $142.07                                               6    $298,467   $317,050   $126.28     3    $345,032     $308,801    $113.95
    Chandler       10    $255,545     $135,000     $125.00   11    $187,100     $180,000     $109.12     4    $155,565     $153,130   $90.22      45    $164,589   $146,100    $93.97    40    $211,669     $196,725    $126.24
    Coolidge                                                  2     $71,189      $71,189      $50.78     2    $113,551     $113,551   $51.05       7     $63,560    $62,700    $37.78     5    $121,833     $103,500     $47.30
    El Mirage       5    $110,980     $100,000      $62.59   10    $110,519     $102,643      $73.55     3    $103,634     $105,300   $53.74      27     $87,648    $90,100    $59.81     7    $140,748     $123,999     $78.65
       Eloy         1     $40,000      $40,000      $17.75    1    $220,000     $220,000      $97.78                                               1     $91,000    $91,000    $48.92     6      $56,879      $51,131    $43.46
    Florence        3     $45,667      $48,000      $35.86                                               2     $55,500      $55,500   $36.83       4     $73,275    $71,000    $40.83    10    $140,923     $127,611     $62.10
 Fountain Hills     5    $784,000     $725,000     $181.06                                                                                         3    $236,462   $253,000   $116.89     4    $353,632     $353,993    $128.08
      Gilbert       8    $193,160     $190,500      $90.22   15    $202,150     $199,900     $105.41     7    $147,229     $145,951   $82.38      44    $176,351   $151,300    $93.37    42    $317,369     $253,128    $127.12
    Glendale       13    $150,531     $120,900      $80.19   23    $125,975     $115,000      $73.02     7    $113,944      $98,100   $66.20      74    $121,911   $106,100    $68.04    41    $202,099     $201,526    $110.03
  Gold Canyon       1     $95,500      $95,500      $94.46    1    $332,613     $332,613     $139.34                                               3    $158,467   $137,300    $87.33     5    $233,226     $243,737    $130.59
    Goodyear        3    $142,467     $159,000      $72.76    8    $162,655     $160,975      $80.37     3    $161,000     $153,000   $70.00      19    $142,326   $116,700    $70.59    19    $241,196     $226,646     $95.43
     Laveen         1    $250,000     $250,000      $70.34    8    $168,925     $163,000      $66.90     5     $90,000      $90,000   $52.72      23    $130,122   $123,000    $57.34    16    $210,914     $190,744     $97.55
Litchfield Park     1    $145,000     $145,000      $64.96    1    $165,000     $165,000      $63.03                                               3    $204,033   $193,600    $84.80     7    $269,399     $293,100    $102.62
    Maricopa        3    $102,103      $98,809      $53.84    4    $114,975     $115,950      $58.95     5    $105,642     $104,500   $46.03      35    $115,321   $116,700    $49.57    19    $184,469     $153,033     $83.41
       Mesa        23    $174,783     $135,000      $89.17   27    $142,909     $121,650      $82.12    24    $122,088     $122,500   $72.91     101    $115,435   $114,200    $74.77    64    $206,366     $176,391    $105.77
   New River        1    $299,900     $299,900     $117.42    2    $256,950     $256,950     $101.22                                               1     $86,300    $86,300    $78.17     1    $117,900     $117,900     $75.58
Paradise Valley                                                                                                                                    2    $887,050   $887,050   $263.77     7   $1,430,168   $1,272,682   $308.14
      Peoria       12    $206,187     $162,150      $84.87    6    $123,593     $125,950      $82.26     4     $94,513      $91,275   $74.74      50    $110,836   $102,250    $72.15    31    $222,183     $212,630    $113.28
     Phoenix       68    $136,223     $104,000      $78.43   72    $127,261      $93,000      $80.32    26     $87,553      $90,026   $61.48     285    $116,579    $95,400    $71.57   205    $190,218     $175,722    $113.11
 Queen Creek        2    $221,600     $221,600      $97.86    3    $206,000     $208,000      $82.89     1    $142,000     $142,000   $82.32      11    $208,655   $197,300    $78.73    16    $218,181     $177,956     $95.83
    Rio Verde                                                                                                                                                                             1    $355,482     $355,482    $124.91
San Tan Valley      2    $102,500     $102,500      $55.62   12    $149,567     $146,200      $66.22    12    $106,538     $106,326   $60.31      44    $115,384   $119,400    $57.67    41    $168,631     $160,000     $76.07
   Scottsdale      21    $672,102     $450,000     $177.81    5    $240,780     $260,000     $131.86     2    $147,500     $147,500   $96.63      20    $472,120   $375,750   $156.99    26    $606,076     $356,673    $225.67
     Sun City       3    $117,840     $108,419      $75.72    2     $42,938      $42,938      $40.24     1    $152,500     $152,500   $79.47       6    $122,503   $126,150    $58.04     7    $115,186     $117,800     $71.56
 Sun City West      1    $133,000     $133,000     $103.66    5    $119,000     $119,000      $78.65                                               1    $145,100   $145,100    $71.90     6    $139,644     $135,000     $77.82
   Sun Lakes        2    $140,000     $140,000      $82.26    1    $224,000     $224,000     $117.28                                               2    $162,750   $162,750   $104.63     2    $194,334     $194,334     $83.78
     Surprise      13    $163,650     $140,000      $77.76   13    $142,323     $145,500      $76.72     8    $127,320     $124,001   $66.56      41    $140,031   $138,000    $66.72    38    $209,167     $208,364     $95.13
      Tempe         4    $233,200     $158,450     $128.48    7    $168,833     $145,530      $97.17     2    $161,550     $161,550   $83.27      19    $197,538   $143,400   $103.29     6    $183,860     $171,836    $119.69
    Tolleson        3    $127,667     $131,000      $61.20    4    $127,300     $128,100      $64.11     5     $99,070     $116,850   $56.46      16    $106,319   $120,550    $53.69    10    $181,367     $173,182    $100.40
    Tonopah         1    $102,699     $102,699      $35.56
    Waddell                                                   1    $180,000     $180,000      $83.29                                               3    $131,833   $137,000    $60.91    2     $159,250     $159,250     $57.97
  Wickenburg        2    $144,763     $144,763      $93.85    1     $40,000      $40,000      $37.04                                               1    $139,000   $139,000    $61.50    1     $423,356     $423,356    $142.16
   Wittmann         1    $204,000     $204,000      $72.49                                                                                         2    $145,750   $145,750    $59.71    5     $203,335     $196,000     $87.80
  Youngtown         1     $46,500      $46,500      $50.65                                               2     $46,875      $46,875   $44.99       9     $91,745   $104,000    $52.89    2      $81,200      $81,200     $64.60

Maricopa County 222      $232,998     $144,500     $106.15   248   $146,667     $139,450      $83.10   125    $113,090     $114,000   $66.92     873    $137,926   $115,000    $77.41   653    $237,255     $193,959    $119.27
 Pinal County    20       $79,045      $77,000      $50.58    36   $129,358     $120,000      $67.51    30    $102,883     $101,876   $53.11     132    $104,775   $102,900    $52.05   135    $149,528     $138,268     $76.90

    Total         242    $220,275     $135,000     $102.80   284   $144,473     $134,500      $80.98   155    $111,114     $110,000   $63.94    1,005   $133,571   $114,001    $73.71   788    $222,225     $184,740    $112.15
                                                          September 2012 - Recorded Sales - Townhouse / Condo
                                All Sales                          New Home Sales                         Normal Resales                        Investor Flips               Short Sales & Pre-foreclosures
                   Qty     Average    Median Average Qty Average        Median Average Qty Average        Median Average Qty Average        Median Average                 Qty     Average      Median      Average
                   Sold   Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt               Sold   Sale Price   Sale Price    $/SqFt
     Anthem          4    $108,347   $113,500    $85.68                                          3    $115,667   $119,000    $90.04
Apache Juntion       2     $42,100    $42,100    $41.83                                          1     $40,000    $40,000    $37.74
  Arizona City
    Avondale         1     $60,000    $60,000    $44.78                                          1     $60,000    $60,000    $44.78
     Buckeye         1    $237,500   $237,500    $91.70                                          1    $237,500   $237,500    $91.70
    Carefree         3    $215,081   $255,000   $128.38                                          3    $215,081   $255,000   $128.38
  Casa Grande        4    $119,364   $120,225    $68.37     1   $170,550   $170,550   $112.95    1    $172,000   $172,000    $68.23   1     $65,000    $65,000    $47.24
   Cave Creek       13    $185,935   $164,940   $153.60     2   $346,055   $346,055   $184.27   10    $155,155   $135,950   $146.40                                          1    $173,500     $173,500     $125.45
    Chandler        55    $136,007   $101,000   $100.94    12   $286,018   $254,463   $138.57   12    $107,992   $101,500    $97.02   1    $133,000   $133,000   $119.60    14     $94,243      $81,000      $73.24
    Coolidge
    El Mirage
       Eloy
    Florence
 Fountain Hills     23    $156,339   $139,500   $116.96                                         17    $170,503   $154,000   $124.47                                          2    $132,000     $132,000     $137.21
      Gilbert       14    $108,472    $99,355    $87.88                                          6    $117,679   $109,500    $94.77   1     $99,000    $99,000   $108.67     1     $99,710      $99,710      $72.46
    Glendale        36     $54,451    $50,250    $45.75                                         19     $58,021    $52,000    $48.97   2     $28,500    $28,500    $29.08     5     $62,045      $40,225      $50.09
 Gold Canyon         1    $156,250   $156,250   $101.99
   Goodyear          2     $69,750    $69,750    $62.39                                          1     $67,000    $67,000    $62.15   1     $72,500    $72,500    $62.61
     Laveen          1    $120,000   $120,000    $75.52                                                                               1    $120,000   $120,000    $75.52
Litchfield Park      6    $134,325   $138,945   $107.75                                          5    $129,190   $131,990   $110.27
    Maricopa
       Mesa        127     $81,372    $74,700    $71.64    6    $142,631   $140,130   $111.79   54     $89,306    $78,000    $75.86   11    $77,655    $74,700    $71.88    26     $62,843      $47,620      $59.08
   New River
Paradise Valley      5    $368,700   $245,000   $259.83                                           3   $511,333   $519,000   $308.16
      Peoria        31    $105,163    $97,700    $78.56                                          10   $116,340    $81,000    $89.53    3   $107,567   $128,000    $80.63     9    $107,828     $102,000      $80.00
     Phoenix       389     $86,657    $70,000    $77.80    8    $185,356   $146,570   $146.82   196    $83,144    $66,450    $76.04   28   $110,379    $98,750    $96.72    60     $83,027      $70,000      $72.52
 Queen Creek
    Rio Verde
San Tan Valley
   Scottsdale      221    $193,372   $157,000   $142.96    2    $439,500   $439,500   $224.98   143   $209,442   $163,575   $149.63   19   $166,405   $170,000   $131.64    34    $159,224     $118,750     $127.81
     Sun City       55     $63,442    $60,000    $49.48                                          37    $68,954    $67,000    $53.56    1    $81,000    $81,000    $63.13     2     $66,500      $66,500      $53.37
 Sun City West      25     $88,026    $93,000    $69.93                                          24    $89,375    $94,250    $71.34
   Sun Lakes         2    $168,750   $168,750   $105.93                                           2   $168,750   $168,750   $105.93
     Surprise       11     $84,725    $86,000    $74.36                                           3    $71,667    $61,000    $68.41   1     $99,000    $99,000    $87.61     4     $90,625      $87,250      $73.29
      Tempe         64    $132,723   $110,000   $109.65    2    $387,120   $387,120   $258.77    30   $144,206   $128,250   $115.56   7     $89,007    $78,000    $93.89     7    $102,857     $100,000      $87.26
    Tolleson
    Tonopah
     Waddell
  Wickenburg         1    $115,000   $115,000    $93.95                                                                               1    $115,000   $115,000    $93.95
   Wittmann
  Youngtown          2     $31,800    $31,800    $25.44                                          1     $34,000    $34,000    $27.20

Maricopa County 1,092     $116,262    $90,000    $95.46    32   $253,631   $246,450   $152.62   581   $125,529    $93,500   $101.90   77   $114,659    $99,000    $99.35   165     $99,285      $85,100      $83.83
 Pinal County       7     $102,557    $69,900    $68.19     1   $170,550   $170,550   $112.95     2   $106,000   $106,000    $59.20    1    $65,000    $65,000    $47.24

     Total        1,099   $116,175    $90,000    $95.24    33   $251,113   $246,450   $151.52   583   $125,462    $93,500   $101.69   78   $114,022    $99,000    $98.56   165     $99,285      $85,100     #DIV/0!
                                                         September 2012 - Recorded Sales - Townhouse / Condo
                          Bank Owned Sales                Fannie Mae / Freddie Mac Sales                 HUD Sales                                                   o
                                                                                                                                 oreclosure - Trustee Sold to 3rd Part Bidders at Auction - Reverted to Lend
                  Qty     Average    Median Average Qty Average        Median Average Qty Average        Median Average Qty Average        Median Average Qty       Average      Median Average
                  Sold   Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt
     Anthem                                                                                                                        1    $86,386    $86,386    $71.75
Apache Juntion                                                                                                                     1    $44,200    $44,200    $46.38    1     $69,750    $69,750    $73.19
  Arizona City
    Avondale
     Buckeye
    Carefree
  Casa Grande                                             1     $69,900    $69,900    $44.35
   Cave Creek
    Chandler        2     $95,027    $95,027    $81.29    4    $130,575   $143,700   $105.86   2    $49,000   $49,000   $57.28     8    $61,188    $53,500    $62.21    5    $139,449   $118,203   $102.99
    Coolidge
    El Mirage
       Eloy
    Florence
 Fountain Hills                                           1     $60,106    $60,106    $70.05                                       3   $124,379   $139,500    $79.82    1    $149,605   $149,605   $287.70
      Gilbert                                             3    $123,310   $125,031    $82.85                                       3    $81,300    $76,200    $79.21    1    $175,920   $175,920   $114.61
    Glendale        2     $41,000    $41,000    $29.38    1     $84,000    $84,000    $73.43   1    $42,100   $42,100   $49.59     6    $47,084    $46,251    $38.18    7     $84,840    $53,694    $75.64
 Gold Canyon        1    $156,250   $156,250   $101.99
   Goodyear
     Laveen
Litchfield Park                                           1    $160,000   $160,000    $98.64                                                                            1    $147,450   $147,450   $161.50
    Maricopa
       Mesa         5     $70,280    $62,000    $69.57    5    $102,854    $83,585    $92.44   4    $58,627             $47.87    16    $66,725    $56,800    $59.43   18    $117,365   $116,191   $114.63
   New River
Paradise Valley     1    $112,500   $112,500   $122.68     1   $197,000   $197,000   $164.17                                                                            1    $211,926   $211,926   $194.25
      Peoria        1     $45,000    $45,000    $43.90     3    $97,633   $125,000    $70.63    1   $90,200   $90,200   $62.68     4    $93,850   $101,100    $65.17    2    $180,660   $180,660   $129.64
     Phoenix       22     $96,357    $68,450    $83.14    15    $76,797    $59,000    $72.66   10   $65,644             $57.32    50    $78,180    $75,550    $70.52   53    $115,657   $102,960   $104.44
 Queen Creek
    Rio Verde                                                                                                                                                           1    $142,400   $142,400    $80.45
San Tan Valley
   Scottsdale       4    $166,600    $91,250   $143.74    5    $149,140   $118,000   $145.47   3    $71,333             $67.81    11   $154,964   $147,700   $109.48   17    $259,851   $225,000   $199.40
     Sun City       4     $50,225    $51,000    $39.83    6     $52,835    $51,000    $40.88                                       5    $41,220    $42,100    $32.66    2     $85,036    $85,036    $71.61
 Sun City West                                            1     $55,650    $55,650    $39.72                                                                            1     $65,952    $65,952    $54.01
   Sun Lakes
     Surprise                                             2     $88,938    $88,938    $83.00                                       1    $77,600    $77,600    $66.27    1     $89,964    $89,964    $99.08
      Tempe         5     $85,744    $67,809    $90.54    3    $195,667   $216,000   $133.65                                      10   $103,510    $98,450    $79.48    6    $177,735   $152,296   $151.63
    Tolleson
    Tonopah
     Waddell
  Wickenburg
   Wittmann
  Youngtown         1     $29,599    $29,599    $23.68

Maricopa County    47     $89,924    $64,900    $79.32    51   $102,661    $87,000    $86.39   21   $63,480   $53,000   $56.71   118    $83,482    $74,550    $70.64   117   $141,299   $121,796   $123.33
 Pinal County       1    $156,250   $156,250   $101.99     1    $69,900    $69,900    $44.35                                       1    $44,200    $44,200    $46.38     1    $69,750    $69,750    $73.19

     Total         48     $91,306    $66,355    $79.95    52   $102,031    $86,500    $85.33   21   $63,480   $53,000   $56.71   119    $83,152    $74,000    $70.47   118   $140,693   $120,527   $122.97
                                                                     September 2011 - Recorded Sales - Single Family
                                All Sales                             New Home Sales                                 Normal Resales                              Investor Flips                  Short Sales & Pre-foreclosures
                 Qty      Average      Median Average      Qty      Average       Median      Average    Qty      Average       Median      Average   Qty     Average    Median Average       Qty     Average      Median      Average
                 Sold    Sale Price   Sale Price $/SqFt    Sold    Sale Price    Sale Price    $/SqFt    Sold    Sale Price    Sale Price    $/SqFt   Sold   Sale Price Sale Price $/SqFt     Sold   Sale Price   Sale Price    $/SqFt
     Anthem        51    $203,714     $175,000    $89.01                                                  14     $221,513      $177,500      $99.59     3    $198,467   $157,500    $85.87     14    $185,972     $156,300      $89.86
Apache Juntion     63    $107,665      $82,900    $63.55     3     $124,471      $116,830      $72.73     12     $155,019      $134,000      $75.71    11    $116,127    $93,800    $59.86      9    $106,572      $80,000      $62.41
  Arizona City     36      $57,124     $55,000    $39.25     1      $64,000       $64,000      $45.85      6       $64,175       $60,000     $43.71     8     $63,805    $63,570    $43.25      4     $49,075      $54,150      $36.36
    Avondale      203      $97,930     $94,300    $49.93     5     $113,667       $77,315      $53.57     25     $100,272      $110,000      $57.89    22    $107,472   $107,250    $58.79     49     $90,779      $85,000      $45.01
    Buckeye       245    $114,807      $88,000    $56.10    49     $199,954      $189,671      $94.97     35     $113,895        $93,000     $58.31    15    $109,053    $90,000    $50.99     30     $78,522      $70,250      $40.97
    Carefree        5    $534,800     $510,000   $173.25                                                   3     $540,000      $510,000     $210.86                                             1    $379,000     $379,000     $107.46
  Casa Grande     100      $94,578     $85,000    $48.37     5     $172,340      $152,016      $95.39     19     $108,266        $97,650     $61.63    14    $105,093   $112,400    $51.24     14     $93,762      $85,000      $44.20
   Cave Creek      77    $315,868     $299,000   $125.67    12     $424,374      $420,024     $136.18     20     $322,782      $300,000     $134.54     9    $289,389   $237,000   $123.48     13    $280,073     $250,000     $113.32
    Chandler      549    $207,310     $168,000    $95.86    74     $369,067      $363,403     $119.51    117     $233,852      $185,000     $110.50    51    $173,503   $160,000    $90.68    112    $177,398     $145,448      $85.65
    Coolidge       27      $66,989     $65,000    $35.13     3      $77,933       $77,900      $43.48      5       $56,300       $55,000     $39.30     2     $79,500    $79,500    $35.87      3     $66,667      $65,000      $29.66
    El Mirage     100      $74,165     $67,900    $44.47                                                  13       $93,931       $72,400     $55.29    12     $71,875    $69,500    $54.59     29     $72,409      $65,000      $40.39
       Eloy         6    $119,982      $31,500    $69.81     2     $318,240      $318,240     $155.77      1        $5,000        $5,000      $3.79
    Florence       57    $127,171      $92,000    $63.17    18     $199,511      $194,959     $107.36      6     $163,567      $154,950      $80.82     4     $82,750    $84,000    $36.90      3     $85,333      $85,000      $45.55
 Fountain Hills    32    $343,488     $305,500   $143.06                                                  13     $359,576      $317,000     $154.55     5    $354,083   $295,500   $133.11      4    $348,975     $352,500     $138.04
      Gilbert     598    $202,779     $180,000    $88.16   145     $242,159      $224,154      $98.24    102     $218,118      $200,000      $94.26    49    $190,329   $173,000    $90.06    131    $186,605     $164,000      $81.38
    Glendale      528    $114,241      $92,100    $62.32     9     $177,028      $167,197      $89.66     91     $153,978      $125,000      $77.49    59    $137,897   $125,000    $74.43     94    $113,570      $96,000      $61.59
  Gold Canyon      22    $196,335     $177,500    $94.95     3     $135,725      $137,985      $79.53      7     $203,986      $190,000     $111.75     4    $171,225   $179,950    $89.75      3    $164,167     $162,500      $65.12
    Goodyear      251    $176,844     $166,000    $76.95    57     $265,301      $242,333     $107.08     34     $164,062      $149,500      $79.70    22    $164,715   $167,444    $75.33     40    $146,675     $130,000      $64.19
     Laveen       161    $108,822      $99,900    $50.46     7     $179,128      $181,300      $79.33     10     $111,700      $113,950      $54.47    16    $123,156   $110,250    $59.26     51    $100,332      $95,100      $46.68
Litchfield Park    62    $180,612     $172,000    $73.04    16     $231,466      $223,488      $90.19      7     $193,700      $176,000      $72.18     5    $192,958   $189,888    $75.88     10    $160,980     $133,000      $64.75
    Maricopa      237      $98,516     $85,000    $45.39    21     $163,253      $162,001      $79.42     29     $103,654      $106,900      $46.72    32    $112,335    $98,450    $51.08     40     $85,411      $77,100      $40.80
       Mesa       771    $131,934     $110,000    $72.50    40     $282,988      $253,846     $112.47    155     $149,927      $125,795      $81.80    81    $149,580   $133,000    $82.49    128    $120,933     $100,750      $66.02
   New River       24    $215,212     $227,500    $88.40     4     $248,623      $249,742      $97.79      7     $215,857      $235,000      $97.08     3    $266,333   $259,000    $97.34      3    $216,667     $230,000      $88.26
Paradise Valley    33   $1,277,854    $925,000   $266.74     2    $1,401,891    $1,401,891    $407.88     21    $1,428,814    $1,233,500    $296.77     2    $738,050   $738,050   $208.17      4    $802,750     $850,000     $179.61
      Peoria      403    $159,619     $134,908    $78.65    32     $286,709      $268,724     $114.71     71     $208,165      $184,500      $95.81    53    $157,442   $133,000    $79.86     89    $156,545     $140,000      $73.66
     Phoenix    2,356    $125,743      $82,700    $71.57    63     $268,796      $252,703     $106.93    488     $183,662      $123,825      $97.38   252    $122,946    $99,975    $72.87    442    $124,495      $89,800      $69.08
 Queen Creek      108    $193,913     $170,550    $75.43    17     $244,854      $261,500      $84.85     18     $177,822      $173,500      $74.35     8    $279,152   $262,500    $95.92     30    $179,276     $155,500      $69.05
    Rio Verde       4    $335,250     $314,000   $133.55                                                   4     $335,250      $314,000     $133.55
San Tan Valley    342    $112,488      $99,050    $53.56    35     $214,103      $165,656     $101.65     23     $116,836      $100,000      $55.98    70    $118,057   $114,000    $57.39     71     $91,286      $82,500      $44.40
   Scottsdale     430    $423,632     $314,640   $163.80     4    $1,007,645     $745,589     $334.32    183     $521,023      $395,000     $189.07    46    $315,170   $287,500   $148.02     82    $363,027     $290,000     $143.63
     Sun City      96    $125,480     $116,500    $64.80    13     $195,800      $204,625      $77.72     37     $121,376      $116,000      $70.39     6    $125,325   $117,450    $61.72      9    $115,975     $115,775      $53.25
 Sun City West     67    $172,840     $162,000    $96.84     1     $214,935      $214,935      $96.64     57     $178,825      $163,000      $98.02     4    $117,850   $116,700    $84.36      2    $184,000     $184,000     $108.84
   Sun Lakes       22    $197,450     $173,500   $105.76                                                  18     $208,253      $177,500     $109.37                                             2    $165,500     $165,500      $85.75
     Surprise     391    $131,827     $121,000    $64.27    29     $166,337      $163,665      $83.75     65     $178,891      $150,000      $96.87    30    $156,667   $157,451    $64.29     95    $108,729     $100,000      $55.04
      Tempe       149    $150,107     $126,100    $87.08                                                  45     $198,262      $195,000     $103.14    18    $149,278   $141,000    $95.17     27    $134,667     $115,000      $83.84
    Tolleson      136      $86,000     $80,500    $44.48     7     $142,207      $137,759      $79.88     12       $93,067       $97,450     $49.01     9     $85,322    $90,000    $41.92     36     $77,038      $75,476      $41.02
    Tonopah         7      $63,229     $62,500    $36.18                                                   1       $53,500       $53,500     $30.82     1     $86,600    $86,600    $48.79      1     $80,000      $80,000      $35.13
    Waddell        35    $156,758     $139,900    $63.60     6     $169,665      $156,151      $82.86      3     $217,800      $229,900      $85.14     4    $139,388   $137,450    $59.96      8    $163,375     $138,000      $60.24
  Wickenburg        6    $210,598     $146,345    $91.80                                                   1     $633,000      $633,000     $163.69                                             1     $80,000      $80,000      $63.29
   Wittmann        11    $155,346     $159,900    $64.45                                                   3     $161,500      $220,000      $61.57                                             3    $156,000     $163,000      $73.37
  Youngtown        15      $50,940     $42,500    $37.37                                                   2       $66,250       $66,250     $38.91     1     $83,000    $83,000    $47.98      1     $68,000      $68,000      $30.49

Maricopa County 7,941    $165,078     $122,000    $82.43   593     $267,859      $235,617     $106.73   1,677    $236,427      $162,000     $112.74   787    $156,722   $133,700    $82.30   1,542   $148,187     $117,250      $73.57
 Pinal County     953    $113,768      $92,000    $56.13   112     $214,645      $171,479     $107.40     142    $137,525      $108,000      $69.58   145    $112,364   $105,900    $54.81     146    $90,728      $80,000      $44.32

     Total      8,894    $159,580     $118,000    $79.58   705     $259,405      $227,000     $106.82   1,819    $228,706      $156,000     $109.55   932    $149,821   $128,750    $77.75   1,688   $143,217     $111,000      $71.01
                                                                      September 2011 - Recorded Sales - Single Family
                           Bank Owned Sales                    Fannie Mae / Freddie Mac Sales                         HUD Sales                                                          o
                                                                                                                                                   Foreclosure - Trustee Sold to 3rd Party Bidders at Auction - Reverted to Lende
                  Qty      Average      Median Average       Qty     Average      Median      Average   Qty     Average      Median      Average     Qty     Average    Median Average Qty       Average     Median     Average
                  Sold    Sale Price   Sale Price $/SqFt     Sold   Sale Price   Sale Price    $/SqFt   Sold   Sale Price   Sale Price    $/SqFt     Sold   Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt
     Anthem         4     $218,225     $174,000    $91.49      8    $192,513     $181,450      $80.76                                                  8    $209,526   $175,900    $79.56      3     $233,300     $222,156    $127.30
Apache Juntion      6      $60,600      $64,850    $44.88     11     $78,391      $75,000      $57.73     1     $72,000      $72,000     $31.65       10    $101,482    $72,801    $67.61     19     $141,218     $124,261    $100.43
  Arizona City      6      $51,889      $57,500    $35.05      5     $56,580      $55,000      $37.27     1     $28,000      $28,000     $24.45        5     $55,676    $42,427    $37.77      4     $105,423     $116,733     $66.46
    Avondale       28      $96,167      $94,750    $48.39     37    $106,785     $105,000      $52.37    11     $79,386      $78,000     $41.34       26     $95,196    $93,378    $46.74     36     $175,317     $165,606     $90.49
    Buckeye        21      $91,266      $77,000    $37.95     55     $93,802      $83,000      $46.67    14     $68,796      $69,500     $35.88       26     $88,976    $67,276    $43.95     58     $148,495     $136,819     $73.23
    Carefree        1     $675,000     $675,000   $159.80                                                                                                                                      2     $524,375     $524,375    $155.90
  Casa Grande       9      $76,164      $68,000    $37.49     19     $80,364      $80,120      $42.85     9     $75,785      $86,000     $32.57       11     $69,149    $68,200    $38.37     27     $138,133     $132,777     $76.90
   Cave Creek       9     $338,994     $250,500   $130.05      5    $261,420     $296,100     $116.85     1    $150,400     $150,400     $88.16        8    $252,475   $208,750   $105.23     11     $296,156     $281,250    $133.63
    Chandler       44     $155,699     $117,550    $82.94     83    $158,758     $155,000      $84.61    12    $103,881      $95,911     $64.62       56    $170,593   $132,800    $77.07     81     $210,353     $204,198    $108.44
    Coolidge        3      $47,367      $55,000    $28.28      6     $60,900      $63,200      $29.23     2     $85,500      $85,500     $37.21        3     $85,300    $45,401    $45.29      7     $120,210     $121,594     $68.03
    El Mirage       4      $64,250      $65,500    $41.11     16     $83,431      $86,860      $47.15    10     $60,970      $63,000     $35.50       16     $64,467    $61,100    $40.97     19     $134,431     $154,644     $81.79
       Eloy                                                    1     $28,000      $28,000      $18.19     1     $35,000      $35,000     $16.70        1     $15,410    $15,410    $12.12
    Florence        1       $88,500     $88,500    $27.92     14     $94,557      $75,900      $42.42     7     $67,059      $53,568     $36.11        4     $51,854    $45,357    $28.88      9     $143,701     $127,557     $87.06
 Fountain Hills     5     $362,220     $260,000   $141.10      2    $188,500     $188,500     $120.76                                                  3    $320,900   $316,000   $133.43      9     $331,863     $225,000    $133.14
      Gilbert      52     $194,250     $155,000    $82.10     61    $177,697     $164,000      $82.24     9    $116,508     $120,200     $70.05       49    $166,128   $138,000    $75.16     62     $235,347     $203,355    $108.34
    Glendale       64       $97,064     $77,500    $51.92    106     $98,468      $89,450      $55.13    22     $71,003      $63,500     $44.48       83     $92,657    $68,000    $53.94     97     $157,495     $147,576     $87.55
  Gold Canyon       4     $287,975     $262,450   $109.98      1    $155,000     $155,000      $80.48                                                                                          3     $345,453     $300,019    $150.11
    Goodyear       24     $135,482     $129,850    $66.76     32    $167,032     $144,500      $64.37     9    $107,350      $86,400     $48.04       33    $140,429   $121,600    $62.41     33     $227,015     $211,816     $96.66
     Laveen        17     $104,863      $95,900    $47.12     29    $113,215     $114,900      $49.66     5    $107,890      $89,900     $50.20       26     $94,335    $89,850    $46.00     20     $177,318     $167,429     $71.19
Litchfield Park     8     $167,696     $117,500    $64.66      7    $146,564     $126,000      $78.68     1    $158,000     $158,000     $47.50        8    $129,810   $117,650    $54.48      8     $215,703     $208,469     $99.85
    Maricopa       18       $91,473     $86,000    $35.19     36     $94,894      $84,950      $44.48    24     $75,431      $69,150     $35.75       37     $81,885    $72,800    $38.54     49     $156,331     $147,635     $73.30
       Mesa       103     $109,386      $89,500    $63.71    124    $112,174     $104,900      $65.20    35     $85,243      $78,000     $53.71      105    $108,649    $90,451    $59.64    129     $167,180     $146,510    $101.13
   New River        1     $179,900     $179,900    $75.97      4    $159,625     $143,750      $63.76                                                  2    $196,100   $196,100    $82.78      7     $422,315     $231,800    $162.12
Paradise Valley     3    $1,364,033    $660,000   $204.78                                                                                              1    $581,100   $581,100   $152.76      2    $1,011,813   $1,011,813   $269.82
      Peoria       35     $109,899      $82,000    $59.98     68    $123,945     $115,250      $69.56    12     $94,627      $75,050     $49.16       43    $108,953   $103,100    $57.38     69     $198,817     $166,573    $102.24
     Phoenix      272     $112,127      $66,000    $63.65    372    $102,319      $80,000      $61.15   118     $58,931      $51,550     $39.47      349     $80,911    $57,500    $50.32    406     $159,887     $144,220     $97.92
 Queen Creek        6     $193,633     $166,900    $78.10     15    $195,667     $194,900      $73.83     3    $114,667     $115,000     $66.04       11    $138,818   $132,200    $62.28      6     $313,847     $269,314    $113.45
    Rio Verde
San Tan Valley     14      $98,957      $89,250    $39.67     42    $102,855      $93,750      $49.29    20     $91,406      $80,000     $41.93       67     $89,719    $88,400    $42.81     50     $169,001     $166,956     $78.83
   Scottsdale      45     $403,008     $270,000   $141.09     30    $200,190     $202,950     $116.54     3    $106,367      $96,500     $73.54       37    $379,943   $309,787   $132.41     45     $416,281     $357,450    $164.52
     Sun City      11      $99,255      $91,000    $56.02     16    $117,730     $122,950      $57.45                                                  4     $59,635    $57,921    $45.02     16     $143,806     $116,550     $78.81
 Sun City West                                                 1    $180,000     $180,000      $91.51                                                  2     $76,466    $76,466    $62.83      6     $159,845     $145,459     $92.94
   Sun Lakes                                                                                              1     $92,350      $92,350     $73.00        1    $172,000   $172,000   $102.63      1     $132,904     $132,904     $69.15
     Surprise      45     $119,259     $110,000    $53.78     68    $129,614     $125,750      $59.08     9     $91,178      $82,000     $50.18       50    $101,246    $97,811    $51.51     81     $181,114     $166,883     $89.15
      Tempe        18     $125,272     $115,000    $77.39     20    $127,242     $113,500      $75.07     4     $94,695      $94,840     $57.09       17    $114,272   $110,500    $66.86     20     $167,607     $164,430    $109.75
    Tolleson       15      $81,129      $78,000    $39.70     21     $89,739      $90,000      $48.80    15     $80,107      $78,000     $40.25       21     $82,833    $82,500    $40.76     12     $224,890     $210,910     $94.00
    Tonopah         1      $70,000      $70,000    $46.82      2     $61,250      $61,250      $35.28                                                  1     $30,000    $30,000    $20.31      2      $92,500      $92,500     $38.32
    Waddell         4     $149,375     $113,750    $57.73      5    $145,080     $172,500      $55.47     2    $103,650     $103,650     $38.57        3    $140,134   $117,500    $64.56      4     $259,175     $246,207     $86.23
  Wickenburg        2     $116,450     $116,450    $69.09      1    $210,000     $210,000      $61.05                                                  1    $107,689   $107,689    $59.07      6     $199,163     $151,445    $125.09
   Wittmann         1     $175,000     $175,000    $57.26      3    $144,300     $142,000      $64.25                                                  1    $148,411   $148,411    $60.04      3     $270,023     $292,983    $122.74
  Youngtown         3      $34,533      $35,000    $37.07      5     $35,360      $33,000      $33.81                                                  3     $66,733    $68,000    $39.59      2     $110,195     $110,195     $55.65

Maricopa County 849       $143,341      $95,000    $72.00   1,200   $120,746     $108,000      $64.71   297     $76,021      $70,000     $45.60      996    $115,598    $87,750    $61.48   1,259    $189,671     $166,506    $101.09
 Pinal County    66        $90,330      $77,500    $41.67     137    $91,019      $83,000      $45.93    67     $79,832      $73,000     $37.89      138     $83,866    $75,850    $42.03     180    $156,430     $144,612     $79.96

    Total         915     $139,517      $93,100    $69.64   1,337   $117,700     $103,000      $62.68   364     $76,723      $71,000     $43.89     1,134   $111,737    $85,150    $58.99   1,439    $185,513     $164,107     $98.35
                                                          September 2011 - Recorded Sales - Townhouse / Condo
                                All Sales                          New Home Sales                         Normal Resales                        Investor Flips               Short Sales & Pre-foreclosures
                   Qty     Average    Median Average Qty Average        Median Average Qty Average        Median Average Qty Average        Median Average                 Qty     Average      Median      Average
                   Sold   Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt               Sold   Sale Price   Sale Price    $/SqFt
     Anthem          3     $99,500    $95,000    $70.20                                          1     $84,000    $84,000    $63.40   1    $119,500   $119,500    $74.59     1     $95,000      $95,000      $71.70
Apache Juntion       4     $40,600    $38,700    $53.14                                          3     $39,967    $34,900    $55.61                                          1     $42,500      $42,500      $47.22
  Arizona City
    Avondale
     Buckeye
    Carefree         1    $287,000   $287,000   $145.69                                          1    $287,000   $287,000   $145.69
  Casa Grande        6     $91,628    $86,634    $64.45    3    $157,756   $150,800   $109.38    1     $20,000    $20,000    $22.08                                          1     $28,000      $28,000      $17.40
   Cave Creek        4    $182,000   $161,450   $115.14                                          2    $206,450   $206,450   $124.07   1    $125,100   $125,100   $109.74
    Chandler        60     $80,132    $57,750    $73.36    5    $252,736   $228,000   $145.92   16     $78,863    $69,950    $75.50   2    $184,750   $184,750   $118.13     8     $58,673      $58,213      $54.96
    Coolidge
    El Mirage
       Eloy
    Florence
 Fountain Hills     27    $158,669   $120,000   $105.70    1    $149,900   $149,900   $126.50   11    $194,991   $120,000   $128.50                                          3     $71,667      $60,000      $53.43
      Gilbert       35     $78,612    $80,000    $65.67                                          5     $65,560    $71,900    $64.78   3     $69,967    $73,900    $76.00     8     $84,588      $82,800      $70.93
    Glendale        64     $34,186    $27,500    $30.08                                         10     $32,747    $23,250    $30.18   9     $28,794    $24,500    $29.04     9     $41,977      $29,000      $35.24
 Gold Canyon         3    $163,333   $170,000    $86.91                                          1    $215,000   $215,000   $118.92
   Goodyear          5    $109,698   $128,000    $87.16    1    $188,989   $188,989   $157.10    1    $128,000   $128,000    $86.96
     Laveen          1     $85,000    $85,000    $83.99
Litchfield Park      7     $98,357    $95,000    $78.06    2    $127,500   $127,500   $105.33    2    $119,000   $119,000    $85.24                                          1     $95,000      $95,000      $55.78
    Maricopa         4    $121,025   $127,000    $87.97    1    $142,000   $142,000    $89.14    1    $139,000   $139,000    $89.50
       Mesa        163     $61,318    $47,699    $54.83    5    $210,800   $179,883   $135.48   34     $71,988    $57,750    $64.65   19    $64,413    $59,500    $58.04    28     $52,497      $41,907      $45.41
   New River
Paradise Valley      9    $124,345   $114,000   $113.09                                           3   $182,000   $202,000   $163.87   1    $114,000   $114,000   $117.16     1     $60,000      $60,000      $76.24
      Peoria        34     $68,160    $60,500    $56.58                                           9    $74,494    $55,000    $63.93                                          5     $59,040      $54,000      $49.35
     Phoenix       492     $80,536    $55,000    $68.83    22   $220,181   $234,625   $160.76   100    $85,764    $49,450    $72.88   36    $76,435    $64,450    $67.86   104     $80,269      $68,550      $67.70
 Queen Creek
    Rio Verde        1    $208,000   $208,000   $117.51                                          1    $208,000   $208,000   $117.51
San Tan Valley
   Scottsdale      257    $183,927   $135,000   $133.67    15   $438,573   $452,965   $280.61   102   $203,564   $164,500   $134.60   14   $160,586   $142,000   $113.40    51    $160,185     $103,000     $133.33
     Sun City       44     $51,874    $49,750    $41.79                                          22    $60,423    $59,750    $47.25    1    $56,000    $56,000    $40.73     4     $54,425      $53,900      $43.23
 Sun City West      16    $105,369   $115,000    $73.67                                          13   $110,569   $115,000    $76.11                                          1    $120,000     $120,000      $63.32
   Sun Lakes         2    $167,000   $167,000    $99.61                                           2   $167,000   $167,000    $99.61
     Surprise        9     $66,578    $79,000    $65.94                                           3    $83,667    $82,000    $99.64                                          3     $81,667      $83,000      $54.70
      Tempe         60    $113,818    $84,250    $93.28    1    $525,000   $525,000   $284.09    10   $167,580   $180,750   $123.43   7    $104,857   $105,000    $85.98    11    $110,591     $116,500      $93.36
    Tolleson
    Tonopah
     Waddell
  Wickenburg         2     $92,802    $92,802    $69.33                                          1    $112,000   $112,000    $89.17
   Wittmann
  Youngtown          1     $27,500    $27,500    $23.38                                          1     $27,500    $27,500    $23.38

Maricopa County 1,297      $99,570    $67,000    $81.71    52   $285,753   $242,216   $163.62   350   $124,546    $88,250    $95.91   94    $87,350    $74,750    $74.71   238     $92,733      $70,000      $77.71
 Pinal County      17      $99,192   $105,000    $74.20     4   $153,817   $147,784   $103.93     6    $82,317    $44,950    $76.90                                          2     $35,250      $35,250      $28.10

     Total        1,314    $99,565    $67,375    $81.60    56   $276,329   $236,800   $159.97   356   $123,834    $87,450    $95.64   94    $87,350    $74,750    $74.71   240     $92,254      $69,900      $77.27
                                                         September 2011 - Recorded Sales - Townhouse / Condo
                          Bank Owned Sales                Fannie Mae / Freddie Mac Sales                 HUD Sales                                                   o
                                                                                                                                 oreclosure - Trustee Sold to 3rd Part Bidders at Auction - Reverted to Lend
                  Qty     Average    Median Average Qty Average        Median Average Qty Average        Median Average Qty Average        Median Average Qty       Average      Median Average
                  Sold   Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sols Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt
     Anthem                                                                                                                                                             2     $85,559    $85,559    $67.66
Apache Juntion
  Arizona City
    Avondale
     Buckeye
    Carefree
  Casa Grande       1     $28,500    $28,500    $16.88
   Cave Creek       1    $190,000   $190,000   $102.43
    Chandler        8     $48,420    $48,501    $49.93    14    $54,091    $52,250    $53.86   2    $32,100   $32,100   $33.84     5    $46,947    $40,500    $49.09    7    $132,134    $98,124   $102.93
    Coolidge
    El Mirage
       Eloy
    Florence
 Fountain Hills     2     $50,503    $50,503    $49.61     8   $161,603   $146,000   $100.19                                       2   $190,221   $190,221   $103.13    1    $444,143   $444,143   $169.65
      Gilbert       2     $59,150    $59,150    $51.73     9    $91,502    $85,140    $64.95   3    $81,333   $84,000   $64.74     5    $70,240    $76,000    $60.53    4    $123,020   $108,684   $101.61
    Glendale       11     $31,879    $32,000    $25.99    14    $36,222    $26,050    $31.93   3    $31,809   $28,528   $28.84     8    $33,788    $26,351    $28.30   18     $70,344    $56,235    $57.09
 Gold Canyon        1    $170,000   $170,000    $74.46     1   $105,000   $105,000    $67.87
   Goodyear         1    $130,000   $130,000    $92.20     1    $54,500    $54,500    $50.56   1    $47,000   $47,000   $41.59                                          1    $158,943   $158,943   $104.43
     Laveen                                                1    $85,000    $85,000    $83.99
Litchfield Park                                            1    $72,000    $72,000    $74.61                                       1    $28,500    $28,500    $30.35    1    $167,815   $167,815   $149.04
    Maricopa                                               2   $101,550   $101,550    $86.17
       Mesa        25     $50,787    $47,699    $46.55    27    $54,489    $45,500    $49.61   3    $25,475   $19,025   $25.48    22    $44,642    $41,900    $42.21   38     $94,871    $95,635    $89.23
   New River
Paradise Valley     1     $56,000    $56,000    $69.65     2   $130,800   $130,800    $89.01                                       1    $81,501    $81,501    $76.82
      Peoria       10     $51,215    $41,837    $47.28     5    $83,225    $79,000    $62.38                                       5    $84,700    $79,300    $60.67     8   $102,251    $85,947    $85.32
     Phoenix       57     $96,944    $55,000    $77.03    98    $60,280    $47,507    $53.55   22   $44,491   $37,001   $41.01    53    $50,781    $40,000    $46.38   109   $112,769    $88,835    $99.41
 Queen Creek
    Rio Verde
San Tan Valley
   Scottsdale      19    $180,858    $95,000   $119.68    30   $103,181    $96,950    $92.19   1    $53,200   $53,200   $59.11    25   $116,984    $78,000    $92.44   44    $198,963   $187,768   $149.56
     Sun City       6     $34,850    $28,000    $30.62     9    $44,622    $35,000    $37.49                                       2    $34,377    $34,377    $27.20    7     $69,580    $75,000    $51.29
 Sun City West                                             2    $64,250    $64,250    $61.07                                                                            3    $160,367   $165,949   $107.97
   Sun Lakes
     Surprise       2     $14,101    $14,101    $31.33     1    $75,000    $75,000    $64.05                                                                            3     $31,119    $20,000    $55.05
      Tempe         7    $120,086    $70,500    $98.98    13    $88,440    $69,500    $79.53   2    $96,000   $96,000   $83.30     9    $55,047    $51,700    $45.19   19    $137,334   $154,368   $116.47
    Tolleson
    Tonopah
     Waddell
  Wickenburg                                              1     $73,605    $73,605    $51.80                                                                            1     $69,924    $69,924    $88.29
   Wittmann
  Youngtown

Maricopa County 152       $86,547    $52,500    $71.33   236    $70,222    $55,500    $61.02   37   $47,326   $40,000   $43.58   138    $64,728    $49,601    $56.09   266   $123,441    $98,707   $104.30
 Pinal County     2       $99,250    $99,250    $49.99     3   $102,700   $105,000    $78.92

     Total        154     $86,712    $52,500    $70.88   239    $70,630    $56,000    $61.27   37   $47,326   $40,000   $43.58   138    $64,728    $49,601    $56.09   266   $123,441    $98,707   $104.30

				
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Description: MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – SEPTEMBER 2012