HomeGain Releases 3rd Qtr Arizona Home Prices Survey

Posted by: Louis Cammarosano on August 29th, 2009

Earlier this week, HomeGain, the first website to provide free instant home values, released the national and regional results of our  home prices survey of 1,084 HomeGain members. We asked their opinions on home values and of  Obama’s performance as President. On this real estate blog we published the complete national and regional third quarter results.

Earlier this week we published the results of the California home prices, Texas home prices , Florida home prices surveys. Yesterday  we published the Massachusettes home prices survey data, the  New York home prices survey data, the New Jersey home prices survey data, the North Carolina home prices survey, the Illinois home prices survey the Georgia home prices survey data, the Colorado home prices survey data and the Virginia home prices survey.

Today we release the results of the Arizona home prices survey.

Arizona is one of the states that has experieced the greatest depreciation in home prices in recent years. The values of Phoenix homes for sale have fallen fifty percent since 2006. Three months ago according to our 2nd quarter Arizona home prices survey, 24% of Arizona Realtors expected home prices to rise in the next six months vs. just 11% of Realtors who expected an increase in home values in the first quarter survey. Twenty-eight percent of Arizona Realtors surveyed now expect home prices to rise in the next six months and 47% expect prices to remain the same (see question 6).

An increasing percentage of Arizona home buyers believe that homes are fairly priced with 39% believing that homes are fairly priced vs. 23% who so believed in the second quarter. Only 6% of Arizona home buyers believe that homes are 10-20% overpriced, vs. 32% who so believed in the second quarter  (see question 3).

While Arizona home buyers think home prices are becoming more reasonable, Arizona home sellers believe their homes should be priced higher than their Realtors’ recommended listing price. Fifty percent of Arizona home sellers believe that their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 35% who so believed in the second quarter (see question 2).

Sixty-four percent of Arizona Realtors surveyed disapprove of  Obama’s performance as President with 58%  “strongly disapproving”. In the national survey 58% of Realtors disapproved of Obama’s performance. In the second quarter, 58% of Arizona Realtors somewhat approved or strongly approved of Obama’s performance as President vs. 57% of their national counterparts.

Set forth below is the first, second, and third quarter  Arizona home values data with the national data in parenthesis: Arizona/National

1. On average, in the last year do you think your homeowner clients home values have:


Decreased: 89%/80%/89% (81%/84%/90%)

Increased: 6%/8%/6% (6%/3%/2%)

Stay the same: 6%/12%/6% (13%/12%/8%)

2. On average, what do your homeowner clients believe that their home is worth?


10-20% higher: 50%/35%/33% (38%/35%/45%)

10-20% less: 6%/8%/17% (5%/8%/10%)

1-9% higher: 14%/27%/* (25%/24%/*)

1-9% less: 3%/6%/* (7%/9%/*)

21-30% higher: 8%/8%/17% (8%/8%/14%)

21-30% less: 3%/3%/* (2%/3%/*)

At listing price you recommend: 11%/12%/11% (11%/10%/14%)

More than 30% higher: 3%/0%/6% (3%/2%/4%)

More than 30% less: 3%/2%/* (1%/2%/1%)

3. How do your home buyer clients feel that homes for sale are priced?


Fairly priced: 39%/23%/28% (20%/19%/18%)

Overpriced by 10-20%: 6%/32%/11% (30%/30%/32%)

Overpriced by 21%+: 3%/3%/6% (4%/4%/10%)

Overpriced by less than 10%: 17%/27%/11% (30%/29%/21%)

Underpriced by 10-20%: 17%/6%/33% (8%/8%/14%)

Underpriced by 21-30%: 6%/3%/6% (2%/1%/2%)

Underpriced by 31%+: 3%/0%/0% (1%/1%/2%)

Underpriced by less than 10%: 11%/6%/6% (5%/5%/5%)

4. What is the average difference in price between what sellers believe their home to be worth and the amount at which you eventually list the house?


Greater than 11-20%: 19%/6% (5%/7%)

Greater than 21%: 14%/2% (3%/3%)

Greater than 5-10%: 3%/9% (9%/10%)

Less than 11-20%: 11%/21% (24%/23%)

Less than 21-30%: 3%/2% (4%/5%)

Less than 5-10%: 39%/47% (43%/43%)

Little or no difference in price: 11%/14% (12%/8%)

5. What is the average difference in price between what the home is listed at and what the home sells for?


Greater than 11-20%: 6%/3% (4%/4%)

Greater than 21%: 3%/3% (2%/2%)

Greater than 5-10%: 6%/2% (5%/5%)

Less than 11-20%: 28%/26% (24%/27%)

Less than 21-30%: 3%/2% (3%/4%)

Less than 5-10%: 53%/58% (54%/53%)

Little or no difference in price: 3%/8% (8%/5%)

6. In the next six months, do you think the values of homes in your market will:


Decrease: 25%/24%/61% (31%/29%/53%)

Increase: 28%/24%/11% (23%/22%/11%)

Stay the same: 47%/52%/28% (46%/49%/36%)

7. What percent of homes in your area are foreclosures?


Less than 10%: 11%/35%/33% (36%/26%/37%)

10%-20%: 14%/27%/17% (27%/15%/26%)

21%-30%: 25%/12%/17% (17%/12%/16%)

31%-50%: 31%/15%/6% (13%/7%/15%)

51%-75%: 14%/11%/11% (5%/3%/5%)

75%: 6%/0%/17% (2%/3%/2%)

8. What is the average home price in your area?


$151K-$300K: 67%/56%/72% (52%/56%/59%)

$301K-$500K: 0%/15%/12% (21%/20%/21%)

$501K-$800K: 3%/5%/0% (7%/5%/6%)

$801K+: 0%/2%/0% (2%/3%/2%)

Less than $150K: 31%/23%/17% (18%/16%/11%)

9. How do you think Barack Obama is performing in his role as President?


Somewhat approve – 25%/35% (21%/31%)

Somewhat disapprove – 8%/14% (19%/19%)

Strongly approve – 11%/23% (20%/26%)

Strongly disapprove – 56%/29% (40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check Arizona home prices on Homegain.com

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HomeGain real estate home values survey results are based on responses of over 1,150 Realtors in the United States. State survey results for Q2 are available for the following states : Texas home prices survey, Florida home prices survey, California home prices survey, New York home prices survey, New Jersey home prices survey, Georgia home prices survey, Arizona home prices survey, North Carolina home prices survey,Virginia home prices survey , Massachusetts home prices survey ,Washington home prices survey,Colorado home prices survey

Louis Cammarosano




One Response on “HomeGain Releases 3rd Qtr Arizona Home Prices Survey”

las vegas foreclosures

We have to stay positive. Hopefully the homeowners of Las Vegas will soon be experiencing some appreciation:)

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