buying smart in arizona, november 2012 real estate market update
DESCRIPTION
Greater Phoenix/Scottsdale real estate November 2012 market updateTRANSCRIPT
BUYING SMART IN ARIZONA
Real Estate Market Update
All about the Single Family Real Estate Market in Arizona, November, 2012
Presented by:
Tricia Lehane
Update on Greater Phoenix/Scottsdale Single Family Property Trends
Single Family homes are in demand, prices have increased..
However the price you can purchase a home for is still amazing! Arizona is the #1 state that California residents are moving from…The second home market is also staying vibrant and
becoming even more so as we enter the prime winter visitor season. The “Baby Boomer” demographics are also feeding
that demand. The new home providers are getting more active in providing interesting new energy efficient products
and developing new neighborhoods in high demand price competitive areas.
The demand for single family homes as rentals by previous homeowners should continue into 2013. This will keep cash
investors in the purchase market looking for investment opportunities. Investors will compete to own and rent properties
as long as it makes dollars and sense to own and to rent. Since many sellers prefer cash investors over financing buyers
the number of financing buyers unable but wanting to own is growing. Local researchers, like Michael Orr (Cromford
Report) have noticed a new customer type called the “Permanent Renter”. These folks are previous owners who either
did a Short Sale or lost their home through Foreclosure and now have chosen the rental lifestyle over getting back into
the “Owner Occupant” financial challenge. They are high quality renters who take care of their domiciles and pay in a
timely way. They are a strong influence on positive dynamics in the future rental environment financials and they prefer
single family homes.
The properties analyzed in this report are single family detached properties in Greater Phoenix. Greater Phoenix is defined
as the cities of Maricopa & Pinal County, Arizona. The information in this report is from The Cromford Report. The Greater
Phoenix market is very fortunate, we are the only MLS in the United States that have the opportunity to have our market
analyzed by a local firm. which is information they utilize through ARMLS. ARMLS stands for Arizona Regional Multiple
Listing Service, Inc.
Greater Phoenix Sales price per sq. ft
January, 2010 to November 2012
The Cromford Market Index™ (CMI) is a single value that indicates the
balance of the residential resale market. Values below 100 indicate a
market that favors buyers. Values above 100 indicate a market that
favors sellers. A value of 100 is equally balanced. November 2011 the
CMI was at 155.4 and November 2012 164.1.
Phoenix market avg. price
November 2011 $86,000
November 2012 $120,000
Scottsdale market avg. price
November 2011 $358,000
November 2012 $383.000
Avondale market avg. price
November 2011 $94,900
November 2012 $115,000
Chandler market avg. price
November 2011 $165,000
November 2012 $185,000
Gilbert market avg. price
November 2011 $165,000
November 2012 $187,500
Glendale market avg. price
November 2011 $95,000
November 2012 $120,000
Goodyear market avg. price
November 2011 $140,000
November 2012 $165,000
Mesa market avg. price
November 2011 $ 115,000
November 2012 $138,000
Peoria market avg. price
November 2011 $138,939
November 2012 $164,876
Queen Creek market avg. price
November 2011 $99,000
November 2012 $128,300
Surprise market avg. price
November 2011 $121,000
November 2012 $140,000
Tempe market avg. price
November 2011 $142,000
November 2012 $163,875
Just to share a few teaser properties
with you!!
Tricia Lehane, REALTOR®
888.214.3069, 602.689.9977
Golf course community – Tuscany Villas, Mesa
$219,000, 1303 sq. ft.
Golf course community – San Marcos, Chandler
Townhome - $254,000 1757 sq. ft.
Golf course community – Johnson Ranch,
San Tan Valley, Single family home
$124,000 1681 sq. ft.
Scottsdale Condo – Aventura
$102,000 663 sq. ft.
55+ & Golf course community – Terravita,
Scottsdale $379,000 1670 sq. ft.
