July 30, 2013
Market: Phoenix, AZ; U.S.
According to CoreLogic, Phoenix’s single-family home foreclosure inventory dropped to 1% in June—a 1.5% decrease year-over-year. The MSA’s 20,646 completed foreclosures from June 2012 to June 2013 accounted for 64% of the state’s foreclosure activity.
Nationwide, 55,000 foreclosures—a 20% year-over-year decrease—were completed in the month of June, reducing inventory by 28% to 1,000,000. During the year ending June 2013, over half of the foreclosures in the U.S. took place in five states: Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000), and Georgia (44,000). As the real estate industry continues to rebound on a national level, it is likely these states will follow suit.
Read the full article at Phoenix Business Journal.
July 29, 2013
Market: Phoenix, AZ
Amazon will hire hundreds of employees in Phoenix as part of a larger move to expand by 5,000 workers in 17 U.S. markets. At least 500 of these positions will be located in Arizona, Oregon, and Washington, where the company will expand its customer service branches. Currently, Amazon employs over 20,000 workers across the country, with several thousand in Arizona.
To read the full article, go to Phoenix Business Journal.
Market: Phoenix, Tucson
July 8, 2013
According to the latest Metro Monitor Report from Brookings, Phoenix’s economy fared better than any other city’s in the country during Q1 2013, with Tucson a close second. Brookings bases its rankings using GPM growth (Gross Metropolitan Product, the total value of all goods and services produced). Phoenix and Tucson’s GPM increased 1.2% and 1.1%, respectively.
Despite the economic growth, Phoenix remains 2.6% below its pre-recession peak output levels, while 7 out of the 10 Mountain West MSAs have achieved full recovery.
Read the full article at the Phoenix Business Journal.
Market: Phoenix, AZ
July 19, 2013
When the millions of homeowners displaced during the housing crisis turned to renting, the multifamily market kicked into high gear and boomed for the past three years. In Phoenix, apartment demand continues to increase, pushing vacancies down and rents up, and developers have likewise increased their activity.
Metro Phoenix has the ninth-highest number of new apartment units in the pipeline for 2013. Here are some data on this year’s influx of new units:
- Total unit inventory: 261,562—an increase of about 3,000 units since 2010
- New deliveries by year-end: 5,000 units
- Vacancy: 5.4%—down from 11% in 2010
- Average monthly rent: $784—up 4.5% since 2010
- Average sales price per unit: $74,000—up 64% from 2010
Read more at the Phoenix Business Journal.
July 15, 2013
Market: Phoenix, AZ
In Phoenix, both occupancy and effective rent growth are on the rise. During May 2013, effective rent growth rose to 3.12%, an increase from the 1.88% reported during the same time the year before. Overall occupancy was 93.3%, which is slightly up from 92.9% in May 2012. Inventory was also up slightly to 150,262 units, up from 144,041 units in May 2012.
Breaking the statistics down by class, Class C product had more noticeable hikes in rent and occupancy figures:
Read the full article at the GlobeSt.com
June 21, 2013
Amy Wolff Sorter, GlobeSt.com
Market: Gilbert, AZ (25 miles SE of Phoenix)
Less than four years after acquiring the 196-unit Painted Trails Apartments, Wasatch Property Management sold the 95%-occupied, class A multifamily property to RK Properties for $25.7 million.
Wasatch Property (based out of Logan, UT), acquired the property for $16.6 million in December, 2009 through a lender short sale. Wasatch has no plans to sell its other Phoenix-area assets at this time.
Chandler, AZ, located directly southwest of Gilbert, is attracting its fair share of businesses and corporations: Banner Gateway Medical Center and American Furniture (which is building a 600,000-square-foot warehouse) are huge employment drivers.
Phoenix Business Journal
June 4, 2013
In April, Phoenix, home prices in the Phoenix-area soared nearly 19.2% higher than last year. Home prices also increased month-over-month, by 3%.
Nationwide, home prices in April were up 12.5% from a year earlier (the largest gain since 2006), and the month-to-month gain was 3.2%. May figures are expected to show that the U.S. average rose by 12.5% from the previous year and increased 2.7% from the month of April.