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home / Real Estate
Family residential trends: Sales are hot
Received article
Friday, April 13, 2012
Residential Focus report on single family residential trends: Sales are hot while inventory is cold in some price ranges. There is a negative supply of listings under $150,000 and for properties in the $150,000 to $200,000 price range there is between a one- and two-month supply. Many potential owner occupants moved from putting in offers for lender-owned properties because they could not compete against cash buyers, who are mostly investors, to putting in offers on short sales. Now with the lack of lender-owned inventory, cash buyers have moved to short sales making potential owner occupants feel more pain.
The number of single family signed leases continues to grow. Arizona Regional Multiple Listing Services, Inc. (ARMLS) data shows 2,377 signed leases in January, the most ever in a month. February had 2,236, giving it second place for most leases in a month. Some potential buyers decided it was too hard to buy because of investors, so why not rent. Renter demand for single family homes is why investors keep buying. Page 15 of the attached report breaks down the number of single family leases by rental rate range. Guess which range had the most signed leases? Page 15 shows the $900 to $999 range the winner. Pages 16 and 17 break down rental trends for 25 cities in Greater Phoenix and compares rental rates by price per square foot.
There are special reports on Surprise and Scottsdale Arizona.
You can read the complete report at images.copanews.com/userfiles/file/February_2012_Res_Focus.pdf.
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www.a.perfectworld.org / CopaNews.com
Sales are hot but inventory is cold in some price ranges.
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