Arizona Real Estate Report October 2017

The number of Homes Sold in Arizona in October 2017 was 7,268. The Median Sales Price was $245,000. The Average Sales Price was $295,800. The Average Days on Market to sell an AZ Home was 67. There are currently 23,069 Homes available For Sale in Arizona, 3.17 months of inventory. The number of Residential Rental Properties listed for rent was 2,158. The Median Rent was $1,350 per month, and an Average Rent was $1,537. This data was provided by Arizona Multiple Listing Service, ARMLS.

According The World Population Review, Arizona is the 5th largest State by area, but the 14th largest State by population. The current AZ population equals 7,044,577, reflecting a 1.64% annual increase. The population in Maricopa County AZ is currently 4.1 Million, according to the
World Population Review.

Median Home Prices For Arizona Homes By City
Provided by Zillow Sep. 30, 2017

NAMEMEDIAN ZHVI
Scottsdale$416,300
Gilbert$284,100
Chandler$267,200
NAMEMEDIAN ZHVI
Tempe$247,200
Peoria$239,400
Mesa$207,900
NAMEMEDIAN ZHVI
Glendale$198,000
Phoenix$195,900
Tucson$153,000


Phoenix Residential Housing Starts Y/Y 2017 Q3

Provided by http://www.metrostudy.com/phoenix-housing



Current Residential Real Estate Statistics November 2017
Per Trulia

$221,000

Median Sales Price


$148

Price Per Sqft


$1,395

Median Rent Per Month

35%
SINGLE RESIDENTS
61%
HOME OWNERS
33
MEDIAN AGE
$42,917
MEDIAN HOUSEHOLD INCOME
28%
COLLEGE EDUCATE
Arizona Population Breakdown By Race
Per World Population Review 2017
RacePopulationPercentage
White5,698,41683.46%
Black or African American330,4674.84%
American Indian and Alaska Native362,9685.32%
Asian231,4623.39%
Native Hawaiian and Other Pacific Islander18,1660.27%
Two or More Races186,5862.73%
Employment Data Phoenix Metro 2017
Phoenix Employment Data Provided by Colliers International

Employment growth in Greater Phoenix is expanding, but at a more modest pace than in recent years. During the past 12 months, employers have expanded payrolls by 1.7 percent, adding 34,300 net new jobs. This represents a slowdown from earlier periods. One year ago, employers were adding workers at a 3.7 percent annual pace.

One sector that is growing at a much more conservative pace is professional and business services. A year ago at this time, more than 17,000 professional jobs had been added to this sector. Year over year through the third quarter of 2017, only 3,000 jobs have been added, at a growth rate of 0.9 percent. 

The retail segment has also been a slight drag on the market. Over the past year, retail employment has contracted by 300 jobs, a dip of 0.1 percent, though the outlook has brightened heading into the holiday shopping season. Retailers Panda Express and Sprouts together will add 800 jobs as new stores open.


Multifamily Investment Property Trends
Phoenix Employment Data Provided by Colliers International

According to a Colliers International research, sales of apartment buildings increased by 3% from the second quarter to the third quarter of 2017. Year to date, sales are down 7% from the same period in 2016. Following a spike in the second quarter of 2017, the median price during the third quarter rose another 8 percent to $125,800 per unit. The median price year to date is $106,000 per unit, up from $103,900 per unit in 2016. Cap rates also ticked lower during the third quarter of 2017, averaging 5.4%. For the full year, cap rates have averaged 5.7%, nearly identical to the 2016 average. With investor demand healthy, cap rates will likely remain near current ranges.

Home Price Index
http://www.freddiemac.com

The Freddie Mac House Price Index (FMHPISM) provides a measure of typical price inflation for houses within the United States. Values are calculated monthly and released at the end of the following quarter. For example, the FMHPI for October, November and December are published in late February of the following year. Series are available at three levels of geographical aggregation: Metropolitan Statistical Area (MSA), state, and national. All series begin in January 1975. The national index is defined as a weighted average of the 50 states and Washington, D.C. indices. The FMHPI is based on an ever expanding database of loans purchased by either Freddie Mac or Fannie Mae.


Opinions, estimates, forecasts and other views contained in this document are those of Freddie Mac's Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac's business prospects or expected results, and are subject to change without notice. Although the Economic & Housing Research group attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. The information is therefore provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document is strictly prohibited. ©2017 by Freddie Mac.


Arizona County Websites
For property tax and specific County information please click thru to the following Arizona County Websites:

About Arizona's Counties Learn about each of Arizona's counties, meet their elected officials, and see the career opportunities currently available in each county: 

If there is additional Arizona Real Estate information that you would like to see added to this report in the future, please email or call me directly. If you have a specific question about financing residential real estate in Arizona, please call or email me directly: (480) 424-7144, stevebernstein@live.com, www.azcentralmortgage.com