HomeSmart - Arizona Realty Services

10/23/2020

It's official! I'm now a and can offer you all of the amazing benefits of the Home Swap program so you can buy before you sell. Contact me today to see if your house is eligible!

07/27/2018

Check out the virtual tour!
http://mls.homejab.com/property/4350-e-san-miguel-ave-phoenix-az-85018-usa

05/18/2018

- Diamond Awards Ceremony

05/18/2018

Four-wheeling in the desert today on a great home tour!

05/17/2018

Search for homes right now from my page.
Contact me to help find your next home or schedule an appointment to review the value of your home and a winning listing strategy http://go.homeasap.com/homesearch/688960034454073

04/06/2018

EXECUTIVE SUMMARY – COMMERCIAL REAL ESTATE MARKET IN 60 SECONDS

Multi-family: High investor demand combined with 3 strong years of rental gains is naturally compressing cap rates into the mid to low 5% range. Supporting this market is that even with substantial flows of new units to the market, overall vacancy in the market remains under 6%. Average rents hovering just under $1,000 with sales averaging $110k per unit.

Office: Average vacancy rate for this segment is now 18.9%, which is the lowest since 2008. Bright spot is the Tempe market absorbing almost 60% of the inventory with 236k sq. ft. for Centene and 170k sq. ft. for Union Bank combined with continuing consolidations at companies headquartered in Tempe like State Farm Insurance.

Industrial: Over 7 million sq. ft. of inventory was added last year and the vacancy rate still dropped to 9.3%. This was precipitated by 9.2 million sq. ft. of absorption making 2017 the largest year for net absorption gain since 2005. Large deals included: Amazon 474k sq. ft., California Closets 302k sq. ft. and Cardinal Glass at 250k sq. ft.

Retail: Growth in this segment is supported by population growth and household formation. Arizona ranks #1 (finally) with a net in-migration of 74,000 for 2017. Although vacancies are above 20% on average, rents and absorption are showing improvement. The star in this segment with over 2 million sq. ft. of new space entering the pipeline in 2018, where Gilbert stands out with 275k sq. ft. under construction, most in the San Tan Pavilions at Williams Field Road and the SR-202.

04/06/2018

EXECUTIVE SUMMARY – RESIDENTIAL REAL ESTATE MARKET IN 60 SECONDS

Early results from the residential resale market are indicating a very big year; maybe record setting. For starters, the listing success rate reached 84.1%. The highest reading since July of 2005 at the beginning of the last run-up or bubble. This compares properties that successfully sold in the month to the total sold, canceled, or expired in the month. For reference, the listing success rate in 2008 during the free-fall to 2011 was 20.4%. Conclusion; good news for sellers and not so good for buyers.

More good news for sellers is 17% of the closed sales are at prices above the listing price. In contrast, no homes over $1M sold above list price, obviously due to inventory quantity and quality in this price range. Median price is up 8.7% year-over-year (YOY). Active listings are down 14.2% YOY while sales are up 8.9% YOY creating further upward pressure on price with falling inventory, resulting in the month’s supply of properties dropping to 2.9 months.

Also, interesting to note, there are more multi-family permits being issued than for new single-family homes. Tempe for example, which is land-locked, has almost no new single-family product as everything has shifted to multi-family. Phoenix leads the market with 4,500 multi-family permits.

Even with the steady and robust recovery of home prices resulting in a rebuilding of homeowner equity, most areas still have 10%-30% additional appreciation before reaching the 2006 peak. On the flip side, some areas have now exceeded the peak with Old Town Scottsdale (85251) up 7.9% above peak and South Scottsdale (85257) 4.3% above peak. No bubble or super-hot price escalation based on current statistics and further supported by the average S&P / Case-Shiller Home Price Index appreciation index for Metro Phoenix at 5.9% for November YOY (a lagging indicator) just below the 6.2% national average.

The luxury market over $500k, is also showing positive signs of improvement as luxury demand has strengthened even as the market remains significantly over supplied. Closings are up an average of 25% YOY with sales up most between $1 million and $2 million increasing 37%. The supply is also down 4% YOY above $500k, but 2% up in the $1M-$2M for active listings (excluding UCB & CCBS). Price is also improving in this market segment with a 5% increase in the YOY $/SF value. Further good news here is the days of inventory has declined 18% going from 9.4 months to 7.7 months’ supply.

real estate representation for buyers and sellers. Phoenix, Scottsdale, Paradise Valley

03/13/2017

Another award winning year! Thanks Matt, Trudy and the HomeSmart Bamily!

02/07/2017

real estate representation for buyers and sellers. Phoenix, Scottsdale, Paradise Valley