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Posts Categorized: Market Update

Market Summary

Market Update

  Michael Orr Founder and Owner, Cromford Report   Below is a ranking table for the 41 cities. The overall market is seeing a strong increase from $80 to almost $144 per sq. ft. This shows home prices below $200,000 and sees them jumping from $57 to $105.     This shows homes priced between… Read more

2017: The Best Of Times

Industry News, Market Update

  Bill Gray Educator, Arizona School of Real Estate & Business Faculty Associate, W.P. Carey School of Business   Just a few years ago the Arizona real estate market was in turmoil. Neighborhoods were riddled with foreclosures and short sales, while property values plummeted. Investors, seeing opportunities, purchased residential properties in bulk turning once owner… Read more

Sixty Days Later: The New AAR Purchase Contract

Industry News, Market Update

Fletcher R. Wilcox The Wilcox Report   As I write this article, it is sixty days since the introduction of the new AAR Residential Resale Real Estate Purchase Contract on February 1, 2017. I will review the change in seller concessions, which is a hot topic, and touch on something that recently happened when a… Read more

Market Summary

Market Update

Michael Orr Journal Columnist, Founder and Owner, The Cromford® Report   Each month I highlight key statistics relative to the current market. The chart below shows the change in dollar revenue by price range for closed sales during the first quarter of 2017 versus 2016. Not the explosive growth in the ranges from $100K up… Read more

A Benchmark for Mortgage Lenders

Lending, Market Update

Douglas G. Duncan Senior Vice President and Chief Economist, Fannie Mae   Benchmarking is a critical tool for obtaining insights. The Fannie Mae Mortgage Lender Sentiment Survey® (MLSS) — introduced in the first quarter of 2014 — provides exactly that: timely, robust benchmarks intended to help mortgage professionals better understand industry-wide trends and assess their… Read more

Market Summary

Industry News, Market Update

Michael Orr Journal Columnist Founder and Owner, Cromford® Report     The market in 2017 has so far continued the trends of 2015 and 2016. We have very limited numbers of entry level homes and first time buyers face a stressful time unless their budget stretches over $300,000. We have less than 40 days of… Read more

The Phoenix Metro Rental Industry

Industry News, Market Update

Tom Simplot President & CEO, Arizona Multihousing Association (AMA)   The rental industry in the Phoenix MSA is finally starting to catch up with major cities in America. There is market demand — plain and simple.  According to a recent market report on the Phoenix multifamily industry from Colliers International, vacancy rates ticked slightly higher… Read more

Economic Update

Industry News, Market Update

Sandra Watson President and CEO Arizona Commerce Authority   Spring is an exciting time in Arizona, as thousands of visitors make their annual pilgrimage to the Valley to take in the Arizona sunshine and sporting events including the Waste Management Phoenix Open, Spring Training baseball, and this year, the NCAA Final Four Championship. It’s an… Read more

Words from John Giles, Mayor of Mesa

Local, Market Update

John Giles Mayor of Mesa   Mesa is the third largest city in Arizona and our growth is accelerating. For years, we have been known for our stellar housing communities and that continues today with new developments like Eastmark, Cadence and Lehi Crossing. We were only second to Phoenix in 2016 in number of new… Read more

Market Summary

Market Update

Michael Orr Journal Columnist Founder and Owner, Cromford® Report   TABLE A This table shows postal cities in Maricopa and Pinal Counties by the number of home sales recorded in 2016. Note that although it is still unincorporated, San Tan Valley is now the 9th largest “city.” TABLE B Ranks the postal cities by dollar… Read more

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