May 25, 2013

Metro Phoenix Housing¹ Market Snapshot
May 25, 2013
City Active Pending Sales DOM² Avg $/SF
Anthem 140 92 86 55 $127.17
Chandler 650 482 392 48 $121.91
Fountain Hills 218 45 48 126 $179.04
Gilbert 746 602 492 47 $118.75
Glendale 514 559 375 49 $97.24
Laveen 162 145 78 40 $74.20
Maricopa 438 264 200 84 $65.02
Mesa 1,120 778 617 64 $105.30
Peoria 551 393 311 55 $108.97
Phoenix 2,934 2,212 1,724 51 $116.94
Queen Creek 708 531 351 70 $83.85
Scottsdale 1,847 523 519 100 $207.47
Tempe 195 137 152 57 $129.15
Note¹ – Housing = Single Family Homes, Note² – DOM = Days On Market
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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May 18, 2013

Metro Phoenix Housing¹ Market Snapshot
May 18, 2013
City Active Pending Sales DOM² Avg $/SF
Anthem 138 92 86 59 $126.00
Chandler 614 493 397 51 $121.36
Fountain Hills 219 45 53 120 $182.74
Gilbert 740 596 481 49 $118.08
Glendale 519 559 340 49 $96.92
Laveen 154 142 85 46 $71.76
Maricopa 469 259 196 82 $66.06
Mesa 1,125 776 610 60 $106.16
Peoria 549 405 299 56 $109.08
Phoenix 2,918 2,289 1,604 55 $118.58
Queen Creek 717 517 370 71 $83.55
Scottsdale 1,859 512 520 95 $206.82
Tempe 193 148 137 50 $125.26
Note¹ – Housing = Single Family Homes, Note² – DOM = Days On Market
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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ARMLS RENT Check™ – May 21, 2013

Metro Phoenix Rental Market Snapshot

Median Lease:  $1,074 vs $1,065, Month-over-Month +0.85%

Average Lease:  $1,225 vs $1,219, Month-over-Month +0.49%

Avg. Days on Market:  51 vs 52, Month-over-Month flat

Rent Check Quotient™: 40% vs 47%, Month-over-Month -15%

Days on Market (DOM) has been staying above 40 days since Jan 2013 and it has showed some sign of slowing down. Certain market such as Gilbert where there are too many rental properties available, the DOM is almost 60 days.

On the other hand, the Rent Check Quotient is at 40% which is 15% drop over 30 days, a very good sign. Hopefully it keeps going down to the level more sales and less lease.

Rent Check Quotient™ (RCQ™) is derived by dividing the # of leases by the # of closed sales

All above stats are for single family homes rentals. Condominium and apartment rentals are not included.

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7 Things to Keep Good Tenants

One of the important task for landlord and property manager is to retain good tenants. Good renters make great assets to both the landlord and property manager.

Here are 7 things to do to keep good tenants happy and in no rush to move:

  1. Respond quickly to complaints about broken appliance or HVAC issue, particularly during summer. Suggest landlord to purchase home warranty policy or consider hiring a HVAC contractor to perform seasonal tune up the HVAC system.
  2. Schedule maintenance and repairs at times convenient for the tenants, and get tenant permission first before cvontractor entering the property.
  3. Follow through on repair requests and other commitments. Recognize that all tenants want their repairs handled promptly, efficiently, and predictably. Many tenants are “renters by choice” who prefer to rent rather than own. Partly because they want someone else to be responsible for repairs. Have a repair and maintenance process that helps to consistently meet or exceed tenant expectations is important.
  4. Give the tenants advance notice of upcoming inconveniences that you’re aware of. If you’re aware of upcoming road closures or a planned power or water outage, consider sending out a newsletter, email, or phone call informing the tenants ahead of time.
  5. If you are allowing pets, make sure pet owner clean up after them! Tenant retention has been shown to improve if pets are allowed, and certainly there are some great tenants out there who are also animal lovers. If tenants are allowed to keep pets, make sure the lease outlines that the tenant is responsible for all pet damages and for cleaning up after the pets.
  6. Be polite, courteous, and professional. Recognize that being a landlord or property manager requires great customer service skills. When the phone rings and the call is from a tenant who is paying thousands of dollars a year, speak politely and be helpful.
  7. Create opportunities to appreciate the good tenants. Take time to say “thank you” or send thank-you cards when appropriate. Gestures such as these go a long way in making your good tenants feel welcome and appreciated.

Good tenants know they are good tenants, and they expect to be treated that way. It’s worth the extra effort to keep them. Especially when the rent is paid on time and the property is well maintained.

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April 2013

Metro Phoenix Housing Market Snapshot
April 30, 2013
All Area TODAY LAST MONTH LAST YEAR 2 YEARS AGO
4/30/2013 3/31/2013 4/30/2012 4/30/2011
Active listing  20,114 20,736 20,805 34,278
Pending Listing 10,953 11,059 12,166 13,713
Sales Per Month  8,625 8,558 8,858 9,597
Monthly Supply 2.4 2.5 2.4 3.5
Monthly Sales $/SF  $116.62 $113.83 $97.18 $84.27
Sale Price vs Listing Price  97.33% 97.39% 97.13% 95.65%
Listing Success Rate  78.60% 80.20% 79.80% 69.70%
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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