July 2014

Metro Phoenix Housing Market Snapshot
July 31, 2014
All Area TODAY LAST MONTH LAST YEAR 2 YEARS AGO
7/31/2014 6/30/2014 7/31/2013 7/31/2012
Active listing 27,021 27,611 20,251 20,347
Pending Listing 6,115 6,481 7,718 10,590
Sales Per Month 6,610 7,471 7,983 7,413
Monthly Supply 4.2 3.6 2.7 2.9
Monthly Sales $/SF $126.24 $129.74 $119.24 $98.69
Sale Price vs Listing Price 97.00% 96.94% 97.54% 98.02%
Listing Success Rate 69.40% 68.20% 79.50% 77.30%
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
Some historical data would have been adjusted due to re-alignment with county recorder.
Original data complied by The Cromford Report
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August 23, 2014

Metro Phoenix Housing¹ Market Snapshot
August 23, 2014
City Active Pending Sales DOM² Avg $/SF
Anthem 190 47 50 85 $121.07
Chandler 1,116 328 323 74 $132.64
Fountain Hills 238 21 36 114 $177.80
Gilbert 1,421 385 410 72 $127.16
Glendale 852 327 342 68 $105.54
Laveen 263 76 62 68 $84.18
Maricopa 514 133 113 111 $72.88
Mesa 1,652 484 491 73 $115.34
Phoenix 4,332 1,264 1,245 75 $129.89
Queen Creek 1,056 284 282 83 $92.63
Scottsdale 2,118 286 368 111 $212.94
Tempe 328 101 140 70 $140.01
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
Some historical data would have been adjusted due to re-alignment with county recorder.
Original data complied by The Cromford Report
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August 16, 2014

Metro Phoenix Housing¹ Market Snapshot
August 16, 2014
City Active Pending Sales DOM² Avg $/SF
Anthem 192 48 61 88 $124.06
Chandler 1,122 323 343 71 $133.10
Fountain Hills 233 24 44 127 $197.32
Gilbert 1,427 384 423 69 $125.62
Glendale 866 324 345 71 $105.63
Laveen 265 66 74 67 $87.89
Maricopa 517 122 120 117 $74.13
Mesa 1,676 475 493 71 $116.29
Phoenix 4,330 1,253 1,282 75 $130.61
Queen Creek 1,062 291 266 87 $94.37
Scottsdale 2,125 299 382 105 $214.52
Tempe 348 94 139 66 $136.90
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
Some historical data would have been adjusted due to re-alignment with county recorder.
Original data complied by The Cromford Report
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August 9, 2014

Metro Phoenix Housing¹ Market Snapshot
August 9, 2014
City Active Pending Sales DOM² Avg $/SF
Anthem 191 43 67 96 $127.57
Chandler 1,152 310 347 74 $132.19
Fountain Hills 240 27 43 130 $203.86
Gilbert 1,407 368 451 72 $126.86
Glendale 859 331 328 74 $106.29
Laveen 258 66 77 70 $86.75
Maricopa 506 126 125 118 $74.23
Mesa 1,691 445 509 71 $115.37
Phoenix 4,319 1,230 1,319 75 $129.82
Queen Creek 1,066 281 275 86 $94.79
Scottsdale 2,123 301 398 109 $211.54
Tempe 342 101 135 72 $135.46
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
Some historical data would have been adjusted due to re-alignment with county recorder.
Original data complied by The Cromford Report
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ARMLS RENT Check™ – August, 2014

Median Lease: $1,195 vs $1,200, Month-over-Month -0.42%

Average Lease: $1,327 vs $1,413, Month-over-Month -6.09%

Average Days on Market: 28 vs 27, Month-over-Month +3.70%

Rent Check Quotient™: 33% vs 34%, Month-over-Month -1.00%

Median Lease reduced slightly over the month of July by 0.42%. Average Lease went down by 6%. Days on Market (DOM) increased 1 day yet still at historic low.

Rent Check Quotient is at the range of 30% – 36% in a normal market. RCQ has been coming down from 66% in the beginning of 2014 to 34% of July 2014. It went further down to 33% and staying healthy.

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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Mortgage Rates Are Still Low

Rates Going Into The Weekend (8/8/2014)

CONVENTIONAL
30 Yr 4%
15 Yr 3%

ARMS
5 Yr 2.65%
7 Yr 3.00%

JUMBO
30 Yr 4.75%
15 Yr 4.00%
5 Yr ARM 3.75%

FHV/VA
30 Yr 3.65%
15 Yr 3.125%

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7 Reasons You Should Ask For Renters Insurance

Landlords benefit from renters insurance as much as the renters do. By encouraging the use of renters insurance for your renters, you’re improving the likelihood that renters will be able to pay rent on time and create more responsible tenants in general. This all makes for a happy landlord. Here are 7 benefits to your residents having renters insurance:

1. All of their personal possessions are protected

In most cases, whether the resident possesses renters insurance or not, damage that occurs to a resident’s personal property is the tenant’s responsibility. This helps them to ensure that they can afford to replace their personal possessions if the need arises.

2. Guests that injure themselves are covered

Unless there was provable negligence on the part of the landlord, most liabilities that happen inside the tenant’s personal property is the tenant’s responsibility and covered by their renters insurance. The return visits to doctors for the same incident are also covered.

3. The resident can afford temporary housing

Imagine a worst case scenario such as a fire, flood, or other major property damage that displaces residents from their home. The landlord is required by law to provide temporary housing to residents while repairs are being made. The temporary housing or hotel bill that is paid can be contributed to by their renters insurance so that less has to be paid out of pocket.

4. The landlord is less likely to be held liable for personal injury

Any injury that is a result of the landlord’s negligence can be a liability to the landlord, but if the resident in that unit has renters insurance, their insurance can compensate some of the bill. Also, even if the landlord may not be liable, it can be expensive just defending themselves.

5. You won’t Lose a Renter Due to Liability

In most to all cases, the resident is the one who is held liable for injury to a guest inside their unit. If there is a major injury/lawsuit, the resident may not be able to afford rent and might leave before the end of their lease. This leaves you with lost rent payments and the game of trying to collect on a resident who may never be able to pay.

6. Residents who choose to get renters insurance are more responsible

While not all residents see a need in obtaining renters insurance, those who do tend to be more responsible. This translates to less late rent payments and a more well-kept property. These are all things that property managers love!

7. Renters insurance helps your residents pay you back for damage to your property

Some renters live paycheck by paycheck. If they have accidentally caused damage to your property in the commons or in their unit, you will want to collect, but he/she may not be able to pay up. Rather than going through the struggle of collections, a resident with renters insurance can pay for damages they’ve caused with their renters insurance.

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