Filed under: City of Tempe, City of Tempe News, Tempe, Tempe Arizona | Tags: Affordable Housing, City Council, Fair Housing, Housing, Tempe Public Library
Nikki Ripley
Communication and Media Relations Director City of Tempe
480-350-8846
Tempe City Council hosts affordable housing summit
TEMPE, Ariz. – Tempe community members will gather Saturday, Oct. 20, for a
half-day summit on affordable housing that is meant to spur discussion and
solutions for this pressing need.
City Councilmember Shana Ellis will lead the forum, which takes place from
8:30 a.m. to noon at the Tempe Public Library’s lower level Program Room,
3500 S. Rural Rd. Ellis is Chair of the City Council’s Transportation and
Affordable Housing Committee, which also includes Vice Mayor Hut Hutson as a
member.
Councilmember Ellis will present a current picture of the city’s affordable
housing projects, policies and needs. The city’s non-profit and faith-based
partners also will present local affordable housing projects. A roundtable
discussion will solicit ideas for creating partnerships and pooling
resources to create a workable affordable housing solution in Tempe.
Filed under: Arizona, ASU, Business, City of Chandler, City of Glendale, City of Mesa, City of Phoenix, City of Phoenix News, City of Scottsdale, City of Tempe, City of Tempe News, Community, Glendale, Maricopa County, Maricopa County News, Mesa, Phoenix, Phoenix Arizona, Scottsdale, Scottsdale Arizona, State of Arizona, Tempe, Tempe Arizona, US - AZ (Phoenix) | Tags: Affordable Housing, Chandler, Chandler Arizona, Cities, Homeowners, Housing
Greater Phoenix resale home market continues steady trend
MESA, Ariz. — The local resale housing market appears to be fairly stable, with 4,910 recorded sales in June 2007. The activity of June closely followed May 2007 at 5,220 sales and was not far below last year’s 5,460 transactions. The month of June brought the second quarter activity to a close with 14,990 sales, in contrast to 14,185 sales for the first quarter and last year’s second quarter sales of 18,310.
The current level of activity brings much needed sustainability; however, the 2007 year-to-date total of 29,175 homes is well below the 36,290 for 2006 year to date and 58,030 sales for 2005 year to date.
“While the resale market is following a very traditional pattern, there are increasing risks that the market could move lower, driven by geopolitical risks and tighter mortgage underwriting guidelines,” said Jay Q. Butler, director of Realty Studies in ASU’s Morrison School of Management and Agribusiness at the Polytechnic campus. “Both of these factors could make it increasingly difficult for people who desire another home to be able to finance it.”
The new home market continues to be a competitive and attractive alternative to the resale home in many areas of the market as new home builders have been aggressively pursuing buyers through incentives such as specially priced up-grades, free pools and gift cards. Even with these concerns, the general expectation is that the 2007 resale housing market should be a good year, but nowhere near the records.
Much like the ever-increasing sales activity of the last few years, the rapid improvement in prices has disappeared. The median home price in June was $263,145 in comparison to $262,000 for May and last year’s $267,000. For June 2007, 17 percent of all recorded sales were for homes priced from $125,000 to $199,999, 41 percent for $200,000 to $299,999 and 40 percent for homes priced over $300,000. Last year, the distribution was 14 percent of all recorded sales were for homes priced from $125,000 to $199,999, 44 percent for $200,000 to $299,999 and 39 percent for homes priced over $300,000. Since the greater Phoenix area is so large, the median price can range significantly from $692,750 ($711,000 in May) in North Scottsdale to $148,500 ($158,500 in May) in the Sky Harbor area of the city of Phoenix.
Because mortgage interest rates decline slightly from last year’s 6.2 percent to 5.9 percent and home prices remained fairly stable, the monthly payment decreased slightly from last year’s $1,390 to $1,330. Even though mortgage interest rates have been declining over the last year, they have been in an upward trend for the last few months creating mounting concerns about the ability of some homeowners to acquire or maintain their homes. In response to issues raised in the subprime market, underwriting guidelines have been tightening, making it more difficult for potential buyers to qualify for a mortgage.
Townhouse/condominium units have retained some popularity with seasonal visitors, investors and people seeking affordable housing, so this housing sector showed an improvement from last year’s 1,035 sales to 1,125 sales for June 2007 (1,245 sales in May). Even with popularity, the median home price decreased slightly from $184,990 in May to $181,250.
The median square footage for a single-family home recorded sold in June 2007 was 1,725 square feet, which is larger than the 1,640 square feet for a year ago. The larger size further demonstrates the role of the move-up sector in the local housing market. In the townhouse/condominium sector, the median square footage was 1,105 square feet, which is larger than the 1,090 square feet reported a year ago.
- In contrast to June 2006, recorded sales in the city of Phoenix decreased from 1,725 sales to 1,320 sales, while the median sales price increased to $227,390 from $225,000 for a year ago. Since Phoenix is a geographically large city, the median price can range significantly such as $148,500 in the Sky Harbor area to $343,000 ($313,495 in May) in the Union Hills area. The townhouse/condominium sector increased from 300 to 370 sales, while the median price increased from $150,000 to $166,500.
- The Scottsdale resale home market declined from 465 to 415 recorded sales, along with the median sales price decreasing from last year’s $640,000 to $612,750. The median resale home price is $692,750 ($711,000 in May) in North Scottsdale and $316,000 ($320,000 in May) in South Scottsdale. The townhouse/condominium sector in Scottsdale stayed at 250 sales, while the median sales price decreased from $264,750 to $249,900.
- The Mesa resale housing market declined from 585 to 520 sales, while the median price fell from $247,600 to $235,000 ($238,000 in May). The townhouse/condominium sector also fell from 160 to 135 sales, while the median home price decreased from $156,250 to $154,465.
- Glendale decreased from 430 to 325 sales and the median sales price decreased from $253,000 a year ago to $243,480 ($243,000 in May). The townhouse/condominium sector decreased from 70 to 50 sales, while the median sales price remained at $145,000.
· For the city of Peoria, the resale market declined from 250 to 230 sales, while the median price moved from $272,900 to $255,000 ($255,000 in May). The townhouse/condominium sector decreased from 35 to 20 sales and the median price increased from $163,500 to $182,000.
- In comparison to a year ago, the Sun City resale market improved from 75 to 115 sales, while the median sales price decreased to $185,000 from $215,000. Resale activity in Sun City West remained at 45 sales, the median sales price decreased from $258,950 to $217,500. The townhouse/condominium market in Sun City remained stable at 45 recorded sales, while the median home price decreased from $143,250 to $127,750. In Sun City West, activity fell from 15 to 10 sales and the median sales price decreased from $178,000 to $175,500.
- The resale market in Gilbert decreased from 330 to 315 sales and the median sales price decreased from $330,000 to $297,000 ($300,000 in May). The townhouse/condominium market improved from 10 to 15 sales as the median sales price decreased from $238,750 to $189,900.
- For the city of Chandler, the resale market fell from 380 to 370 recorded sales, while the median sales price went from $295,000 to $288,000 ($297,750 in May). The townhouse/condominium market increased from 40 to 45 sales, and the median sales price declined from $176,450 to $175,000.
§ The resale market in Tempe decreased from 160 to 140 sales, with the median sales price decreasing from $298,500 to $289,000 ($270,780 in May). The townhouse/condominium sector moved up from 70 to 95 sales, with the median sales price decreased from $191,000 to $183,000.
- The highest median sales price was in Paradise Valley at $1,932,500 with a median square foot house of 3,965 square feet.
· In the West Valley, the following communities represent 10 percent of the resale market.
o Avondale fell from 120 to 90 sales with the median price moving from $259,050 to $239,000 ($223,000 in May).
o El Mirage decreased from 80 to 60 sales, while the median home price went from $215,000 to $195,500 ($200,000 in May).
o Goodyear went from 90 to 80 sales, while the median price increased from $290,000 to $299,000 ($250,000 in May).
o Surprise increased from 175 sales to 255 sales, while the median price decreased from $254,900 for a year ago to $230,000 ($245,070 in May).
**********************
REalty studies
Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. Realty Studies is a comprehensive and objective source of real estate information for private, public and governmental agencies. Its director, Dr. Jay Q. Butler, may be reached at (480) 727-1300 or e-mail him at Jay.Butler@asu.edu. To subscribe to RSS feed for Realty Studies news, visit http://www.poly.asu.edu/realty/rss.html.
ASU’s Polytechnic campus, located in southeast Mesa, offers bachelor and graduate degree programs, unparalleled by other Arizona state universities, through the Morrison School of Management and Agribusiness, the School of Applied Arts and Sciences, the School of Educational Innovation and Teacher Preparation, and the College of Technology and Innovation. Visit us online at http://www.east.asu.edu.
Filed under: Arizona, Arizona State University, ASU, Business, City of Chandler, City of Glendale, City of Mesa, City of Phoenix, City of Phoenix News, City of Scottsdale, City of Tempe, City of Tempe News, Downtown Phoenix, Economic Development, Maricopa County, Maricopa County News, Mesa, News, Phoenix, Phoenix Arizona, Scottsdale, Tempe, Tempe Arizona, US - AZ (Phoenix) | Tags: Affordable Housing, Business Owners, Chandler, Chandler Arizona, Construction, Fair Housing, Homeowners, Housing, Low-Income
Greater Phoenix resale numbers tracking near historical norms
MESA, Arizona —February, like January, tends to be a poor indicator of the coming year. In addition, it is a short month, so it is typically a low month for sales activity, frequently being the lowest month of the year. For February, 4,280 homes were recorded sold, in contrast to 4,520 for January, 5,460 for a year ago and 7,935 transactions in 2005. This was the lowest February since 4,090 homes were recorded sold in 2003, which was the lowest month for 2003. So far in 2007 a total of 8,800 homes have been recorded sold in contrast to 10,715 in 2006 and 17,290 in 2005 for the same time period.
While the resale market is tracking near historical norms, the overall health of the market will become more evident in the next few months, which are traditionally the strongest for the resale market, according Jay Q. Butler, director of Realty Studies at Arizona State University’s Polytechnic campus.
“If 2007 is to show some improvement, listings should be increasing with a corresponding improvement in buyer activity. However, the activity levels should be well below those of the last few years, because the current market lacks the market frenzy to own and/or invest at almost any price and reasoning,” said Butler.
If the international economy and political situation remains stable, the general expectation is that the 2007 resale housing market should be a good year, but no where near the records.
Much like the ever-increasing sales activity of the last few years, the rapid improvement in prices has disappeared. The median home price has been very stable at $260,000, which is the same as January, but down from last year’s $265,000. For February 2007, 16 percent of all recorded sales were for homes priced from $125,000 to $199,999, 43 percent for $200,000 to $299,999 and 39 percent for homes priced more than $300,000. Last year, the distribution was 19 percent of all recorded sales were for homes priced from $125,000 to $199,999, 40 percent for $200,000 to $299,999 and 37 percent for homes priced more than $300,000.
The increase in the higher price levels demonstrates the importance of the move-up market in a slowing market. Since the greater Phoenix area is so large, the median price can range significantly from $687,500 ($665,000 in January) in North Scottsdale to $139,500 ($148,000 in January) in the Sky Harbor area of the city of Phoenix.
Since home prices have declined slightly from a year ago, the monthly payment of $1,300 is down from last year’s $1,320. Even though mortgage interest rates have been declining for the last few months, limited home appreciation and household income continues to raise concern about the ability of some homeowners to maintain their homes. This may be especially evident for those that have used some of the more creative financing instruments, such as option payment plans and initially low-interest-rate adjustable mortgages.
Because townhouse/condominium units are popular with seasonal visitors, it is not unusual to observe an improvement in February. Thus, February had 1,050 sales, in comparison to 850 for January and 1,260 sales for a year ago. The median home price has been very stable at $175,000, which is also the same as a year ago.
The median square footage for a single-family home recorded sold in February 2007 was 1,670 square feet, which is larger than the 1,620 square feet for a year ago. The larger size further demonstrates the role of the move-up sector in the local housing market. In the townhouse/condominium sector, the median square footage was 1,085 square feet, which is smaller than the 1,135 square feet reported a year ago.
- In contrast to February 2006, recorded sales in the city of Phoenix decreased from 1,645 sales to 1,215 sales, while the median sales price increased to $228,470 from $213,750 for a year ago. Since Phoenix is a geographically large city, the median prices can range significantly such as $139,500 in the Sky Harbor area to $305,000 ($353,500 in January) in the Union Hills area. The townhouse/condominium sector decreased from 425 to 355 sales while the median price decreased from $158,500 to $150,000.
- While the Scottsdale resale home market declined from 400 to 355 recorded sales, the median sales price increased from last year’s $575,000 to $600,000. The median resale home price is $687,500 ($665,000 in January) in North Scottsdale and $321,250 ($308,000 in January) in South Scottsdale. The townhouse/condominium sector in Scottsdale also decreased from 235 to 220 sales and the median sales price decreased from $285,000 to $254,950.
- The Mesa resale housing market declined from 655 to 460 sales, while the median price fell from $245,000 to $238,500 ($240,000 in January). The townhouse/condominium sector also fell from 190 to 140 sales, while the median home price increased from $155,000 to $161,400.
- Glendale decreased from 435 to 300 sales and the median sales price decreased from $250,000 to $242,850 ($238,500 in January). The townhouse/condominium sector also slowed from 65 to 50 sales, while the median sales price decreased from $140,000 to $139,000.
· For the city of Peoria, the resale market decreased from 275 sales to 235 sales, with the median price moving from $275,000 to $270,000 ($260,000 in January). The townhouse/condominium sector remained at 25 sales and the median price increased from $169,900 to $184,000.
- In comparison to a year ago, the Sun City resale market remained at 100 sales, while the median sales price decreased to $204,500 from $216,000. As resale activity in Sun City West stayed at 55 sales, the median sales price decreased from $243,500 to $230,000. The townhouse/condominium market in Sun City declined from 60 to 45 recorded sales, while the median home price decreased from $146,450 to $129,000. In Sun City West, activity improved from 15 to 30 sales and the median sales price decreased from $180,000 to $166,000.
- The resale market in Gilbert decreased from 290 to 230 sales, with the median sales price decreasing from $341,000 to $307,500 ($319,000 in January). The townhouse/condominium market fell from 20 to 15 sales as the median sales price decreased from $213,000 to $205,500.
- For the city of Chandler, the resale market fell from 400 to 280 recorded sales, while the median sales price improved from $299,900 to $307,500 ($305,000 in January). The townhouse/condominium market declined from 65 to 50 sales and the median sales price declined from $183,600 to $170,830.
§ The resale market in Tempe increased from 120 to 135 sales, while the median sales price decreased from $300,000 to $280,000 ($282,950 in January). The townhouse/condominium sector slowed from 90 to 50 sales and the median sales price decreased from $185,000 to $182,500.
- The highest median sales price was in Paradise Valley at $1,740,000 with a median square foot house of 3,840 square feet.
· In the West Valley, the following communities represent 9 percent of the resale market.
o Avondale fell from 110 to 70 sales, with the median price moving from $261,000 to $242,080 ($243,950 in January).
o El Mirage decreased from 60 to 45 sales, and the median home price went from $221,000 to $206,000 ($202,000 in January).
o Goodyear declined from 80 to 65 sales, with the median price decreasing from $289,000 to $270,000 ($260,000 in January)
o Surprise increased from 200 to 215 sales, while the median price decreased from $260,750 a year ago to $245,000 ($247,235 in January).
*************************************************
Realty Studies
Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. It is a comprehensive and objective source of real estate information for private, public and governmental agencies. Its director, Dr. Jay Q. Butler, may be reached at (480) 727-1300 or e-mail him at Jay.Butler@asu.edu.
ASU’s Polytechnic campus, located in southeast Mesa, offers bachelor and graduate degree programs, unparalleled by other Arizona state universities, through the Morrison School of Management and Agribusiness, East College, the College of Science and Technology, and the School of Educational Innovation and Teacher Preparation. Visit us online at http://www.poly.asu.edu.
Filed under: City of Phoenix News, Phoenix, Phoenix Arizona, US - AZ (Phoenix) | Tags: Affordable Housing, Fair Housing, Housing
Pine Towers Apartments to Receive a Makeover Thanks to Annual Community Project The city of Phoenix Housing Department and the Arizona Association of Community Managers (AACM) are partnering on an annual community project to make facility improvements at the Pine Towers senior housing complex.
From 8 a.m. to 1 p.m. Saturday, March 3, city Housing staff and AACM representatives will be enhancing the center courtyard area, installing six sidewalks, trimming and pruning trees and shrubbery, top dressing granite, mowing lawns and installing plants.The property receiving the community makeover is located at 2936 N. 36th St. and is owned and operated by the city of Phoenix for elderly and disabled residents.
AACM is a statewide organization, established to represent the interests of community association management companies throughout the state of Arizona and to promote professionalism in the community association management industry. Membership in AACM requires that the member firm and its representatives demonstrate the highest levels of honesty, integrity and capability to their clients, other firms, service providers and AACM. For more information about this project contact AACM at 602-743-4908.The city of Phoenix Housing Department provides and promotes diversified housing opportunities and enriches the quality of life for low -to moderate-income families, seniors, and persons with disabilities by developing, managing, and subsidizing affordable housing.
The city owns approximately 3,500 units of public and other affordable housing and manages over 5,200 housing choice vouchers. These programs provide homes to more than 25,000 Phoenix residents.To learn more about the city’s housing programs, visit phoenix.gov/housing.
Filed under: City of Tempe, City of Tempe News, Downtown Development, Human Services, News, Phoenix Arizona, State of Arizona, Tempe, US - AZ (Phoenix), Youth | Tags: Adult Center, Affordable Housing, Chicanos por la Causa, Government, Governor, Housing, Hugh Hallman, Janet Napolitano, lake, Tempe In Motion, Tempe Town Lake, Tour de Tempe
Governor Napolitano to visit Tempe points of pride
Tempe to highlight affordable housing, multigenerational center and
Tempe Town Lake during Governor’s city tours
TEMPE, Ariz. – The City of Tempe will proudly showcase a few of its
latest achievements when Governor Janet Napolitano visits the city
Monday, Oct. 30.
Tempe will highlight its efforts to foster affordable housing, its
achievement of opening a new multigenerational center in north Tempe,
and its unprecedented economic growth at Tempe Town Lake.
At 3 p.m., Governor Napolitano will visit families who have moved into
affordable homes through the Newtown Community Land Trust. She also will
meet representatives from Chicanos por la Causa and other organizations,
and hear about Tempe’s plans to increase affordable housing in the city.
At 3:30 p.m., the Governor will tour the new North Tempe
Multigenerational Center, at 1555 N. Bridalwreath St., south of
McKellips Road and east of Scottsdale Road. She will meet
representatives from the many organizations that operate the
30,000-square-foot facility, such as the Boys & Girls Club, YMCA and
Maricopa County Head Start, and hear how the center will transform lives
in the community.
At 4 p.m., Governor Napolitano will take to the water and tour Tempe
Town Lake with Mayor Hugh Hallman, the Tempe City Council and key
business leaders. They will discuss the many development projects
underway at the lake and in the Mill Avenue District.
WHAT: Governor Janet Napolitano visits Tempe
WHEN: 3-5 p.m., Monday, Oct. 30
WHERE: The tour begins at 1109 S. McKemy St., in Tempe, at 3 p.m.
Phoenix Arizona 