Phoenix Arizona


Greater Phoenix resale numbers end summer on sour note by azhttp

MESA, Ariz. — With 4,240 recorded sales in August 2007, the local resale housing market continues its uninspiring march. The activity of August followed July 2007 at 4,330 sales and was below last year’s 5,685 transactions. The month of August brought the year-to-date total to 37,750 sales, which is well below the 47,515 for 2006 year to date and 78,935 sales for 2005 year to date.

“Primarily the role of August is to act as a transition from the heady days of summer to the lower recorded sales of the last months of the year,” said Jay Butler, director of Realty Studies in the Morrison School of Management and Agribusiness at the Polytechnic campus.

“However, there are increasing risks that the market could move lower than expected, driven by geopolitical risks and tighter mortgage underwriting guidelines. Both of these factors could make it increasingly difficult for people wanting to buy, but are not able to obtain needed financing. This point will be especially true in the move-up market,” Butler added.

The combination of large inventories and low interest rates have enabled people to purchase more expensive homes, which is one reason the county median price has remained fairly stable. But, recent troubles in the nonconforming mortgage market (mortgages above $417,000) have begun to adversely impact the move-up market. Last year, 39 percent of the resale homes sold for more than $300,000, while it was 37 percent for August 2007.

Foreclosures and new homes are providing a competitive alternative to the resale home in many areas of the market. New home builders continue to aggressively pursue buyers through incentives such as specially priced upgrades, free pools and gift cards. Thus, the 2007 resale housing market is showing signs of increasing weaknesses that could drive it below the current expectations of it being a good year.

Much like the ever-increasing sales activity of the last few years, the rapid improvement in price has disappeared. The median home price in August was $255,000 in comparison to $265,000 for July and last year’s $262,500. The most evident impact of lower prices is improved affordability. Although mortgage interest rates increased slightly from last year’s 6.1 percent to 6.2 percent, the lower median price allowed the monthly payment to decrease slightly from last year’s $1,350 to $1,330.

Changes in median prices can vary tremendously throughout the valley. For the western suburbs the median price has fallen from $240,000 in August 2006 to $217,450. On the other hand, homes in the North Mesa area have gone from last year’s $235,000 to $255,000. While some areas have declining prices, other areas are increasing or remaining fairly stable, especially the mature neighborhoods that are close to freeways, retail and schools. Since the greater Phoenix area is so large, the median price can range significantly from $680,000 ($697,500 in July) in North Scottsdale to $189,000 ($185,000 in July) in the Maryvale area of the city of Phoenix.

Although townhouse/condominium units have retained some popularity with seasonal visitors, investors and people seeking affordable housing, this housing sector has continually fallen from the 1,350 sales in March to 955 sales, while there were 1,100 sales for a year ago. Even with slower sales, the median home price increased slightly from $181,000 in July to $182,500 in August ($170,000 for August 2006).

The median square footage for a single-family home recorded sold in August 2007 was 1,740 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 1,115 square feet which is larger than the 1,090 square feet reported a year ago.

·       In contrast to August 2006, recorded sales in the city of Phoenix decreased from 1,760 sales to 1,160 sales, while the median sales price decreased to $220,000 from $224,000 for a year ago. Since Phoenix is a geographically large city, the median prices can range significantly such as $189,000 in the Maryvale area to $314,750 ($330,000 in July) in the Union Hills area. The townhouse/condominium sector decreased from 395 to 300 sales, while the median price increased from $153,295 to $173,000.

·       While the Scottsdale resale home market declined from 390 from a year ago to 360 recorded sales, the median sales price decreased from last year’s $598,500 to $559,375. The median resale home price is $680,000 ($697,500 in July) in North Scottsdale and $305,000 ($315,000 in July) in South Scottsdale. The townhouse/condominium sector in Scottsdale increased slightly from 205 to 210 sales, while the median sales price decreased from $266,000 to $242,900.

·       Compared to August 2006, the Mesa resale housing market declined from 645 to 460 sales, while the median price fell from $240,000 to $237,000 ($242,000 in July). The townhouse/condominium sector also fell from 165 to 120 sales, while the median home price decreased from $159,950 to $152,000.

                   

·       Glendale decreased from 445 to 300 sales and the median sales price decreased from $255,000 to $240,750 ($238,500 in July). The townhouse/condominium sector decreased from 65 to 45 sales, while the median sales price decreased from $143,000 to $140,500.

       
·       For the city of Peoria, the resale market declined from 280 to 205 sales, while the median price dropped  from $270,000 to $257,500 ($264,950 in July). The townhouse/condominium sector decreased from 25 to 20 sales and the median price went from $165,000 to $162,500.

·       In comparison to a year ago, the Sun City resale market remained at 90 sales, while the median sales price decreased to $175,000 from $200,000. Resale activity in Sun City West declined from at 50 to 45 sales, the median sales price decreased from $240,650 to $220,000. The townhouse/condominium market in Sun City declined from 50 to 45 recorded sales, while the median home price decreased from $139,000 to $124,000. In Sun City West, activity fell from 15 to 10 sales and the median sales price decreased from $175,750 to $130,000.

·       The resale market in Gilbert decreased from 355 to 290 sales and the median sales price decreased from $320,000 to $300,000 ($314,500 in July). The townhouse/condominium market remained at 10 sales as the median sales price decreased from $210,000 to $180,000.

  • For the city of Chandler, the resale market fell from 410 to 300 recorded sales, while the median sales price went from $308,000 to $282,800 ($308,375 in July). The townhouse/condominium market stayed at 40 sales and the median sales price declined from $182,000 to $163,250.

·       The resale market in Tempe decreased from 155 to 115 sales, with the median sales price decreasing from $299,950 to $270,000 ($283,810 in July). The townhouse/condominium sector was stable at 70 sales, but the median sales price increased from $179,250 to $194,950.

·       The highest median sales price was in Paradise Valley at $1,950,000 with a median square foot house of 4,220 square feet.

·       In the West Valley, the following communities represent 10 percent of the resale market.

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        o       Avondale fell from 130 to 95 sales with the median price moving from $254,325 to $223,275 ($222,500 in July).
        o       El Mirage decreased from 80 to 60 sales, while the median home price went from $212,750 to $185,000 ($180,000 in July).

        o       Goodyear went from 95 to 80 sales, while the median price decreased from $280,000 to $272,000 ($248,750 in July).

        o       Surprise decreased from 225 sales to 200 sales, with the median price decreasing from $250,000 to $232,500 ($234,900 in July).

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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.

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CHANDLER CENTER FOR THE ARTS TO HOST PUBLIC FORUMS by azhttp

www.chandlercenter.org

IN CONJUNCTION WITH EXPANSION FEASIBILITY STUDY

CHANDLER, AZ – The Chandler Center for the Arts will host public forums on

the following dates: Wednesday, September 26 @ 7pm ~ Tuesday, October

16 @ 7pm ~ Wednesday, November 14 @ 7pm. The purpose of the forums is

to assess the need for expanded arts facilities for today’s population.

Chandler’s population has grown from 89,000 when the Chandler Center for the

Arts opened in 1989 to 247,567 today.

Chandler Center for the Arts is a multi-theatre performing and visual arts

facility that is jointly owned by the City of Chandler and the Chandler

Unified School District. The facility is used Monday through Thursday

primarily for school arts curriculum and other school activities, and Friday

through Sunday for City/or public performances. The City contracts with the

Chandler Cultural Foundation, a non-profit corporation, to act as the

programming and fundraising entity of the Chandler Center for the Arts.

Under this scenario, the Center represents one of the most unique

organizational structures in the country.

In the last year, separate bond elections were held in the Chandler Unified

School District and the City of Chandler that resulted in $6.7 million in

approved funding to replace aging theatrical equipment and to updating

facility amenities at the Chandler Center for the Arts. Additionally, the

City of Chandler and the Chandler Cultural Foundation hired Architekton and

Associates to lead a Facility Review and Expansion Feasibility Study. The

facility review portion was completed in May and is primarily associated

with the bond-approved projects. The expansion feasibility portion is

primarily intended to guide long-range planning and/or expansion for the

Chandler Center for the Arts. Interviews for the expansion feasibility

began in July with organizations, individuals and community groups and will

conclude with the public forums.

Each public forum will begin with an introduction on the study that has been

conducted to date. Additionally, each forum will include a different focus

of arts services for discussion and will provide an opportunity for public

input. Specifically, the September 26 forum will include a discussion on

facilities; the October 16 forum will focus on programming, and the November

14 forum will cover marketing. Light refreshments will be provided. All

forums will be held at the Chandler Center for the Arts, 250 N. Arizona

Avenue. For more information call (480) 782-2683.



Phoenix Housing Market by quotes

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.

  1. 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.
  2. 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.
  3. 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.
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  5. 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.

  1. 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.
  2. 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.

  1. 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).

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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.



Greater Phoenix resale numbers tracking near historical norms by quotes

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.

  1. 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.
  2. 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.
  3. 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.
  4.                

  5. 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.

  1. 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.
  2. 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.

  1. 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).

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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.



Kokopelli Opens New Kokopelli Fresh Mexican Grill Location in Chandler Arizona by quotes

Kokopelli Franchise Company Opens New Location in Chandler AZ – near Phoenix Arizona

DALLAS The Great American Food Chain, Inc. (Pink Sheets: GAMN), a restaurant holding company and concept developer, announced today that an area developer has opened its first franchised location of Kokopelli Fresh Mexican Grill in the Phoenix suburb of Chandler Arizona.

This marks the fourth franchise to open since the concept was acquired by GAMN. Arizona represents the fifth different state with franchises following Ohio, Oregon, Nevada, and Michigan. This location is the first of five restaurant units that are scheduled to open in the greater Phoenix metropolitan area.

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