Sales Rate Down - Rental Price Up!

Below you will find the Rent Check statistics published by ARMLS, and after that, a comment on sales rates from the Cromford Report.  Both reports have come out within the last 4 days.

Average rents are now over $1,300/month, and the sales rate is down to 2000 levels.

From the Cromford Report:

August 3 - The annual sales rate continues to decline with no sign of any deceleration. Here are some examples for the single family market:

• Phoenix - 14,544 per year, lower than any year since 2000 except 2007-2008
• Mesa - 5,855 per year - lower than any year since 2000 except 2007- 2009
• Scottsdale - 4,471 per year - lower than any year since 2000 except 2007-2010
• Glendale - 3,329 per year - lower than any year since 2000 except 2007-2008
• Chandler - 3,743 per year - lower than any year since 2000 except 2007-2009
• Gilbert - 4,447 per year - higher than 2001-2003 and 2006-2009
• Surprise - 3,053 - higher than 2001-2004 and 2007-2008
• Peoria - 2,762 - higher than 2001-2002 and 2007-2009
• Queen Creek - 3,081 - higher than 2001-2008
• Paradise Valley - 357 - higher than 2006-2010

The annual sales rate will stabilize and then start to rise once demand starts to recover from the slump that started this time last year. The only cities where this may possibly be starting to happen are Cave Creek, Eloy and Florence.


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