Carefree, AZ Market TrendsBETA

Asking prices for multifamily properties rose to $33,802 per unit, a 2.9% increase compared with the end of the last quarter. For the year, asking prices have risen by 7.6%. In January 2007, the asking prices for multifamily properties were at their highest in the past three years at $84,517 per unit. In comparison, the current median asking price is down by 56.2%. The lowest asking price over the past three years was $30,780 in July 2011.

The average asking price for office properties in the metro area was $129.07 per square foot for the month. This represents a decrease of 12% year-over-year as well as a decrease of 2% compared to the end of the fourth quarter of 2011. Asking prices for office properties hit a new three-year low this month. The previous three-year low was last month at $130.32.

For industrial properties in the metro area, the average asking price was $76.79 per square foot for the month. This shows a drop of 8.2% year-over-year, and a decline of 0.6% from the end of the fourth quarter of 2011. Asking prices for industrial properties have fallen to a new three-year low this month. The previous three-year low was in January 2012 at $76.99.

Asking prices for retail properties hit a three-year peak in July 2007 at $253.79 per square foot. In comparison, the median asking price is now 31.4% lower. The lowest asking price in the past three years was $147.53 set in May 2011.

Over the past two months, the median sale price per unit for multifamily properties in the metro area has fallen 0.6%. Sale prices rose 7.2% earlier this year during a nine-month streak that ended in February. The highest median sale price over the past three years, which was $52,141, was set in April 2009. In comparison, the current median sale price is down by 49.4%. However, the current price is 6.6% higher than the three-year-low set in June 2011. Multifamily properties in the metro area have gotten 2.3% cheaper over the past year to $26,382 per unit.

For office properties, the average sale price per square foot has risen to $73.15, a 4.5% increase compared to the end of last quarter. For the past year, however, sale prices are down 14.3%. While the median sale price per square foot for office properties in the metro area has been increasing for five consecutive months, it is still down year-over-year. The highest median price of the past three years was set in April 2009 at $150.84. The current median sale price is 51.5% lower. However, the current price is 5% above the three-year-low of $69.65 set in November 2011.

Though the median sale price per square foot for industrial properties in the metro area has been falling for four straight months, the decline has slowed in the last month. Sale prices per square foot for industrial properties dipped to $46.28, a 11.8% decrease compared with the end of the prior quarter. Likewise, sale prices have dipped during past year, showing a 17.8% decrease. The metro median sale price for this month represents a three-year low. The previous low point was set last month at $48.25.

Sale prices per square foot for retail properties increased to $107.07, a growth of 9% compared with the last quarter. During the past year, though, sale prices have dropped by 0.2%. The median sale price per square foot for retail properties in the metro area has decreased over the past year but are currently in a eight month rising streak. The three-year-high in median sale price was set in September 2009 at $196.70. In comparison, the median sale price is now 45.6% lower. However, the current price is 24.4% above the lowest price of the past three years, which was set in August 2011.

The number of multifamily properties for sale in the metro area has been rising two months in a row month-over-month, moving up 3% in that time. However, this has yet to offset the drop of 14.4% over the past year.

The number of office properties available in the metro area has fallen 17 months in a row month-over-month, declining 24.6%. The number of available office properties has reached a new three-year low in the Phoenix Metro Area this month. The previous low was set last month. Over the past year, the number of office properties available has dropped by 18.8% in the Phoenix Metro Area.

Available industrial properties have fallen for the past six months month-over-month, a 7.2% decline. In March, available industrial properties in the Phoenix Metro Area reached a new three-year low. Previously, industrial properties available was at its lowest last month. Over the past year, the number of industrial properties available has dropped by 11.3% in the Phoenix Metro Area.

For the past two months, the number of of retail properties for sale has been on the rise month-over-month, increasing 0.7% over that period, but it was not enough to offset the 18.2% decline seen in the past year.

Interest in multifamily properties listed on LoopNet in the Phoenix Metro Area has increased this quarter, rising 22.9% since December 2011, 5.3 percentage points more than the 17.5% increase in the national average. However, the interest for multifamily properties listed fell 0.3% over the past year. The yearly change ranks the Phoenix Metro Area thirty-eighth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Phoenix Metro Area market, rising 26.7% since December 2011, 4.9 percentage points more than the 21.8% increase in the national average. Demand for office properties also increased by 11.8% over the past year. The yearly change ranks the Phoenix Metro Area forty-second out of the top 48 metros.

While interest in industrial properties listed on LoopNet has risen 7.3% over the past year, that change ranks forty-sixth out of the top 48 metros. Demand on LoopNet for industrial properties spiked in the Phoenix Metro Area market, rising 28.6% since December 2011, 6.2 percentage points more than the 22.4% increase in the national average.

While interest in retail properties listed on LoopNet has risen 1.6% over the past year, that change ranks forty-fourth out of the top 48 metros. Demand on LoopNet for retail properties spiked in the Phoenix Metro Area market, rising 21.1% since December 2011, 1.4 percentage points more than the 19.6% increase in the national average.

For the past 17 months, available square footage for sale has declined month-over-month for office properties. Office properties saw a new three-year low in square footage available for the month of March. Previously, last month set the low mark. Office properties in the metro area have seen a 22.6% drop in square footage for sale over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The square footage available for sale in the metro area is in a five month downward trend month-over-month for industrial properties. March showed a new three-year low of square footage available in the metro area. The previous low was reached last month. The square footage available for sale for industrial properties in the metro area represents a 13.4% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The square footage available for sale for retail properties in the metro area decreased 2.8% year-over-year and 3.8% compared to the end of the fourth quarter of 2011. The square footage available for sale for retail properties in the metro area has fallen 2.8% over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The month-over-month rise in available units for sale for multifamily properties is now in its third month. Number of units for multifamily properties has risen 20.6% versus the end of last quarter. For the year, number of units is up 0.2%. The number of units available for sale for multifamily properties in the metro area has risen 0.2% over the past year. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The time on market for multifamily properties in the Phoenix Metro Area is down 21% from last year, to 94 days. Over the same period, days on market in Arizona overall have fallen by 6.7%. Compared with the highest time on market set in June 2009, these properties are now turning over 46.1% faster.

The time on market for office properties in the metro area is up year-over-year, and this change is worse than that for the market in Arizona over the same time period. Properties now stay 215 days on the market, which is an increase of 5.5% year-over-year. Compared with July 2009, when the time on market was at its lowest, these properties are now on the market 12.5% longer.

The time on market for industrial properties in the Phoenix Metro Area is 194 days, down by 9.2% from last year. Overall in Arizona the time on market has dropped by 2.7% during the same time period. This month marks a new low for days on market in the metro area.

Over the past year, the time that retail properties stay on the market in the Phoenix Metro Area has declined 22.3% to 126 days. Overall in Arizona the time on market has dropped even further as a percentage, by 22.6%, to 125 during the same time period. When put next to the highest days on market established in June 2010, it has now decreased 28.1%.

Lease rates for office properties have gone up versus past quarter, rising 0.8% to $17.14 per square foot. For the year, asking lease rates have still declined 1.6%. Lease rates for office properties hit a three-year peak in March 2008 at $22.08 per square foot. In comparison, the median asking price is now 9.4% lower. The lowest asking lease rate in the past three years was $16.91 set in November 2011.

Lease rates for industrial properties have risen 0.4% versus last quarter to $6.69 per square foot. But for the year, asking rates are down 0.5%. In December 2006, the asking lease rates for industrial properties were at their highest in the past three years at $9.86 per square foot. The current median asking lease rate is 23% lower. The lowest asking lease rate over the past three years was $6.66 in November 2011.

The average asking lease rate for retail properties in the metro area was $14.42 per square foot for the month. This is down 7.5% from the previous year, and down 2.2% from the end of the fourth quarter of 2011. This month, asking rates for retail properties are at their lowest in three years. The previous three-year low was $14.50, set last month.

There has been a two month drop in the number of office spaces available month-over-month in the metro area, representing a 0.8% downward movement. The number of office spaces available in the Phoenix Metro Area has fallen 7.9% over the past year.

Available industrial spaces have fallen for the past two months month-over-month, a 1.6% decline. There has been a 6.9% drop in available industrial spaces over the past year in the Phoenix Metro Area.

This is the fourth month of a month-over-month downward trend in available retail spaces in the metro area, a 9.2% decline. The number of available retail spaces has fallen by 6.6% over the last year in the Phoenix Metro Area.

While interest in office properties listed on LoopNet has risen 12.3% over the past year, that change ranks forty-eighth out of the top 48 metros. Demand on LoopNet for office properties spiked in the Phoenix Metro Area market, rising 33.6% since December 2011, 4.9 percentage points more than the 28.8% increase in the national average.

While interest in industrial properties listed on LoopNet has risen 9.8% over the past year, that change ranks forty-eighth out of the top 48 metros. Demand on LoopNet for industrial properties spiked in the Phoenix Metro Area market, rising 38.5% since December 2011, 12.7 percentage points more than the 25.8% increase in the national average.

While interest in retail properties listed on LoopNet has risen 10.8% over the past year, that change ranks forty-sixth out of the top 48 metros. Demand on LoopNet for retail properties spiked in the Phoenix Metro Area market, rising 21.4% since December 2011, 3.9 percentage points less than the 25.3% increase in the national average.

The square footage available in the metro area has fallen consecutively for the past two months for office properties. The available square footage for office properties has risen 2.3% versus last quarter. But for the year, square footage is down 6.6%. The square footage available marks a 6.6% decline over the past year.

The square footage available in the metro area is in a two month downward trend month-over-month for industrial properties. The available square footage for industrial properties has risen 1% versus last quarter. But for the year, square footage is down 9.7%. Industrial properties in the metro area have seen a 9.7% drop in square footage over the past year.

This is the fourth consecutive month that square footage available has declined month-over-month for retail properties. The square footage available for retail properties in the metro area has fallen 12.8% over the past year.

Office properties in the Phoenix Metro Area stay on the market for 196 days, which is 7.7% shorter than last year. At the state level, time on market has fallen by 6.4% during the same time period. This month, days on market in the metro area reached a new low.

The time on market for industrial properties in the Phoenix Metro Area is 150 days, down by 41.4% from last year. Over the same period, days on market in Arizona overall have fallen by 28.5%. This month marks a new low for days on market in the metro area.

Days on market for retail properties in the Phoenix Metro Area fell 18.1% from last year, to 203 days. Overall in Arizona the time on market has dropped by 13.9% during the same time period. This month, days on market in the metro area fell to a new lowest point.