I was just looking in MLS for homes sold in three of our Urban Centers and the numbers aren’t looking bad. We certainly aren’t heading for another boom but I think there’s proof we are skimming the bottom of the bust and could be starting the slow climb out of it as long as we don’t have any more surprises that can affect the economy. Below I have listed the number of properties sold and the avg price per square foot for three of the Urban centers for the first 4 months of 2010 and 2011. Sales are up albeit not by much and the price per foot is down a little but considering everything, I don’t think it’s too bad. Remember these are average prices per foot and it cost not less than $100 per foot to build new so right now it’s cheaper to buy then to build and with interest rates still low, your payment is probably the same or less than you might be paying for rent. So give me a call and let’s see if you can save on your monthly rent by buying something.
Year City Sales Avg Price per Foot
2010 Phoenix 126 $104
2011 248 $ 89
2010 Scottsdale 203 $143
2011 267 $136
2010 Tempe 88 $115
2011 132 $ 94
According to an ASU study commercial values have gone up 13% in the 4th Quarter of 2010 over the previous year where they had declined almost 40% over the prior year. Even though this news letter is mostly dedicated to Residential Real Estate, this is good news for the overall economy.