Phoenix City Living

Arizona sticks it to Nevada to become the fastest-growing state

According to the U.S. Census Bureau, side-by-side with Arizona's hot job growth figures, Arizona lead the nation with a population increase of 3.6% during the period July 1, 2005 to July 1, 2006 with an overall net increase of 213,311 statewide. Nevada ranked second at a 3.5% increase (one wonders where they're going to get all the water to sustain growth in Nevada - not to mention what might happen to the growth of "The Strip" during a slowing economy and tighter wallets?). This is followed by Idaho with 2.6%, Georgia at 2.6%, and Texas at 2.5%. California remains the most populous state at 36.5 million (July 1, 2006) followed by Texas (23.5 million), New York (19.3 million), Florida (18.1 million), and Illinois (12.8 million). The West was the fastest growing region hitting a 1.5% overall increase ending July 1, 2006. Maricopa County (Phoenix) also distinguished itself as the fastest growing county in the U.S. with a 130,000 increase during the same period. 71,000 of the total newcomers were Latino, 36,000 white, 9,000 black, and 8,800 Asian.

Arizona tops list as fastest growing state

From Realtor Magazine Online, 12/28/06:

Nevada's 19-year tenure as the country's fastest-growing state ended in 2006 as Arizona edged out the Silver State by just one-tenth of a percentage point.  

From July 1,2005, to July 1, 2006, Arizona's population increased by 3.6 percent compared with 3.5 percent for Nevada, according to recent U.S. Census Bureau data.

Population gains in the West and South continued to outpace other regions, reflecting the ongoing influx to these regions.

This is certainly no surprise to those of us living here in Phoenix!  Change is everywhere and, like most cities, the highways are becoming parking lots.

Full Article

Phoenix's rental market tightens....rents build at strong pace

California research firm RealFacts notes Phoenix as one of the top 5 markets in its western/southwestern market study with rent growth up over 7% annually. 

A strong local economy, a beehive of residential, commercial, and public infrastructure development, and the nexus of all things good and wonderous on the planet earth (overkill?)....and the long-term upside in rents is supposed to be news?  Keep in the know folks.  The next decade will be dramatically different than the preceding one and it will mean very different dynamics in the ownership vs rental market.  We are at historic lows in the percentage of rental vs principal ownership in the market fueled by low rates, easy financing, and a construction boom born from slack Federal legislative and oversight policies and a stock market looking for a landing after the sinking boat known as the .com bust.  We're about to see a seismic shift in the market as the baby-boomers start to retire en mass, interest rates float up to cover our deficits, loan programs tighten and others disappear, and down payments get larger.  Phoenix is a strong urban market going through a renaissance and, although sales have slowed, values remain strong.  We're at or near the top in the nation in net and percentage population growth, job growth, and future growth potential.  For all the right reasons that urban Phoenix will grow and attract a larger and larger permanent population (just look at the impact of the ASU downtown facility alone) there will be sustained pressure on rents and the market value of real estate.

Listings/Sales Figures - 8/4/2006

Listings/Sales Figures as of 8/4/06.  Closed sales are for prior week 7/31 to 8/4/06.

Downtown Phoenix
Active Listings:  59
Pending Sales:  3
Closed Sales:  0

Expanded Downtown Phoenix
Active Listings:  95
Pending Sales:  17
Closed Sales:  0

Midtown Phoenix
Active Listings:  421 (note: 40+ new condo conversion units went on the market this week)
Pending Sales:  51
Closed Sales:   14

Uptown Phoenix
Active Listings:  233
Pending Sales:  39
Closed Sales:  11

Listings/Sales Figures - 7/23/2006

Listings/Sales Figures as of 7/23/06.  Closed sales are for prior week 7/17 to 7/23/06.

Downtown Phoenix
Active Listings:  58
Pending Sales:  1
Closed Sales:  1

Expanded Downtown Phoenix
Active Listings:  83
Pending Sales:  11
Closed Sales:  2

Midtown Phoenix
Active Listings:  361
Pending Sales:  53
Closed Sales:  11

Uptown Phoenix
Active Listings:  223
Pending Sales:  43
Closed Sales:  5

Listings/Sales Figures - 7/16/2006

Listings/Sales Figures as of 7/16/06.  Closed sales are for prior week 7/10 to 7/16/06.

Downtown Phoenix
Active Listings:  58
Pending Sales:  1
Closed Sales:  0

Expanded Downtown Phoenix
Active Listings:  86
Pending Sales:  10
Closed Sales:  2

Midtown Phoenix
Active Listings:  354
Pending Sales:  53
Closed Sales:  8

Uptown Phoenix
Active Listings:  223
Pending Sales:  40
Closed Sales:  5

Listings/Sales Figures - 7/9/2006

Listings/Sales Figures as of 7/9/06.  Closed sales are for prior week 7/3 to 7/9/06.

Downtown Phoenix
Active Listings:  59
Pending Sales:  1
Closed Sales:  0

Expanded Downtown Phoenix
Active Listings:  82
Pending Sales:  13
Closed Sales:  0

Midtown Phoenix
Active Listings:  342
Pending Sales:  67
Closed Sales:  9

Uptown Phoenix
Active Listings:  224
Pending Sales:  35
Closed Sales:  7

Weekly Listing & Sales Details....

I will be posting the listing and sales figures for the Central & Downtown Phoenix area.  The information will be broken down by Active Listings, Pending Sales, and the prior week's Closed Sales.  The figures will include single-family homes, townhomes, lofts, and condos.  No commercial or multi-family properties will be included.  My geographic areas will be defined as:

Downtown Phoenix (bordered generally by 7th St. - 7th Ave. - Jackson St. - I10 on the North)

Expanded Downtown Phoenix (bordered generally by 16th St. - 15th Ave. - Jackson St. - I10 on the North) - will include the figures from Downtown Phoenix.

Midtown Phoenix (bordered generally by 16th St. - 15th Ave. - Camelback - I10 on the South)

Uptown Phoenix (bordered generally by 16th St. - 15th Ave. - Camelback - Glendale Ave.)

If you have a request for information on a more specific historic district, area, or community, please feel free to send me an email.

The figures are from listings on the ARMLS and will not include For Sale By Owner properties.