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Old 12-27-2022, 08:27 PM
Status: "Dad01=CHIMERIQUE" (set 2 days ago)
 
Location: Flovis
2,922 posts, read 2,011,856 times
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Prices are dropping all over the central valley ca. How are prices doing in phoenix, john? I know there are a lot more houses for sale in phoenix, but i havent heard any reliable info on prices.
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Old 12-27-2022, 08:50 PM
 
Location: az
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Quote:
Originally Posted by dontbelievehim View Post
Prices are dropping all over the central valley ca. How are prices doing in phoenix, john? I know there are a lot more houses for sale in phoenix, but i havent heard any reliable info on prices.
I don't follow Phx closely but the inventory (SFH) in Gilbert topped 1000 not long ago.

Today it's just under 700.
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Old 12-29-2022, 12:17 AM
 
Location: Arizona
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I think apartments and condos are going to see a drop in rent pricing they are overbuilding. The nice ones will stay high but the pricing of $1600 for a studio in Maryvale where find a dead body laying on the corner every few weeks won't last.
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Old 12-29-2022, 09:42 AM
 
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Originally Posted by kell490 View Post
I think apartments and condos are going to see a drop in rent pricing they are overbuilding. The nice ones will stay high but the pricing of $1600 for a studio in Maryvale where find a dead body laying on the corner every few weeks won't last.

You think they're overbuilding? I've heard the opposite. Arizona's housing deficit increased 1,377% since 2012, report says


https://www.bizjournals.com/phoenix/...g-deficit.html
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Old 12-29-2022, 09:55 AM
 
Location: az
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With regards to SFH new builds:

Single-family homebuilder permits were down 19% so far this year, the latest numbers from the Home Builders Association of Central Arizona.

Between January and November, municipalities across metro Phoenix issued 23,480 permits, down from 28,983 permits during the same period last year.

https://www.bizjournals.com/phoenix/...-slowdown.html
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Old 12-29-2022, 01:42 PM
 
9,744 posts, read 11,167,720 times
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Quote:
Originally Posted by locolife View Post
You think they're overbuilding? I've heard the opposite. Arizona's housing deficit increased 1,377% since 2012, report says


https://www.bizjournals.com/phoenix/...g-deficit.html
According to John Wake, when the PHX area apartments that are under construction get completed, this will increase PHX total apartments by a whopping 10%! That's going to have a negative impact on rent prices.
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Old 12-30-2022, 09:07 AM
 
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Quote:
Originally Posted by MN-Born-n-Raised View Post
According to John Wake, when the PHX area apartments that are under construction get completed, this will increase PHX total apartments by a whopping 10%! That's going to have a negative impact on rent prices.
By how much? We've got minimal new houses going in, and about 90K new residents moving in each year. Cost relief is definitely needed so that's not a bad thing but some context on how that 10% would impact supply/projected demands would be good.
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Old 12-30-2022, 09:38 AM
 
Location: az
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Quote:
Originally Posted by locolife View Post
By how much? We've got minimal new houses going in, and about 90K new residents moving in each year. Cost relief is definitely needed so that's not a bad thing but some context on how that 10% would impact supply/projected demands would be good.
Just guessing but I suspect a good percentage of the 90k are middle class ex-Californians seeking greener (less expensive) pastures in the Phx metro.

Ex-Californians with money and/or earn a better than average salary.

Last edited by john3232; 12-30-2022 at 09:46 AM..
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Old 12-30-2022, 09:53 AM
 
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Quote:
Originally Posted by john3232 View Post
Just guessing but I suspect a good percentage of the 90k are middle class ex-Californians seeking greener (less expensive) pastures in the Phx metro.

Ex-Californians with money and/or earn a better than average salary.
CA residents are the biggest percentage, specifically from the LA area but it's not as big as most people think. The 5-year total for new transplants from 2015-2020 was about 230K and about 38K of those people came from the LA area. When you include Riverside, San Diego, San Francisco it may get to around 50-60K of 230K. So it's a lot but not even half.

https://www.signalsaz.com/articles/n...just-from-l-a/
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Old 12-30-2022, 10:04 AM
 
Location: az
13,754 posts, read 8,009,665 times
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Quote:
Originally Posted by locolife View Post
CA residents are the biggest percentage, specifically from the LA area but it's not as big as most people think. The 5-year total for new transplants from 2015-2020 was about 230K and about 38K of those people came from the LA area. When you include Riverside, San Diego, San Francisco it may get to around 50-60K of 230K. So it's a lot but not even half.

https://www.signalsaz.com/articles/n...just-from-l-a/

No but it's a solid number. The Phx metro is no longer an inexpensive place to live and hasn't been for some time.

However, compared to the popular areas of Cal the cost of housing is still a bargin.

Last edited by john3232; 12-30-2022 at 10:20 AM..
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