Residential Values – January 2013 update
The Metro-Phoenix single-family housing price per square foot edged upward in 1.30% in January 2013. This followed an upward price per square foot gain of +0.98% in December. For the past 12 months, single-family residential resale prices in the Metro-Phoenix market are up 26.22%.
Note: The data is based upon analysis of over 75,000 single-family home sales from the MLS database. It includes primarily resales homes and does not reflect new home and other sales not otherwise included in the database. The information is believed to be accurate, derived from creditable sources and is deemed to be reliable.
Location, Location, Location
While the general market numbers are nice to know, everyone know that values vary greatly by location. I have been an appraiser for 30 plus years in the Phoenix area and am constantly ask, “How much is my property worth?” I tell them, “Talk to your Realtor or get a qualified appraisal” and they say, “Well can’t you just run some comps for me?” My answer is, “No. That would violate appraisal standards (called USPAP). Besides, until I inspect it, I don’t really know what’s comparable.”
With today’s technology, we are now able to offer you something to help you get an idea of what its worth. It’s not an appraisal, and I believe that an appraisal is still the best way to really know what it’s worth. What my team has put together is a data map. On the map we have plotted things such as the average sales price and price per square foot for individual census tracts.
By clicking on your census tract you can get additional information such as the total sales for the past 6/12 months, average number of bedrooms, baths, age, square feet and the percentage of the sales that have private swimming pools. It’s quick, easy and very informative. We will be updating it by the 10th of each month. To find out about pricing and to check out the free sample map, click here Residential values map …
The Metro-Phoenix Commercial Real Estate (CRE) Market – which direction are we headed?
The graph below represents an analysis of over 10,000 Commercial Real Estate Metro-Phoenix market sales from the multifamily, office and industrial sectors (commercial real estate or CRE) occurring over the past 10 years and compares them to the national index of sales. Only sales above $250,000 from the Metro-Phoenix market were included in the study.
The sales data gives us a pretty good handle on values and value trends in the Metro-Phoenix Commercial Real Estate market. Additional studies and a mapping of the sales activity have allowed us to identify geographical hot spots within the sub-markets. The graphs were originally designed for use within our appraisal reports and market studies to give us an overall sense of the market before narrowing down to a specific property. We have made additional graphs and maps for over 30 market segments (i.e. 100+unit apartments, health care, free-standing retail, etc). We will continue to provide this graph for free quarterly. If you are interested in a Metro-Phoenix sub-market or market segment specific report, contact us for more information.
Schnepf Ellsworth Appraisal Group LLC …
. . .has provided timely and accurate real estate services for more than 25 years. That’s why clients nationwide turn to us for real estate market research, appraisals and inspections. We offers complete and affordable housing market studies and real estate appraisals. We are experienced and skilled in preparing rental comparable studies, HUD Multifamily Accelerated Processing (M.A.P). appraisals/market studies.That’s why clients nationwide turn to us for real estate market research, appraisals and inspections.
At Schnepf Ellsworth we offer . . .
At Schnepf Ellsworth Appraisal Group LLC, we offers complete and affordable housing market studies and real estate appraisals. We are experienced and skilled in preparing rental comparable studies, HUD Multifamily Accelerated Processing (M.A.P). appraisals/market studies. Whether preparing a report for a governmental agency or a local financial institution, we will meet your deadline with quality results.Our primary focus is your commercial appraisal and commercial real estate consultation requirements, be they for estate tax, estate planning, acquisition, disposition, internal decision making, or mortgage underwriting, you need solid supportable appraisals, written by appraisal professionals with a strong background in the analysis of income producing properties.Our commercial appraisal experience spans the spectrum of property types and includes, apartment, office buildings, industrial buildings, R & D Buildings, mobile home parks, residential subdivisions, retail buildings and shopping centers, mixed portfolios, same-use portfolios, mixed use buildings, and a multitude of other property types.
Schnepf Ellsworth Appraisal Group LLC begin in 1988
Since 1988, we have performed real estate market research and appraisals including market studies and inspections on all types of real estate for individuals, developers, banks, savings and loans, mortgage companies, attorneys, courts, accountants, builders, contractors, and state and federal government agencies. We are committed to quality work – delivered on time.We prepare reports in all sectors of the real estate industry; however, we specialize in health care facilities (assisted living, nursing care, independent living, CCRC), multifamily residential and affordable housing market studies and appraisals. Our staff is experienced and skilled in preparing reports for the Internal Revenue Service’s Low Income Housing Tax Credit program (LIHTC) and the Department of Housing and Urban Development (HUD) programs for low income single-family and multi-family housing and the United States Department of Agriculture’s (USDA) rural development programs. At Schnepf Ellsworth, we pride itself on using primary data from our field analysts and appraisers who personally visit and examine every subject property and market that we research. When our field data is combined with our other data and information resources, the result is a quality report that is both accurate, current and accommodates all the requirements made by our clients.Get a quote on an Appraisal