Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
A BiggerPockets member asked me what's happening in MF in Metro Phoenix. One of the best ways to know the state of the market is to capture the most recent sales, in this case for the last 30 days.
This can give you insight into the type of product available, the price per unit and the number of days on market. Also asking price vs. selling price.
I hope you find this helpful. If you need a more specific search for an area or a price point going further back in time, let me know.
Thanks Melanie! I was actually just wondering about the MF situation in Phoenix. Will reach out to you later to discuss the market there if you don't mind.
Real Estate Consultant · Mobile, AL · Member since 2015 · 78 posts · 96 votes
5y
Melanie,
What you said is true and it's what you were taught. You can get a sense of the velocity of transactions by doing exactly what you explained. BUT!
Does that really help an owner or investor make a decision that will more than likely affect their investors they have a responsibility to protect => Probably not.
What you need to do is a multifamily demand analysis to a current state of where the demand in Phoenix currently sits. Then you can do an economic base analysis and estimate the future demand 12-18 months from now.
That's the information that can truly help owners and investors make decisions that affect others.
To Your Success, David Monroe, CCIM Multifamily Investor/Broker/Consultant/Instructor