Real estate recovery is all about job growth, without a robust job recovery, the real estate market will continue to be slow to recover.
Here in the Phoenix metro area, hiring is up 2.4 percent year over year as reported in the Phoenix Business Journal.
According to LoopNet interest (demand), for office properties listed for sale in the Phoenix Metro Area rose 18.5% over the past year.
In terms of office properties available for sale, for the past six months, available square footage for sale has declined month-over-month for office properties. September showed a new three-year low of square footage available in the metro area. The square footage available for sale for office properties in the Phoenix metro area has fallen 24.7% in the past year.
The days on market for office properties in the Phoenix Metro Area is down 23.5% from last year, to 177 days.
For office properties, the average sale price per square foot has risen to $66.94. The highest median sale price over the past three years, was $144.40, back in October 2009. By comparison, the current median sale price is down by 53.6%. The current price is however 4.9% above the three-year-low of $63.84 in July 2012.
The drop in both the supply of properties and the average days on market could be a sign that prices are going to move upwards.
In terms of office properties available for lease in the Phoenix metro area, there has been a five month drop in the number of office properties available month-over-month in the Phoenix metro area. The number of office properties available as of September, reflects a new three-year low in the Phoenix Metro Area. In the past year, the number of office properties available for lease has dropped by 12.8% in the Phoenix Metro Area.
While interest on LoopNet for office properties listed for lease (demand) in the Phoenix Metro Area has fallen by 14.6% since June 2012, Interest has risen 2.8% over the past year.
Days on market in the Phoenix Metro Area fell 50.4% from last year, to 138 days. Days on market for office properties for lease in the Phoenix metro area has fallen to a new three- year low point.
This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared