While interest in retail properties listed on LoopNet has risen 5.7% over the past year, however since June 2012, interest on LoopNet for retail properties listed in the Phoenix Metro Area has fallen by 4.3%.
Currently, the median sale price per square foot for retail properties in the Phoenix metro area is decline, falling 4.1% in in the past seven-months. Previously, sale prices had risen 22.4% over a eight-month period that ended in March. Sale prices per square foot for retail properties decreased to $101.04, down from last quarter.
However, sale prices have increased 17.1% in the previous 12 months. The highest median sale price in the past three years was $193.96, in October 2009. By comparison, the current median sale price is down by 47.9%. The current price is,17.4% above the three-year-low of $86.09 from August 2011.
Days on market has increased from last year and now take 127 days before turning over. Days on market have fallen 27.2% compared with June 2010, when days on market was at its highest.
In terms of leasing, the number of retail spaces available (inventory) for lease in the metro area has fallen four months in a row, declining 2.3%. The number of available retail spaces for lease has reached a new three-year low in the Phoenix Metro Area this month. The number of retail spaces available for lease in the Phoenix Metro Area has fallen 9.5% over the past year.
Interest (demand) on LoopNet for retail properties listed for lease in the Phoenix Metro Area has fallen by 16.5% since June 2012, However over the past year, interest has risen 1.4%.
Square footage of Retail properties available for lease has declined for the tenth consecutive month marking a new three-year low in square footage available (inventory) of retail properties for lease in the month of September. And a 17.2% fall in the Phoenix metro area in the past year.
The days on market for retail properties for lease in the Phoenix Metro Area is down by 33.6% to 193 days, from last year, and down 38.7% from its highest point in October 2009.
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