Small Multifamily Market In Phoenix, Scottsdale And Tempe

In years past we did a lot of multifamily sales: duplexes, triplexes, fourplexes by the dozens and medium sized properties up to 30 units.

These days we are still in this market, but on a limited bases by choice. In other words we don't take on all clients that want to pursue this segment for many reasons, but we still handle quite a few sales.

Our recent sales have included nearly 2 dozen central Phoenix multifamily properties including several fourplexes along the light rail and quite a few owner occupied purchases which are truly good deals by the way: shrewed moves by the buyers.

I did a search of this segment today as I do everyday and found the supply to be truly low.

There are 128 active properties from 3-24 units on the market in Scottsdale, Tempe and Phoenix. This was about double last year.

There are 100 3-4 unit properties on the market.

In May 2011, 40 3-4 unit properties sold anywhere from $20,000 to $184,000.

Currently there are 44 pending properties - those with contracts.

22 properties are AWC - meaning active, but with a contingent contract. These are short sales for the most part.

The real good inventory is nearly nil. In other words take out the undesirable properties of which there are many and you have nearly none left. If a property has been on the market for 100+ days then it's not a good fit for the market. 

67 of the 100 properties have been on the market 60 days or more.

55 of the 100 have been on the market 100 days or more.

10 properties have been on the market 1 year or more.