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BUSINESS
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Seasonal slowdown nowhere to be found
BY LISA BAKER Glendale Star Contributing Writer
Typically, the local market experiences a slowdown in the fall that continues through late winter. As you may have noticed, nothing about this year’s market has been typical.
The average number of days a listing spent on the market in Maricopa County increased from 29.6 days in October to 31.5 days in November.
According to The Cromford Report, 46% of sales closed in Maricopa County during November sold for over the listing price, down from 47.7% of October sales, while the closing price per square foot increased from $272.91 in October to $274.62 in November.
In November, 388 MLS listing sales closed in Glendale, and 330 in Peoria. Today, there are 191 active and available listings — not counting properties already under contract or pending close of escrow — in MLS in Glendale and 198 in Peoria. That is 49.2% of one month’s inventory in Glendale, down from 53.82% last month, and 60% of one month’s inventory in Peoria, up from 58%. Maricopa County inventory is 64.9% of November’s closed sales, down from 79.8% this time last month. According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, Peoria listings in the $200,000 to $399,999 range had an average of 14.70 showings per listing, up from 11.63 in October.
Glendale homes in the $200,000 to $399,999 range saw a slight decrease in the average number of showings per listing from 12.85 to 12.50. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher.
According to Freddie Mac, as of Dec. 16, National Mortgage Rates reported U.S. weekly averages of 3.12% for a 30-year fi xed, 2.34% for a 15-year fi xed, and 2.45% for a fi ve-year ARM.
According to MLS statistics, 76% of Maricopa County buyers fi nanced their home purchase in November, while the rest paid cash. Buyers using a conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $210,000 in Maricopa County, $270,000 in Glendale, and $335,000 in Peoria. Conventional fi nancing made up 74.3% of November fi nanced sales.
In November, FHA buyers in Maricopa County paid a minimum of $215,490 for a detached home with three bedrooms and two baths. Peoria FHA buyers paid a minimum of $290,000, and Glendale FHA buyers paid $310,000.
FHA buyers made up 9% of fi nanced purchases in November. Maricopa County VA buyers making a similar purchase paid a minimum of $256,000, paid in Peoria, while Glendale VA buyers paid a minimum of $356,000. Home sales fi nanced with VA loans made up only 5.8% of November fi nanced sales.
The remaining fi nanced transactions used other fi nancing methods. For the week ending Nov. 28, 4% of Maricopa County sellers contributed to their buyer’s closing costs, up 1% from Oct. 31.
At the other end of the market, the highest-priced home sale in Maricopa County last month sold in Paradise Valley for $14 million. In November, Peoria’s highest-priced home sale sold for $2.372 million, and the highest-priced November sale in Glendale sold for $1.178 million.
If your fi nances are experiencing a slowdown, know that you are not alone. Homeowners, tenants and landlords are encouraged to reach out to the Department of Housing and Urban Development’s housing counseling program at 1-800-569-4287 or visit consumerfi nance.gov/housing to fi nd the assistance you need for your situation.
Lisa R. Baker is a Realtor and a community volunteer in Glendale. She can be reached at me@LisaRBaker.com.
Marcus & Millichap brokers sale of Glenn Isle
BY GLENDALE STAR STAFF
Marcus & Millichap brokered the sale of Glenn Isle, a 22-unit apartment property in Glendale.
According to Ryan Sarbinoff, regional manager of the fi rm’s Phoenix offi ce, the asset sold for $3.425 million.
“Setback from Glendale Avenue between Glendale’s historic Downtown and Westgate entertainment districts, Glenn Isle is poised for sustained rental growth and desirability,” said Paul Bay, fi rst vice president investments in Marcus & Millichap’s Phoenix offi ce.
Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was procured by Bay.
Glenn Isle is located at 6802 W. Glendale Avenue.
Glenn Isle is a 22-unit apartment property between Glendale’s historic Downtown and Westgate entertainment districts. (Photo courtesy of Marcus & Millichap)
Contact Christina Fuoco-Karasinski at christina@star-times.com
Marcus & Millichap sells Filiberto’s property
BY GLENDALE STAR STAFF
Marcus & Millichap sold Filiberto’s, a 2,658-square-foot net-leased property in Glendale.
According to Ryan Sarbinoff, regional manager of the fi rm’s Phoenix offi ce, the asset sold for $1.748 million.
Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix offi ce, had the exclusive listing to market the property on behalf of the seller, a partnership.
Built in 1999, Filiberto’s Mexican Food drive-thru is an outparcel to an LA Fitness-anchored shopping center. Located on West Peoria Avenue, the asset is visible to over 52,200 vehicles per day at the nearby intersection of Peoria and 59th avenues.
Filiberto’s is accessible to 429,264 residents within a 5-mile radius and the 18,100 Glendale Community College students whose campus is less than a mile south.
The area hosts a strong daytime population of approximately 453,185 employees. Filiberto’s is located at 5760 W. Peoria Avenue in Glendale.
Filiberto’s is accessible to 429,264 residents within a 5-mile radius and the 18,100 Glendale Community College students whose campus is less than a mile south. (Photo courtesy of Marcus & Millichap)
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