Feb 10 2016 Market Update

Feb 10 2016 Market Update

The number of listings going under contract has started to show some life again after a lackluster January. This is similar to what we saw in early 2015.

Across all areas & types we now have 10,183 under contract, up 11% in the last week and up 33% since the start of the year. In 2015 the equivalent growth percentages were 8% and 39% respectively. So this year we had a weaker January but a stronger first 7 days in February.

We estimate that 66% of the UCB and CCBS listings are really in Pending status, up from 61% this time last year, 55% in February 2014 and 35% in February 2013. The impact of Zillow and other other online sites increasingly motivates agents to keep listings visible to the world instead of placing them in Pending status.

This means that the pending listing count is understated by about 2,200 listings (36%) and the active listing count is overstated by the same amount, but a smaller percentage (9%).

February 6 - In contrast to residential listings, the number of new rental listings continues to plummet. 2,620 new rental listings were added to ARMLS over the past 28 days, some 15% fewer than a year ago, 22% fewer than in 2014 and 36% fewer than in 2013. It is not clear if this is because ARMLS is getting a lower percentage of the rental market, or the market is actually turning over less frequently. There are 2,535 active rental listings of all types and areas, down from 3.666 on February 6, 2015. This is another huge drop of 31%.

Judging by the ARMLS data, the rental market remains hot, with a supply of only 1.1 months. We had 1.3 months of supply 12 months ago.

The average rent for closed leases on ARMLS is 78.6 cents per sq. ft. per month, up from 72.8 cents a year ago. This is an annual rate of increase of 8%. The average rent for closed leases has increased to $1,395 from $1,291, also up 8%. Average days on market has dropped 4 days from 41 to 37.

It seems that it is still a wonderful time to be and landlord.


Dave Zajdzinski Headshot
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Phone: 480-332-6468
Dated: February 10th 2016
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