2013 to 2015 1st-2nd Quarter Rental Market Comparison in Surprise and Surprise Farms

Last week, we took a look at the city of Avondale, AZ and the Harbor Shores subdivision's 2013 to 2015 pertinent rental market figures.


This week, we will look at rental market statistics in the City of Surprise, AZ.

The break down will focus on the subdivision of Surprise Farms.

We will analyze rental market data  from 1st quarter and 2nd Quarter of 2013 and 2014 and compare it with data from 1st Quarter and 2nd Quarter of 2015.

Let's take a look at the data.

The rental market numbers for Surprise are consistent with the overall 2015 Phoenix Area Rental Market as company. Average rental prices in both Surprise and Surprise Farms have increased from 2013-2015. Rental property inventory has decreased in that time frame.

What is consistent with the Avondale numbers is the Average and Median Days on market figures. Listing time in Surprise has been more than cut in half from 2013. Within the Surprise Farms Subdivision, the average days on market went from 53 in 2013 to a current 24 day number.
 
In Surprise, average rental property rent rates have increased about 16% from 2013 to 2015 (from $1072 to $1247).

Rental Property inventory in Surprise, AZ has also decreased,
although a precise number will not be computed until the end of the quarter.

The increase in rental price from 2013-2015 in Surprise farms is about 11%.

2013 to 2015 1st-2nd Quarter Rental Market Comparison in Avondale and Harbor Shores

Last week, we took a look at the city of Buckeye, AZ and the Sundance subdivision's 2013 to 2015 pertinent rental market figures. 

This week, we will look at rental market statistics in the City of Avondale, AZ. The break down will focus on the subdivision of Harbor Shores. We will analyze rental market data from 1st quarter and 2nd Quarter of 2013 and 2014 and compare it with data from 1st Quarter and 2nd Quarter of 2015.

Let's take a look at the data.

The rental market numbers for Avondale are consistent with what we have been experiencing with the market as a company. Average rental prices in both Avondale and Harbor Shores have increased from 2013-2015 and rental property inventory has decreased in that time frame.

What is extremely interesting is the Average and Median Days on market figures. Listing time in Avondale has been cut in half. Within the Harbor Shores Subdivision, the average days on market went from 58 in 2013 to a current 17 day number.

  

In Avondale, average rental property rent rates have increased about 8% from 2013 to 2015 (from $1048 to $1132).  Rental Property inventory in Avondale, AZ has decreased, although a precise number will not be computed until the end of the quarter.

The increase in rental price from 2013-2015 in Avondale's Harbor Shores is about 13%. 

2013 to 2015 1st Quarter Rental Market Comparison in Buckeye and Sundance

Last week, we took a look at the city of Goodyear, AZ and the Wildflower Ranch subdivision's 2013 to 2015 pertinent rental market figures. 

This week, we will look at rental market statistics in the City of Buckeye, AZ. The break down will focus on the subdivision of Sundance. We will analyze rental market data from 1st quarter 2013 and 2014 and compare it with data from 1st Quarter 2015.

Let's take a look at the data.

The rental market numbers for Buckeye are consistent with what we have been experiencing with the market as a company. Average rental prices in both Sundance and Buckeye have increased from 2013-2015 and rental property inventory has decreased in that time frame.

What is extremely interesting is the makeup of the Sundance subdivision market share as it relates to the Buckeye rental market as a whole. 33% of the rental properties in Buckeye listed in quarter 1 from 2013-2015 came from the Sundance developments.

In Buckeye, 1st Quarter average rental property rent rates have increased about 8% from 2013 to 2015 (from $991 to $1111). 1st Quarter Rental Property inventory in Buckeye, AZ has decreased roughly by a sizeable 30% in the same time frame.

The increase in 1Q rental price in Buckeye's Sundance from 2013-2015 is also about 8%. Rental property inventory in Sundance has gone down 42% in this same time frame. 

2013 to 2015 1st Quarter Rental Market Comparison in Goodyear and Wildflower Ranch

Last week, we took a look at the city of Peoria, AZ and the Fletcher Heights subdivision's 2013 to 2015 pertinent rental market figures. 

This week, we will look at rental market statistics in the City of Goodyear, AZ. The break down will focus on the subdivision of Wildflower Ranch. We will analyze rental market data from 1st quarter 2013 and 2014 and compare it with data from 1st Quarter 2015.

Let's take a look at the data.

The rental market numbers for Goodyear are consistent with what we have been experiencing with the market as a company. Average rental prices in both Wildflower Ranch and Goodyear have increased from 2013-2015 and rental property inventory has decreased in that time frame.

In Goodyear, 1st Quarter rental property rent rates have increased about 13% from 2013 to 2015. 1st Quarter Rental Property inventory in Goodyear, AZ has decreased roughly by 25% in the same time frame.

The sample size is in Wildflower Ranch  is small so we need to take that into account but we still see parallels in this micro-market. Rental property closing prices in Wildflower Ranch have gone up about 11% from 2013 to 2015. Rental property inventory has taken a nose dive here from 29 in 1st Quarter of 2013 to 12 in this year's 1st Quarter. 

2013 to 2015 1st Quarter Rental Market Comparison in Peoria and Fletcher Heights

We have many investors and clients who are interested in the Valley's rental market statistics and rental market trends. Investors and rental property owners want to know if they can expect more rent this year and how the Greater Phoenix and Phoenix West Valley rental market is shaping.

In the next few weeks we will take a look at a few Phoenix cities 2013 to 2015 pertinent rental market figures and then break the numbers down further for a particular sub-division within that city. The comparisons are based on data retrieved and analyzed from MLS. The cities will include Peoria, Glendale, Phoenix, Goodyear and Buckeye.

This week, we will look at rental market statistics in the City of Peoria. The break down will focus on the subdivison of Fletcher Heights. We will analyze data from 1st quarter 2013 and 2014 and compare it with data from 1st Quarter 2015.

The rental number's for Peoria are consistent with what we have been experiencing within the market as a company. Average rental prices in both Fletcher Heights and Peoria have increased from 2013-2015 and renatl property inventory has decreased in Peoria.

In Peoria, 1st Quarter rental property rent rates have increased about 4% from 2013. 1st Quarter Rental Property inventory in Peoria has decreased roughly by 14.5% in the same time frame.

The sample size is in Fletcher Heights is small so I don't think it is fair to take the rental inventory number with much confidence. However, we can see a consistent increase in rental prices in this subdivision based on the data we have. It looks like Fletcher Heights has outperformed the rest of Peoria with rent price increase of 11.9% based on the 2013 rental market numbers vs. 2015 figures.

  

Trulia or True Lies To Ya?

On a regular basis, we see prospective and current owners form an opinion and sometimes take action based on property valuations  they get from Trulia or Zillow. We caution against using the Trulia or Zillow number as a hard value for their property as we see these sites frequently over-value a home.

Sometimes the variance is close, but frequently the number misses significantly. We did a test of Zillow and Trulia's valuations on a few of the properties we manage. We took 5 properties so the sample size is small but we mixed up the properties as far as location, size and sales price.

The properties we analyzed were located in the following cities: North Scottsdale, Avondale, Peoria, Buckeye and Phoenix. The actual sales prices ranged from $102,000 to $662,829. We took a look at the MLS data and compared that data with Trulia's valuation and Zillow's property "Zestimate".

Here are the details and how the actual sales prices compared with the Trulia and Zillow valuations in the Greater Phoenix Housing Market.

As you can see, there was a collective 22% over-valuation with this group of properties. This is pretty consistent with what we see with the situations we encounter with our client's properties.

At this point, it is best to look at these Trulia and Zillow property valuations in the Phoenix Housing Market with caution. A 22% variance is certainly relevant in making a long term decision to sell a property or keep renting it out.

It is always best to take a look at recent and relevant market comparables on MLS before making any decision with what to do with your property. This is something we do for our current owners in the Phoenix  and is something we can do for you if you are looking for a property manager. 

Case Study Tolleson

We just started managing this property in the Farmington Glen subdivision in Tolleson, AZ.

The house is a 3 bedroom, 2 bath and approximately 1,400 sq. feet.

We manage several properties within Farmington Glen, a subdivision in Tolleson, AZ .

This property is located in a section of Tolleson, AZ that is close to  Tolleson Shopping, the I-10 and the 101.

We listed the property on April 14 and a new tenant signed the lease on April 17.

The rental market in Tolleson is general good however pricing the property correctly is critical. Because we have detailed knowledge of the pricing in the Tolleson area, we have been able to lease Tolleson properties quickly and  to qualified tenants.  The new tenants move in on May 15.

Our aggressive advertising for our property rentals in Tolleson helps us rent these homes quickly. If you are an RPM WV Phoenix client, RPM WV Phoenix pays to have your property advertised on many different websites and Craigslist. These advertising mediums are directed towards potential tenants who are searching for rental homes on their own.

RPM West Valley Phoenix manages a large number of properties in Tolleson, AZ and has extensive knowledge of many of the subdivisions in Tolleson.

Country Place, Farmington Park and Sunset Farms are just a few of the subdivisions we manage properties in the City of Tolleson.

There are 50+ subdivisions in Tolleson from Volterra to Tivoli. We manage properties in many of them and have the knowledge and experience in these areas to help.

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