The first chart shows total volume in dollars and the average per property.  More units but for lower prices.  This is not good for motivated sellers but it’s really good for buyers who can buy properties with strong cash flow.  I have seen properties in good areas with a 14 Cap rate in good areas.  A client calls such areas the "arm pit of a neighborhood" and these are often good buys: weak properties in a strong neighborhood, that is.

The chart below shows inventory levels, new listing and sales of 2-4 unit properties in Maricopa County.  This is further broken down in the second chart below. 

Despite the increased sales inventory, while down, sill is high.  There was an inventory of 597 properties: 104 were new to the market.  Each month we add some 100 properties to the market, 4-5 times the sales.  So where are these properties going?  Some are sold but many are removed from the market, some are recycled – changed agents – and others go into foreclosure.  It’s not pretty out there but it’s beautiful for buyers in a strong financial position, those with access to financing and/or cash.  Some of these would make great owner occupied properties allowing one to live nearly for free.

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