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Phoenix Arizona Has A Lot of Realtors; 1 in 164!


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Blog by Doug Ingersoll | February 10th, 2015


Recent observations from Mike Orr at The Cromford Report.

February 10
 - How much do Arizonans love real estate? More than any other state in the nation with the exception of Florida.

Based on the latest membership counts by state from the National Association of Realtors, and the 2014 population counts published by the census, here are the states ranked by the number of REALTORS® relative to the total population:

  1. Florida - 1 in 147
  2. Arizona - 1 in 164
  3. Hawaii - 1 in 171
  4. Nevada - 1 in 203
  5. New Jersey - 1 in 206
  6. California - 1 in 227
  7. Connecticut - 1 in 231
  8. Idaho - 1 in 240
  9. Utah - 1 in 241
  10. Colorado - 1 in 250
  11. Washington DC - 1 in 253
  12. New Hampshire - 1 in 266
  13. Rhode Island - 1 in 275
  14. Maryland - 1 in 277
  15. Virginia - 1 in 280
  16. Montana - 1 in 281
  17. Delaware - 1 in 282
  18. Nevada - 1 in 294
  19. Texas - 1 in 298
  20. North Carolina - 1 in 303
  21. Wyoming - 1 in 304
  22. Minnesota - 1in 317
  23. Illinois - 1 in 318
  24. Massachusetts - 1 in 320
  25. Tennessee - 1 in 323
  26. Maine - 1 in 327
  27. South Carolina - 1 in 329
  28. Missouri - 1 in 331
  29. New Mexico - 1 in 373
  30. Kansas - 1 in 377
  31. Georgia - 1 in 390
  32. Vermont - 1 in 400
  33. Louisiana - 1 in 404
  34. New York - 1 in 406
  35. Michigan - 1 in 411
  36. Ohio - 1 in 420
  37. Indiana - 1 in 425
  38. Washington - 1 in 430
  39. Arkansas - 1 in 444
  40. Oklahoma - 1 in 445
  41. Wisconsin - 1 in 446
  42. Pennsylvania - 1 in 450
  43. Alabama - 1 in 450
  44. North Dakota - 1 in 453
  45. Alaska -1 in 458
  46. Nebraska - 1 in 461
  47. Iowa - 1 in 478
  48. Kentucky - 1 in 486
  49. South Dakota - 1 in 495
  50. Mississippi - 1 in 597
  51. West Virginia - 1 in 659

The overall average for the United States is 1 REALTOR® per 294 persons.

February 9 - The inventory of rental listings on ARMLS continues to fall. Excluding short term vacation rentals and UCB listings, there were 3,620 active yesterday, compared with 5,069 on the same date last year. That is a 29% reduction in overall supply.

For single family rentals, the count yesterday was 2,549 and one year ago it was 3,671. This is a 31% reduction so slightly greater than for the overall market.

The single family active count has dropped 18% since the end of 2014 and currently represents 37 days of inventory at the current rate of leases being signed. Last year we had 41 days of inventory on February 8. 29% more single family leases were getting signed last year, so there was more rental activity on ARMLS in 2014.

The overall numbers don't tell the whole story because the available rentals have shifted a long way upmarket. The average lease rate for single family active listings has jumped from $1,494 to $1,802 per month over the last 12 months. The average home size has increased from 2,067 to 2,226 sq ft. too. Basically affordable rentals are disappearing from the market while higher end rentals proliferate, at least as far as ARMLS is concerned. The average lease rate for closed single family leases was 68.7c per sq. ft. per month last month. It was 65.4c at this time last year. We are therefore seeing evidence of a 5% rise in rental rates for single family homes.

Condo rental listing supply has also declined. On February 8, 2014 the active listing count (excluding UCB and vacation rentals) was 1,367. Today is is 1,051, a drop of 23%. The average lease rate is 94.6c per sq. ft. per month. Last year it was 87.5c. This is an increase of 8%, considerably more than for single family homes. This probably goes some way to explaining why investors are currently buying 26% of all condos sold but only 15% of single family homes sold.