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Year End Phoenix Real Estate Numbers from ARMLS

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Blog by Doug Ingersoll | January 25th, 2016

Click HERE for the year end edition of STAT from the folks at Arizona Regional Multiple Listing Service. They maintain the database and the last couple of pages are an excellent summary. A good year overall.

From The Monday Morning Quarterback by Elliott Pollack:

Arizona's seasonally adjusted unemployment rate dropped from 6.0% in November to 5.8% in December.  The U.S. rate was 5.0% in December.  A year ago, the Arizona rate was 6.6% and the national rate was 5.6%.

Arizona nonfarm employment grew by 2.5% (65,700 jobs) over the year ending December.  All the jobs were added by the private sector. Job gain leaders were in professional & business services, educational & health services, and leisure & hospitality. 

Jobs in Greater Phoenix were up 2.9% for the year, a gain of 53,000.  The unemployment rate in the Phoenix area declined to 4.7%.
Greater Tucson gained 5,000 jobs in 2015 for a gain of 1.4%.  While the entire state was well below normal for this point in the cycle, Tucson was especially weak.  The unemployment rate at year end stood at 5.0%.

Statewide lodging performance continued to improve in the 4th quarter.  The occupancy rate in the state was 60.3%, up from 58.4% a year ago.  In Greater Phoenix, occupancy was 64.0%, up from 61.9% a year ago.  Historically, the 1st quarter has the highest occupancy rates followed by the 4th quarter.

According to R. L. Brown, new home permits in 2015 numbered 15,902.  This is a 46.7% gain from the 10,840 permits in 2014.  According to R. L., "the best news to come out of our number crunching was the fact that the new home segment of the overall Phoenix housing market performed at the highest level of market share in a number of years.  After performing at a level of only 8-9% coming out of the Great Recession, the December new housing segment performance in Phoenix topped 17%."