3-4 Unit Multifamily Sales in Greater Phoenix

A review of sales data for the small multifamily market in Greater PhoenixThe small multifamily market has been on of instability, uncertainly and irrationality.  It's is because it so unpredictable and unreasonable that it's a good time to buy.The prices are simply so low that it boggles the mind.  Lots of investors are picking up these triplexes and fourplexes at prices not seen since the mid to late 1990's.The most popular areas where competition for properties is common is Tempe and Mesa, but lots of good deals can be had in Central and North Central Phoenix, a few in Scottsdale and Glendale.At the time of this post there are 308 active triplexes and fourplexes for sale.  39 are bank owned and 74 are short sale.There are 62 properties noted as AWC meaning, probably, short sales awaiting the bank's reply.There are a total o 74 pending properties.In June 2010, 80 properties sold.  Please note the graph shows 90: it's 80.  Sales have been inching up, but prices are holding steady at around the 25,000 per unit mark.The recent SB1070  illegal immigrant law is starting to have some side effects on the market, especially the C class properties where vacancies have shot up as people flee the state.  That's going to make lots of investor more anxious about downward pressures on prices and higher vacancy rates for C class properties which will probably translate to a demand for deeper discounts, but we'll see if that comes to fruition or if the demand will keep prices where they are.