The multifamily market in Greater Phoenix is feeling the same pricing pressures as single family homes.  Foreclosures and short sales are just as common now as with homes.  The following properties represent those that are available or sold through the local multiple listing service.  Many multifamily properties are sold outside of this system and are not represented below.  More precise figures are available for clients.

In January 2008:

• 4   2-4 unit properties sold in Phoenix and Scottsdale
• 11   properties are pending.  6 are short sales or bank owned.
• 378   properties are active, but many of these are way overpriced and are more on the market then in it.

For the properties that sold the average time on the market was 97 days. 

Just as with homes, the amount of available stock on the market presents savvy investors with a large selection of properties, many of which are very good buys.