Phoenix-area Apartment sales surge to $1.63B, on pace for all-time record
Many of those sales happened in April and May and the sales totals are on pace for an all-time annual record.
Those sales totaled $1.63 billion.
That compares to 51 sales totaling just under $897 million for the same time frame a year ago.
So far this year, apartments are selling for more than $96,500 a unit.
That is up from just under $77,200 per unit last year and $59,200 per unit in 2014, according to ABI’s Brophy and Millstein.
Another recent multifamily analysis by Colliers International pegged per unit sales in the first quarter at $100,500 per unit, up 28 percent from last year.
The river of new apartments hitting the market also continues to flow.
Multifamily developers delivered more than 1,500 apartments in the Phoenix market during the first quarter. They’ve finished close to 7,000 units locally over the past 12 months, according to Colliers.
Another 10,000 units are under construction, according to Colliers.