Light Rail Corridor Real Estate Trend: .5 miles from the tracks
Residential Sales by Property Type: 3-year Trend
Average and Median Sales Prices: 3-year Trend
by Bryan Watkins, Light Rail Advisors
We all know what happened during the past 3-4 years in the real estate economy here in the Phoenix Metro area, right? So what happened in the light rail corridor during that same time?
Let’s focus on the light rail corridor, that spot in which taxpayers invested $1.4 Billion, or $13,258 per linear foot.
Home prices stood in Q4 2007 at an average price of $266,000, and a median price of $215,000. The next 5 quarters were all downhill. The slide stopped in Q1 2009 at an average price of $104,000, and has been relatively flat up until the current time. We can see that actual numbers and trends in the chart below:
Interesting to note is the type of property that was reported sold on MLS. Q1 2007 reported total sales at 86 units of all residential property types, with the breakdown as follows:
31 Single Family Detached
16 Apartment Style
5 Loft Style
30 Townhouse
4 Patio Home
86 Total
From Q12007 forward, sales of residential property types started increasing until the current point at Q1 2011, where MLS reported the following:
110 Single Family Detached
139 Apartment Style
20 Loft Style
53 Townhouse
2 Patio Home
324 Total
The light rail corridor real estate market has been moving along at an average 300+ unit quarterly sales rate for the past 4 quarters. Prices are firming up, and it looks like plenty of inventory is available. As of April 1, 2011 (no joke here!), MLS reports 482 residential units For Sale within a half mile from the tracks.
Is one in your future?
Bryan Watkins is the Designated Broker at LRA Real Estate Group, LLC. He is a co-owner with Don Mortensen of LightRailConnect.com, a specialty website with focus on ‘Live.Work. Play. Ride.’ in the Phoenix-Tempe-Mesa metro area. We make it easy to live, work and play near the tracks.
If you are interested in learning more, you can contact Bryan at 480.734.7878 or bryan@LightRailConnect.com.
You can download your free Trends Report here: