Sellers are in short supply. Home prices are still low. Neighborhood parks rule.
There are countless studies and surveys on Arizona real estate. Very few have the diverse data that can only come from Arizona’s largest locally owned homeowners association property manager, City Property Management; and expert analysis from the Valley’s top economists at Elliott D. Pollack and Company.
These two real estate experts have teamed up to publish the Pollack-City Property Management Homeowners Confidence Survey. This first edition contains data for the first two quarters of 2013. Subsequent editions will be published quarterly.
Perhaps one of the most startling findings is that less than 3% of the residents surveyed plan to sell their home in the next three months. The survey also shows 47% feel home prices are still too low, while 45% say they are about right. Only 8% feel home prices in Arizona are too high.
The survey also finds that Pulte Homes, Shea Homes, and Fulton Homes have some of the highest favorable ratings in the state.
The data for the survey came from neighborhoods in the nearly 300 homeowners associations managed by City Property Management.
Almost 450 residents responded with 39% in the Southeast Valley, 4% in the Northeast Valley, 19% in Phoenix, 30% in the West Valley and 7% from the balance of the State (including Pinal County and Yuma County).
39% of those surveyed purchased their homes new while 61% bought from a previous owner. 81% of the respondents reside on the property full time.
The Survey also found that:
>> 62% feel a neighborhood park is the most important community amenity
>> 37% plan to start a home improvement project in the next three months
>> 11% plan to refinance in the next three months
This is the first quarterly survey. Over time, as more surveys are completed, analysts will be in a position to spot emerging trends.
The survey also found that residents are equally divided on HOA’s. 34% are satisfied or very satisfied with the experience of living in a community with an HOA. 31% are not satisfied. 35% are neutral.
“The quality of a survey is a function of the quality of the questions asked and the statistical significance of the survey based on the number of respondents relative to the sample size,” Elliott Pollack said.
“City Property Management has provided us with high efficacy respondents from a diverse collection of neighborhoods and a meaningful number of responses. As a result, we will have a unique insight as to the mood and tone of the Valley real estate market. As we do more of these quarterly surveys, we will be able to shed light on trends from the homeowner perspective.”
“We are proud to be managing HOA’s in neighborhoods with so many active, engaged and knowledgeable residents,” said Brian Lincks, President of City Property Management. “We are thrilled a team as knowledgeable as Elliott Pollack and Company has the skill and the resources to make the best possible use of this database.”
To view the entire survey visit cityproperty.com/homeownersurvey