One of the main indicators of an area’s desirability is its real estate prices. As demand increases due to increased interest in the area, so does pricing and property prices in Arizona are shooting up faster than any other state in the Union. Furthermore, housing costs in Valley Metro are rising the fastest amongst them all. Prices in the Phoenix area, Glendale specifically, rose over 25% in the last quarter. Across the state, they were up twenty percent. The jumps caused a real estate analyst at ASU’s Carey School of Business to say, simply, “It’s phenomenal.”
Two things have contributed to the rise: new construction and new demographics. People are moving to Glendale and in nearby regions in record numbers and not just retirees, as some might expect. Technology sectors are flourishing, which brings new companies, new jobs, new families and new workers. As a result, the supply just cannot keep up with the rising demand, sending costs skyward and new construction into overdrive. The latter is of course great news to potential buyers as they will continue to have a plethora of brand new properties to choose from in the Glendale area.
It should also be pointed out that while increased prices sounds like a bad thing, the prices still haven’t returned to the pre-crash levels, which is very good news indeed: buyers are still getting a good deal and sellers are finding a more robust marketplace. Glendale’s real estate market, and Arizona’s at large, was one of the first to slow down, which means they are also one of the first to climb back out. This has created a sweet spot - competitive pricing, increasing values but still reasonable investitures.
If you’re lucky enough to be calling Glendale home, give us a call today so we can help find that perfect home before it gets snapped up by another.
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