Phoenix home prices continue to improve, and foreclosures and short sales are dropping down to normal levels once again. Additionally, builders are finally coming off the sidelines, resuming construction projects and starting new ones.
With all of this fantastic news concerning the Phoenix real estate market, you might be surprised to learn there’s even more. Last year, seven of the top 50 selling master-planned communities in the country were in the Phoenix area. Here’s a look at them:
- Ironwood Crossing in Queen Creek
- Power Ranch in Gilbert
- Vistancia in Peoria
- Hastings Farms in Queen Creek
- Verrado in Buckeye
- Estrella in Goodyear
- Freeman Farms in Gilbert
Across the Valley, home prices continue to make great strides. In December, the median single-family home prices increased by 34% year-over-year. And according to the W. P. Carey School of Business at Arizona State University, nearly every part the Valley made exceptional progress last year.
2013 will be an interesting year for Phoenix real estate to say the least. As foreclosures continue to fall and prices continue to climb, the next question is when will current home owners realize enough of a value increase to feel comfortable listing their home for sale? There’s no clear answer to this question, but things are moving in the right direction. Real estate website Zillow.com notes, “Although the inventory shortage continues, inventory levels are evening out and are no longer plummeting,” offering prospective Kierland home buyers a glimmer of hope.
Since the real estate recovery began, the largest annual price gains have been realized in Phoenix, Las Vegas, and Oakland. Experts say that since Phoenix, Miami, Detroit, Houston, and Oklahoma City were the first to see housing prices bottom out, they will likely be the first markets where inventory levels will expand.
For more information about the Phoenixreal estate market, please contact me. I have helped countless buyers find the Phoenix home of their dreams, and I’d love to assist you in your search for the perfect home.