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August, 2013, Page 102
Illustration by John Ueland
Thinking about a home upgrade? You’re not alone. Real estate is back, and it’s time to buy and sell again. Get the lowdown on the facts, figures, school districts and culture in our guide to hot Valley ’hoods.
Real Estate Rising
Five years after the housing collapse, Phoenix-area real estate is once again on fire. Rebounding home prices, combined with fewer available new builds and a 27 percent year-to-year reduction in foreclosures and short sales, is triggering the start of a seller’s market. The bust is truly over, and the market will stay strong in the long-term, says Michael J. Orr, director of the Center for Real Estate Theory and Practice at Arizona State University’s W.P. Carey School of Business. “In Greater Phoenix, the market is very unbalanced, with a low supply to meet an ordinary level of demand. This is causing multiple bids and a strong upward movement in pricing.” According to the Center’s May 2013 report, median home sales prices for Maricopa and Pinal counties hit $175,000 this spring, up from $134,000 one year ago. That’s good news for homeowners, as well as prospective buyers eager to jump into the market before prices rise further. From master-planned communities in the Southwest Valley to centrally-located starter homes, we’ve culled the herd of Valley neighborhoods, presenting a selection of real estate hotspots for every price point.
2012 median home sales price
2013 median home sales price
Increase in Median Home Sales Price
Number of regular single-family home resales
Foreclosures in Maricopa County
That’s how much less it costs to buy a home than to rent one in the Valley, according to real estate website Trulia.com.
HERE THEY ARE, THE HOTTEST 'HOODS, ORGANIZED FOR EASIER READING:
For all of
magazine’s 'Hot Neighborhoods', check back soon, find us at newsstands Valleywide or call 480-664-3960.
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