North Phoenix Real Estate Soars Above National Average with New Communities on the Way
Nationally, the real estate market seems to remain on a stable path. According to numbers from the National Association of Realtors, existing home sales across the country increased 1.1 percent in March compared to February but were 1.2 percent below last March, which is not surprising as spring is a commonly popular time to purchase a new home.
But North Phoenix News is reporting on a market trend for North Phoenix, the area between Norterra to New River on the I-17 corridor, which is much more significant. Soaring above the national average, with a nine percent increase in March compared to the year prior, four of the five zip codes in the area saw considerable sales. This includes Anthem Parkside in Anthem, which had home sales increase by nine percent, Anthem Country Club saw a 32 percent increase, Tramonto / Sonoran Foothills saw a 35 percent increase, and the Norterra area saw a 24 percent increase.
Housing inventory has remained “tight” nationally but also in North Phoenix with three of its areas (Anthem Parkside, Norterra, and Tramonto/Sonoran Foothills) averaging less than half the time homes sat on the market required to create a balanced market.
Because of high demand, projects are on their way or are currently in development to keep up with the pace. Phoenix Business Journal reported on D.R. Horton’s winning bid for 269 acres of state trust land in northeast Phoenix for $79 million. Located near Desert Ridge Marketplace, just east of 56th Street and north of Deer Valley Parkway, the land will eventually host up to 903 homes. The builder plans to pay a total of $102 million, which includes infrastructure payback and extra fees. It should be noted the proceeds of the sale of the land will be placed into a fund benefiting Arizona's public schools.
North Phoenix News also reported on several new communities coming to the area:
Arroyo Norte, which is slated to have a total of 225 homes, is graded for an additional phase of construction that has yet to begin. Currently, Meritage has sold out while Richmond and Beazer Homes, the development’s other builders, have just a handful of homes/lots remaining.
Stoneledge at North Canyon
Stoneledge at North Canyon by Meritage currently offers energy-efficient one- and two-story residences and will host a total of 250 homes at build out. Currently, there are about three dozen spec homes or lots remaining and another three dozen homes slated to be released once the current inventory sells out.
24 North by Shea Homes currently has 28 of their 111 homes sold or under contract. The two-story villas feature modern, urban designs with low-maintenance yards and shared front courtyards.
Desert Village at Sonoran Foothills
Desert Village at Sonoran Foothills by Homes by Towne has 38 of their 100 condos sold or under contract. The gated enclave of condos, which is located within the larger Sonoran Foothills subdivision, feature units between 1,366 to 1,843 square feet and start in the low $200s.
Sonoran Gate by Taylor Morrison will offer a total of 255 homes at build out. Single-family homes range in size between 3,028 and 3,544 square feet with prices starting in the low $500s. The community is a part of the Phoenix Sonoran Preserve, and it’s nestled in a hidden enclave along East Dove Valley Road on the northside of Dixie Mountain.