Housing demand hot in Phoenix exurbs
By Callan Smith | Rose Law Group Reporter
Jim Belfiore, presenting at the Belfiore Real Estate Consulting Phoenix Housing Market Update / Photo Callan Smith
New home buyers are seeking affordability and heading out of town to the exurbs to get it, Jim Belfiore, founder and president of Belfiore Real Estate Consulting, said Thursday at the company’s quarterly Phoenix Housing Market update, yesterday.
Growth in the exurbs, areas beyond suburban Phoenix, such as South Buckeye, North Buckeye, Queen Creek/Hunt Highway and into Pinal County with Casa Grande, Coolidge, Florence and Maricopa are responsible for 83% of all of the growth in Metro Phoenix Area new home sales that has taken place in the past three years. Here, the number of actively-selling new home communities has moved up 19% in the past year, while community counts have fallen in higher-priced, closer-in urban and suburban areas, Belfiore said.
“Growth is happening in the exurbs because homes are inexpensive and buyers are seeking affordability,” he said, and the surprising thing is the communities account for only 125 of the 541 total active subdivisions in Metro Phoenix.
