By Roland Murphy | AZBEX
While pricing trends have been mixed, Phoenix area land sales in the first half of 2017 have accelerated, according to a Colliers International in Greater Phoenix report.
Land parcel sales rose 11 percent from the second half of 2016, and transactions jumped 50 percent from the first half of last year.
Residential land sales got off to the fastest annual start since 2013 and count for more than half of total transactions so far this year. Commercial and residential land saw the biggest price gains, and the median price is up 12 percent from last year, coming in at $4.10/SF.
Due to a decrease in infill and an increase in outlying area totals, residential land prices have dipped in the first half, down to $2.72/SF, a decrease of 12 percent from last year’s median price.