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Housing: Submarkets to watch and which one is most surprising

Posted by   /  May 10, 2019  /  No Comments

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By Mike Sunnucks | Rose Law Group Reporter

Jim Belfiore says the current real estate market is providing a few surprises.

Belfiore, who is president of Belfiore Real Estate Consulting, said he is most surprised by the northeast Phoenix and Desert Ridge submarket.

He points to the Sky Crossing development where Taylor Morrison and Pulte Homes have nine different subdivisions.

Sky Crossing is focused on move-up buyers with prices starting at $580,000 and some subdivisions are gated, Belfiore said.

“The community is really done well,” said Belfiore. “They are selling almost 40 homes on a monthly basis.”

The Desert Ridge area offers proximity to Scottsdale (without Scottsdale prices) and the flow of development and supply homes is moderated by the fact much of the land in the area is Arizona State Trust Land.

“The land is all pretty much state land,” said Belfiore. “The product is metered out.”

Belfiore is also seeing some strength in the Peoria submarket especially among buyers looking for starter move up homes in the $250,000 range as well as higher prices points between $350,000 and $450,000.

Belfiore points the Aloravita development in north Peoria where Pulte, Taylor Morrison and Shea Homes have offerings.

“The sales rates are super healthy,” he said referring to monthly sales volume of 4.8 homes per month on average per community.

Peoria is helped by job growth along Interstate 17. That includes another expansion by insurance company USAA and slightly lower prices than in the East Valley.

Belfiore said the West Valley currently has more of the top performing subdivisions and developments in the region. That is usually held by the East Valley.

“The West Valley has performed better than the East Valley over the last four months,” Belfiore said.

Belfiore said submarkets such as Gilbert are increasingly built out. “Demand is down because there are fewer communities,” he said.

He said Gilbert is also seeing buyers being more particular in their home searches though Maracay Homes has performed better than most builders there this year.

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