Belfiore: New homes sales up 44 percent over a year ago; early innings for Pinal growth markets

By Mike Sunnucks | Rose Law Group Reporter

The volume of new homes sales in metro Phoenix came in 44 percent higher between mid-October and mid-November compared to a year ago.

That is according to new data from Belfiore Real Estate Consulting.

Jim Belfiore, president of Belfiore Real Estate Consulting, said new homes sales in the Phoenix region are at 13-year high for the mid-October to mid-November time frame and that year-to-date home sales are up 5 percent from a year ago.

There have been 20,044 new homes sold in the Phoenix metro area so far this year. That compares to 19,325 new homes sold during the same time frame a year ago.

Belfiore sees growing strength in Pinal County submarkets such as Maricopa, Coolidge and Casa Grande which are drawing entry-level and first-time buyers.

“They are very, very price sensitive,” Belfiore of buyers in Pinal County.

Single-family homes with the $150,000 and $250,000 price range are driving sales in Pinal which is also poised to gain from job growth.

“We are just sort in the early innings,” Belfiore said of the current gains in Coolidge, Casa Grande and other Pinal markets.

He expects 6 to 8 percent price gains in those submarkets next year.

Belfiore said growing West Valley markets such as Buckeye and the Loop 303 corridor are a little farther along both with prices and diversity of housing products.

Belfiore said the South Buckeye submarket is now seeing new home prices between $200,000 and $300,000 as well as some variety of lot sizes and offerings.

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November 2019