(Disclosure: Rose Law Group represents Fulton Homes, Lennar and Meritage Homes.)
By Mike Sunnucks | Rose Law Group Reporter
A trio of West Valley submarkets are poised to add as many 4,500 new single family homes as builders and demand spur growth.
There are currently 2,000 new homes in south Buckeye, 1,000 in north Surprise and 1,500 in the Avondale/Tolleson under development with more potentially planned by national and regional builders.
That is according to Steven Hensley, advisory manager for real estate research firm Zonda.
Hensley said the new home prices in south Buckeye and Avondale range between $350,000 to $400,000 and prices in north Surprise are in the $450,000 range.
Hensley said the $350,000 price in Buckeye and Avondale is reflective of entry level prices in a Phoenix housing market that has seen significant price gains.
“That’s the new entry level,” Hensley said.
All three submarkets are drawing attention from national builders such as Meritage Homes, Fulton Homes, D.R Horton Homes and Lennar. New builds are following up some recently open communities in Avondale, Hensley said.
He also sees continued growth in Buckeye as suburban expansions and more jobs based in the West Valley propel westward housing projects.
“South Buckeye is going to be a key area to watch,” Hensley said, referring to residential growth slated for areas south of Interstate 10 near Watson Road.
Hensley said new home construction is following previous commercial and retail developments in the area.
“They’re clustering up around that pocket now,” Hensley said of residential communities opening closer to Buckeye’s commercial areas.
In Surprise, Hensley said extensions and improvements along Happy Valley Road are also resulting in new subdivisions.
“It’s easy access into Peoria via Happy Valley Road,” Hensley said of growth near 162nd Avenue.