by David Brnilovich, Jennings, Strouss & Salmon, P.L.C.
Building permits issued by cities in the western part of the Phoenix Metropolitan area (the “West Valley”) continue to accelerate in the New Year. In January of 2013, single family permits issued in the West Valley, including Peoria, Buckeye and Goodyear, were up 40% over the same period in 2012.
Three of the top 50 master-planned communities in the United States are located in the West Valley. Vistancia in Peoria saw a 69% in sales from 2011 through 2012. Buckeye’s Verrado community saw a 38% increase in sales during that same period, and Estrella in Goodyear was up 43% year over year.
In addition to these increases, the number of MLS listings of single family properties for sale in January 2013 compared to the number listed a year ago. The decrease occurred despite the fact that the median price of single family homes in the Valley increased at a record rate over the past 12 years.
If these trends continue, the West Valley economy can expect a strong performance for 2013.
David Brnilovich is a member with the law firm of Jennings, Strouss & Salmon, PLC. His practice includes real estate, construction, corporate governance, small business formation, dissolution, purchases and asset sales, estate planning and estate planning litigation. Mr. Brnilovich can be contacted at email@example.com or 602.262.5898.