Proximity to a freeway has long been considered a major factor for new housing success in the Metro Phoenix Area. Housing veterans who have watched the Valley of the Sun grow over the years can attest to the many new home communities that were developed as the US 60 and Loop 202 improvements in the East Valley, Loop 101 in the West, NW and NE Valley and the I-17 improvements in North Central Phoenix up towards Anthem, came online.
With the Loop 303 nearing completion in the West Valley, new home activity along the Loop 303 Corridor has already began to take off and if history is any indication, will only get better over time. Plans of record for construction activity in this new freeway corridor range from employment centers to new housing activity while preserving ample land for Luke Air Force Base and its operations.
Over the last 12 months, there have been a total of 169 new-home permits issued in the immediate proximity of the loop 303 alignment and there have been 175 new-home closings recorded. This activity occurred in 13 communities by 11 different builders. These active communities contained 1159 platted lots and as of the end of July 2014, had 390 available lots. There were also three future platted communities containing a total of 394 lots, as well as 34 land and lot sales transactions in the last 12 months for the additional 63 lots.
The closing price range of new homes in the designated area ranged from $97,000 to a high of $733,620, with an average minimum base price of $256,437 up to an average maximum base price of $304,148. In July 2014, there were six new home communities with a total of 16 permits issued and five new-home communities with a total of 12 closings for the month. Six new home communities reported a total of 16 new contracts written in July.
New Home Data above provided by Greg Burger, Chief Operating Officer for RL Brown Reports/Home Builders Marketing, Inc. If you are a home builder or developer in need of detailed market data, be sure to contact Greg at 480-614-0211 or visit www.rlbrownreports.com
Looking for New Home options along the Loop 303 Corridor? You can view Current New Homes for Sale along the Loop 303 Corridor below..