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image of State of Arizona flag with a house superimposed on it

12 September . 2017

The State of the Arizona Housing Market

Things are looking up for real estate in Arizona this year, according to several sources. We’ve come a long way since the U.S. housing bubble burst in 2007, and now, several key indicators of real estate health in the area are on the upswing. If you’ve been dragging your heels about the decision to purchase a new home, perhaps the following data will help you pick up your feet.

The State of the State’s Real Estate
2017 is on pace to be one of the best for Arizona real estate. For the past several years, the Grand Canyon State has rebounded from the housing bubble in the early 2000’s and continues to grow positively. Take a look at a few of the examples of Arizona’s successful housing market:

• According to Zillow, Arizona home sales are up nearly 7 percent from 2016 and are projected to grow an additional 3 percent into 2018

• Arizona housing sales have risen 6.5 percent in the Greater Phoenix Area compared to 2016

• The median home value in Arizona is $268,797, an increase of 6.8 percent from the previous year

 On an even more local scale, the housing market in Goodyear continues to flourish.

• Goodyear was recognized as one of the fastest-growing cities in the country by the U.S. Census Bureau. Goodyear’s population grew from 18,000 in 2000 to more than 77,000 in 2017

• 24/7 Wall St. names Goodyear as one of the Top 50 Best Cities to Live due to its incredible opportunities and amenities for businesses and families to grow

• In the most recent Citizen Satisfaction Survey, 93 percent of Goodyear residents surveyed rated the city as an excellent place to live and four in five residents would recommend and remain in Goodyear

• Market health is exemplified in our community as Estrella home sales have increased more than 50 percent and property values are up around 8 percent compared to 2016

On the National Level
On the national level, home values in the U.S. have gone up 5.8 percent in the last year and Zillow predicts they will continue rising about 2.7 percent in 2018. While values are increasing, national housing sales have only increased 0.7 percent due to a shortage of available homes. In a recent article with Reuters, Svenja Gudel, chief economist for Zillow says the low inventory and high demand is a positive sign of a healthy economy.

From the state to national level, a key factor driving real estate sales is the availability of programs to assist home buyers. There are several available for those looking to purchase a new home. Programs like Home Plus and Home in Five offer down payment assistance and are increasing the rate of home purchases, one of the key indicators of a healthy real estate market.

After reviewing finances, weighing the trends in the market and deciding to buy a house, there’s one more big decision to make — where are you going to move? As you look for a home, keep in mind that you’re not just looking to purchase four walls and a roof — you’re investing in a neighborhood, lifestyle and a place to call home.

Over the past 20 years, more than 5,000 families have made Estrella their home. Residents here enjoy a unique variety of floorplans from eight prestigious homebuilders and a vibrant community full of first-class amenities. With two beautiful residents clubs, more than 40+ available trails for hiking and biking, the scenic Nicklaus-designed 18-hole championship Golf Club of Estrella™, 72-acres of lakes for fishing and sailing and plentiful community events, there are multiple ways to live life in every direction within Estrella.

If you’re ready to find a community, not just a house, you’re ready for a home in Estrella. Come out and visit us today!