Land acquisitions in the Phoenix area increased by 59% in the past year

Land acquisitions in the Phoenix area increased by 59% in the past year Jinxin Real Estate News According to the latest figures from Colliers International in Phoenix, the first half of this year’s residential...

Jinxin Real Estate News

A rebound in home prices and low inventory of homes in the first half of the year drove Phoenix-area land acquisitions, with prices 59% higher than the same period last year, according to Colliers International's latest numbers in Phoenix. This year’s interim report shows that land acquisitions in the greater Phoenix area saw multiple much higher bid prices in the first half of this year, with some averaging prices soaring by 80% compared to the same period last year. According to the report, about 70% of the land intended for sale this year has already been sold - about 150 transactions and about 32,000 acres - all destined for residential development. Three years ago, less than 55 percent of all Phoenix-area land transactions were for residential use. The number of construction permits has been increasing this year. For example, nearly 3,800 single-family homes in the urban area were granted permits in the second quarter, a 51% surge from the previous quarter and an 83% surge from the same period last year. Colliers International expects a total of more than 15,000 detached homes to have been issued construction permits by the end of the year, which would be the largest number since 2007. Construction permits for multifamily projects (apartment duplexes) are expected to grow at a similar rate. Construction permits are expected to be issued for 2,000 and 2,500 multifamily projects by the end of the year. Compared with last year, there is a rebound of about 40%, which is double the figure in 2010. For more information about real estate, please contact Tinna of Goldtrust Realty (480) 287-0180 E-mail: Goldtrustrealty2010@gmail.com.