Phoenix suburb to have 300 new homes by end of year
May 19, 2015, 6:48 AM | Updated: 6:48 am
Prospective homeowners will soon have more options in Phoenix’s West Valley.
Four subdivisions are in development in Glendale, and plans call for at least 300 new homes to be built by the end of the year, according to The Glendale Star.
A number of new single-family houses will be available in Glendale’s Carmel Estates, Maryland Heights, Tesoro and Copper Cove subdivisions, according to Jon Froke, the city’s planning director.
He added that more subdivisions are also scheduled for completion in 2016 and 2017.
“New home building is important to Glendale as it provides new opportunities for jobs and housing options for new residents,” Froke told the newspaper.
The development news comes amid reports of a tight housing market in Glendale and other West Valley neighborhoods where available homes are in short supply. Many homes in those areas were snapped up by investment groups during the recession and are still occupied by tenants.
Housing shortages have led to a run-up in home prices in many markets around the country. The National Association of Realtors just released a new report on median home prices for the first quarter of 2015 that showed Phoenix home prices averaging just over $206,000 for the quarter.
That’s considered middle-ground for pricing on the national level. The NAR ranked California’s San Jose metro area the most expensive for single-family homes with a median home price of $900,000. Youngstown, Ohio was the least expensive, according to the NAR report, with single-family home prices averaging just over $64,000.
Join Realtor Diane Brennan for That Real Estate Show Sundays at 8 a.m. on KTAR News 92.3 FM.
