Desert Ridge Area Poised for Growth
The Aviano and Fireside communities are part of the 5,700-acre Desert Ridge development, which is home to several major employers, including American Express, and plenty of wonderful restaurants and practically endless shopping. Desert Ridge is one of Phoenix’s biggest master-planned areas for future growth. Residents have easy access to freeways, with Loop 101 running east/west through 85050 and the northern edge of State Route 51 connecting to the Loop 101 in the area.
Desert Ridge is one of the last areas of Phoenix where new subdivisions are rising. Although the pace of new residential construction is down in this area, the median price for new houses jumped 27 percent in 2014 as builders focus on move-up and pre-luxury homes. The area’s location next to freeways, shopping and jobs helps it draw all types of buyers. Properties over $500,000 in 85050 have sold for $175 per square foot on average in the last six months and have been stable within a few dollars of this since August 2014. Buyers purchasing over $500,000 in this area are paying 36% more per square foot than they did at the bottom of 2011, 30% less than the peak of 2006, and about the same as a decade ago in late 2004/early 2005. This indicates that even with the appreciation over the past four years, this area is not overpriced and provides good value for buyers of homes $500,000.
Owners of Aviano and Fireside homes are enjoying a balanced and stable market with 40 active listings over $500,000 in 85050 that will be competing for between 8 to 16 sales per month over the next few months before summer kicks in to high gear. Properties that closed last month in this price range were on the market an average of 135 days, or 4.5 months.
If you’re interested in finding out what your home is worth, just contact me for a free home valuation! Or if you’re interested in looking at homes in the Aviano and Fireside communities, I would love to help you find your dream home!