A little over a year ago, we reported some statistics that indicated a recovery in Valley home values and a resurgence of Eagles Nest lot sales were beginning, although the local press had not yet reported on it. What a difference a year makes. Not only has the local press discovered that the greater Phoenix market has come alive, the market gains in Phoenix have attracted the national press reporting that greater Phoenix is in the top tier of US cities leading the national real estate recovery.
The statistics are quite remarkable. Over the past five years resale home inventory is down 58%, foreclosures are down 72%, building permits are up 370% and the average resale home price is up 29%.
The first quarter real estate market report by ASU was released in May with a bullish forecast. Author Michael Orr, Director of the Center for Real Estate Theory and Practice, said in the report, “Given the balance between supply and population growth in Phoenix, prices are unlikely to fall below today’s level and are more likely to continue to climb for a very long time.” This is welcome news for everyone after a long real estate recession.
Lot sales in Eagles Nest are also gaining momentum and prices are rising aided by the lack of bank-owned lots on the market. In fact, MCO Realty reports only one bank-owned residential lot on the market in all of Fountain Hills. Eagles Nest building activity is increasing with four new Eagles Nest homes under construction and several more in design review. Developer MCO Properties will soon be releasing new lot inventory never before offered, so the community should see continued positive energy and interest from new owners and residents.





