The AZ LandSource Team, with Colliers in Greater Phoenix, presents a snapshot of land, lot and single-family home sales, and active subdivisions for the Estrella submarket as of November 2017. Visit the AZ LandSource Team web page for our latest research, news and properties.
Land and lot sales summary ($1M+ transaction value)*:
12 months ending Nov. 31, 2017
- Number of transactions: 14
- Total value: $50 million
12 months ending Nov. 31, 2016
- Number of transactions: 7
- Total value: $21 million
The number of transactions doubled from seven to 14 for the 12-month period ending Nov. 30, 2017, as compared to the 12-months ending Nov. 30, 2016. The overall value of those transactions was up nearly 2.5 times to $50 million from $21 million.
Of the 21 land and lot transactions, 12 were industrial or commercial in nature, reflecting the large employment and distribution base in the area. The remainder were residential in nature, ranging from unimproved land to finished lots and even multifamily land.
The number of single family lots transacted rose from 135 in the 2016 period to 497 in the 2017 period. This would indicate the submarket has drawn significant interest from home builders looking to take advantage of the swift new home sales reported in the area.
The active subdivisions in the market are averaging a robust 5.71 sales per month, which is what is likely driving the strong interest from the homebuilders, as noted above.