Colliers International of Greater Phoenix has issued the 2H 2013 Phoenix land report. We’ve included the highlights with a link to the complete report below.
· The Greater Phoenix housing market is posting price gains, but the pace of appreciation has been slowing in recent months after being among the top-performing markets in the country in 2012. One area where home prices have continued to gain momentum is in new home sales, where the median price topped $300,000 in December 2013.
· Sales activity for land for residential uses slowed in the second half of the year, as did single-family permitting activity. Multifamily permitting increased in the second half of the year and for all of 2013, multifamily permitting was up 9 percent from 2012 levels.
· Sales activity involving parcels for industrial and other commercial uses accelerated in the second half of 2013 in response to strengthening demand for office and retail space.
· While sales activity levels for land parcels were mixed in 2013, prices pushed higher across the board. Current market fundamentals are improved over recent years and the outlook has brightened. Additional volatility surrounding activity levels is likely, as demand for new homes and commercial real estate has been uneven.
Read more: Phoenix Land Market Report H2-13