Valley’s residential sector sees homebuilding momentum
Homebuilding nationwide is accelerating. In a recent article featured on CNBC.com, the stats were quite striking. Housing starts are at a one year high, which has been boosted by a sharp increase in single family home construction. That increase has resulted in building permits reaching an eye-popping 11-year high. Fulton Homes has seen their sales pick up in the first quarter of 2018, which matches the national trends.
According to Phoenix-based Belfiore Real Estate Consulting, homebuilders like Fulton should prepare to have a rush of demand throughout 2018. In his latest report, new build home buying was up by 13% over last year in the first 45 days of the year. During that time Fulton Homes saw an uptick in their sales compared to a year prior as well. Their sales have been healthy in east valley communities of Cooley Station, Queen Creek Station and Ironwood Crossing. And bolstering their sales number has been the opening of their new neighborhoods in the Glennwilde community of Maricopa. CEO Doug Fulton is very encouraged by what he sees in his sales offices, “We have previous buyers coming back to us to buy their second or even third Fulton Home. Another trend we’re keeping an eye on are millennials who were in the rental market but have decided to buy a new home because rising rents are not making financial sense to them. With demand as high as it is now, we’re finding ways to pick up our pace to meet the market. Nobody building single family homes with similar price ranges in this market should be bored in 2018,” said Fulton.
Despite the high demand, home prices continue to be very affordable in the Phoenix area, with the latest numbers showing a $245,000 median home price in this area. Fulton Homes offers homes starting at $190,000 at Glennwilde in Maricopa with East Valley communities like Cooley Station, Queen Creek Station and Ironwood Crossing that have homes starting in the low to high $200,000’s.