By Angela Gonzales | Phoenix Business Journal (abridged)
While national home price growth continued to decelerate on an annual basis in March, Phoenix real estate agents are experiencing what they call healthy, normal market conditions.
“Well-priced homes in good condition are selling,” said Frank DiMaggio, co-founder of Scottsdale-based MDF Development (and managing partner of Launch/Compass). “Buyers looking for the right lot to build a custom home are still calling. The difference is that decisions are more deliberate — and grounded in reality.”
On the other hand, overpriced homes and properties that require too much renovation are sitting, he said.
“But land is where the real strength is right now,” DiMaggio said. “Builders have made aggressive moves to acquire prime parcels, particularly in Paradise Valley. That activity not only reduced available inventory but also pushed land prices higher. With fewer lots available, new activity has naturally slowed — yet prices remain elevated.”
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