The Terravita real estate market numbers were strikingly similar to last year’s numbers which, as I have mentioned before, is a bit of a disappointment. With the Canadian dollar and oil prices continuing their descent, Canadian buyers are staying away in droves, yet Terravita continues to hold her own. Here is an interesting video and article on the Canadian situation:
But don’t read this as bad news. Valley wide, existing home sales are up 12.8 % year-over-year and new home sales are also up – just not at the same pace. Year-to-date, new home sales are up 11.9% compared to last year and were up 9.7%in October versus October 2014. You can tell the builders are optimistic, too. New construction permits are up 76% over last year, and Forbes magazine recently suggested Arizona would lead the nation in job growth through 2019. They called the state one of the “brighter spots in a slumbering U.S. economy.” Construction, once a pillar of the state’s economy, has gained 4,700 jobs over the past 12 months, which ranks seventh among the 11 major industrial sectors.
Buyers who capitalize now can expect to see continuing upward trends. If you’ve ever thought about a Terravita residence, don’t wait for prices to keep going up. Call our office today at 480-634-5000!