Sunday, September 4, 2011

15 Years in Arizona

October 6th 2011 will be 15 years to the day that an old British Airways DC10 touched down at Sky Harbor Airport, starting my personal adventure in the city I have grown to know and love, Phoenix AZ.

The landscape has changed dramatically in the time that I have spent here. I remember in 1996, I had never seen so much construction going on! It seemed like every month that passed a new subdivision would spring up out of nowhere. I remember how odd all the wood framework seemed having come from the UK where everything is typically built from red brick. As time moved on and I bought my first personal real estate, followed shortly by investment property, I noticed the changes starting to occur around me, the boom, the slowdown and even, believe it or not a few years of average steady growth in between!! I pulled some stats tonight on new home permits for the same period of my stay and thought I would share. The numbers really tell an interesting story.

Single-family new house construction building permits:

  • 1996: 6798 buildings, average cost: $117,400
  • 1997: 5752 buildings, average cost: $129,200
  • 1998: 5585 buildings, average cost: $134,100
  • 1999: 5302 buildings, average cost: $139,000
  • 2000: 4732 buildings, average cost: $143,100
  • 2001: 5501 buildings, average cost: $154,300
  • 2002: 7116 buildings, average cost: $161,300
  • 2003: 9086 buildings, average cost: $170,200
  • 2004: 12749 buildings, average cost: $181,600
  • 2005: 12391 buildings, average cost: $193,100
  • 2006: 9032 buildings, average cost: $195,100
  • 2007: 6560 buildings, average cost: $179,200
  • 2008: 2176 buildings, average cost: $218,200
  • 2009: 1336 buildings, average cost: $225,000
  • 2010: 1111 buildings, average cost: $221,100
I suspect that the next few years will see a slow but steady increase back to more reasonable levels. We'll see! One thing for sure is this is still a fantastic place to live and raise our families!

Chris Spalding (602-312-7237)
http://northwestvalleyrealtor.com/

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