By Frank May
I watch real estate numbers pretty obsessively. I look at the inventory for our entire market, then for 85383, and then some specific neighborhoods so I can find any trends that will help me advise my clients better.
I watch how many homes go under contract, how many are coming soon, and how many sold in the past 30 days. I look at monthly trends in our average prices so I can see which way we are heading. I look at it a LOT! Interestingly enough, those monthly trends are different for different areas. For example, if I look at our entire MLS, I see our average price has increased (month over month) by 2.72%. If I look at 85345 (the southern part of Peoria), I see a decrease in the average price of 8.54%. If I look at 85383 (the most important to my readers), I am showing an increase in our average price of 13.12%. Wow! That is a huge increase in the average price.
When people ask me why 85383 does so well, I start my answer with the most recognizable phrase in real estate: “Location, location, location!” I then go deeper as to why it is a great location. The Upper West Side has beautiful mountains around us that really make the look and feel so desirable. I hear this from homeowners and prospective buyers. Add to that the great schools, incredible businesses, and access to freeways, and you have a place where people want to be.
Business and Jobs
According to uwsphx.com, we have 17 new businesses coming to the four corners area alone! Not too far away, in the Arrowhead/P83 area, we have nine new businesses, including Postino Wine Cafe (thanks to Katie for making that happen!).
The Trailhead will also be bringing businesses, including Safeway, at 83rd Avenue and Happy Valley Road.
When you include the proximity to the Taiwan Semiconductor Manufacturing Company (TSMC) and the Amkor Semiconductor Testing Plant, we are adding a lot of jobs, so residents don’t have to travel outside of the area as much.
We have so much to offer, so it is no wonder that we are seeing our prices go up. Now, we can’t keep up this kind of monthly increase, but I believe we will always be outperforming the general market year over year. The Upper West Side continues to be a great investment!
One last comment on the area involves the schools. We have some wonderful schools (both public and private). I hear from a lot of buyers coming into the market that the schools really were a deciding factor in coming to the UWS. So, remember to support our teachers as much as possible because they are the reason the schools are great, and that is one of the main reasons why your equity continues to grow! #GoTeachers
As always, I would love to help you when you are ready for a move. If you would like to meet and go over the market for your home, give me a call. I would love to do it! Meeting new people is one of the best perks of what I do!
Frank May grew up in the Valley, graduating from Northwest Christian School and Northern Arizona University. He is a real estate agent with RE/MAX Fine Properties and has been helping both buyers and sellers for over 20 years. He has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003. Learn more at mayteam.com.
