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I am anchor
An abundance of high-end homes
Fletcher-1.jpg
Posted
Barb Charzuk, Reporter
Any prospective homebuyer seeking a mansion at $1 million or higher, Fountain Hills is your community.
Seventy homes priced at $1 million or higher were listed for sale April 25 on Arizona Multiple Listing Service, said Fletcher Wilcox, vice president of business development at Grand Canyon Title Agency, Inc.
The real estate analyst spoke May 3 at the Fountain Hills Realtor Marketing Session about the market and county-wide factors affecting sales.
The slowest selling segment in Fountain Hills is the $1 million to $1.5 million properties with 11.3 months of supply, he said.
The price range with the lowest months of supply is the $300,000 to $349,000 range with two weeks of supply.
“There’s not a lot of good, affordable inventory in the marketplace under $400, 000,” said Wilcox.
Older homes lead the way in sales. Homes built between 1980 and 1999 comprised 63 percent of single-family homes sold in the first three months of 2019 in Fountain Hills.
Wilcox painted an optimistic scenario of real estate because of population increases and job growth in Maricopa County.
The county reported the largest increase in population for the third consecutive year.
Year-over-year, the U.S. Census Bureau showed the population of Maricopa County up 81, 244, or 222 per day.
The county’s population totaled 4,410,824, surpassing growth in Nevada’s Cook County and two Texas counties, Harris and Collin County. Riverside County in California placed fifth.
“People are moving here,” said Wilcox, referring to new residents competing for jobs and houses.
Between July 1, 2010 and July 1, 2011, 600,000 moved in. During that same timeframe, he observed that few single-family homes have been constructed.
Fountain Hills should benefit from the influx of new residents because of its proximity to the 101 Corridor where many companies are relocating and expanding.
“A lot of companies are looking at what counties have the people,” said Wilcox. Arizona State University is graduating STEM students educationally prepared for science, technology, engineering and mathematics jobs.
“Companies are moving here because they need bodies. People are hearing that companies are moving here, so they’re moving here. It’s momentum playing off each other, so I see this continuing.”
