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It was once a rarity for a home in Peoria to sell for more than $1 million, but things have changed since the days of farm and ranch houses.
A luxury home market has taken hold in the northern part of the city and it is here to stay, experts say.
So far this year, ZIP code 85383, where all the luxury home activity in Peoria is taking place, has seen 24 luxury home sale closures. Additionally, that area currently has 14 active listings and two pending listings that could close in the coming weeks, as of press time.
In 2019, that ZIP code saw 33 closures.
The Valley as a whole is seeing a run on this market -- contracts on homes over $1 million are up an incredible 93% over last year at this time, according to the Cromford Report.
Realtor Rebecca Durfey said those pending sales should make that number 26 in the next 30 or so days when they close.
“There was a definite slowdown during the initial coronavirus fears in March and April, and the luxury market felt like we were on pause,” she said. “But since that time, many homes have sold or are now pending.”
The ZIP code, which is home to high-end communities such as West Wing, Cantera Gates, Vista Montana and Blackstone, has seen a flowering of luxury home development in recent years.
The area saw only five luxury home sales in 2015.
Ms. Durfey said the million-dollar market is getting stronger in Peoria, and even becoming more commonplace. That, coupled with recent heightened demand, has made acting quickly on a home much more important, she said.
“I have shown homes to clients who thought the homes seemed overpriced or they had time to think it over and weigh out the various homes, and it turns out they didn’t have that time,” she said. “The luxury homebuyer is learning they have to act fast or they will lose an opportunity. As a Realtor who has the privilege of representing clients in all price ranges, I find myself feeling as anxious, with the sense of urgency, to find my clients homes in the $250,000 all the way up to the $2.5 million range. We can’t wait around. The great homes go under contract too fast, even in the million dollar range.”
The region’s home sales in general are still booming. First-quarter 2020 saw more Valley home sales than any first quarter since 2006, according to Belfiore Real Estate Consulting’s July housing report. A total of 31,368 closings took place, 15% more than first-quarter 2019, per CoreLogic data. Last year, 5% more closings took place than in 2018 — more than during any year since 2006.
Jim Belfiore, the consulting group’s president, said builders are constructing homes as fast as they can to meet market needs, and supply is at a low not seen since third-quarter 2005, meaning appreciation is rising at a fast pace.
He said Peoria is experiencing this as well and will likely continue to see a growing luxury home market in the future.
Many people consider Peoria the crown jewel of the West Valley, he said.
“The desirability of Peoria has continually increased over the last decade, with the expansion of development to the north,” Mr. Belfiore said. “City of Peoria planning officials are among the more progressive in the Valley, working hand in hand with developers to bring new, unique developments to Peoria, driving more interest and more value to the area.”
The most expensive Peoria home closure of 2020 sold for $3.2 million, according to MLS. The 9,123-square-foot, six-bedroom, 7.5-bathroom custom build featured modern architecture and expansive hallways, barrel ceilings with brick accents and elegant chandeliers.
Benjamin Katz, a Realtor with Lake Pleasant Real Estate, said the postal code boundary goes all the way up to the northern end of Lake Pleasant, so it will be the “it” ZIP code of the West Valley for years to come.
“Our brokerage is getting ready to list a definite record breaker that will be somewhere around $4 million,” Mr. Katz said. “On top of that, I am seeing a lot more custom lot sales and builder spec homes being built over the $1 million range. The area is exploding!”
Philip Haldiman can be reached at 623-876-3697, phaldiman@newszap.com, or on Twitter @philiphaldiman.
Philip Haldiman is a third generation Arizona native with brief residencies on the east and west coasts.
He has bachelor’s degrees in Theater and Journalism at Arizona State University, and is an award winning journalist with more than 15 years worth of experience in reporting and editing.
Most recently, he took first place for investigative reporting and third place for best sustained coverage or series at the 2023 Arizona Newspapers Association awards.
In his free time, he produces an autobiographical comic book about his time spent in Hollywood and his life as a cult film star.
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