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Demand for New Homes Increases Significantly

H

ousing demand has risen faster and much more significantly this spring than in any other in the last JIM BELFIORE decade. Higher traffic levels supported higher new President home sales levels, and resale demand grew, as well, despite the Belfiore Consulting persistently low, anemic, level of resale supply. The latest price appreciation data was weak but data collected in March but not yet analyzed- as well as expected, continued rising demand- suggests the future will be different. Last month, Belfiore reported builders had sold more homes over the prior 30 days than they had during the same period in any year since 2007. The storyline changed over the last 30 days, when builders reported sales contract executions higher than during any period over the last decade. From mid-February to mid-March, new home sales were 30% higher than one month ago and 27% higher than during the same period one year ago. Thus far this year, homebuyers have signed 17% more contracts to purchase new homes than during the same period one year ago.

Love Where You Live

N

eighborhood, defined as a “district or locality often with reference to its character,” can mean much more to buyers. It can mean the best schools, being close to family, or experiencing the vibrant local art district. No matter how you define it, finding the right neighborhood can be tricky for many. We understand that there are many important factors in choosing where to live….or build! Homeowners Financial Group has some new tools to help buyers love where they live.

CHARITY MORELAND

Our new automated search functions provide detailed analyses including cost National Builder of living details and will compare searched area to national averages, even Sales Manager in categories such as entertainment and utilities. The Commute Tool shows Homeowners Financial Group average commutes based on typical drive times and traffic around town. And of course, we can provide recent home sales and even rent versus own statistics if that interests buyers. We want to be the neighborhood experts! Contact us today so we can provide information for your buyers to make smart home financing decisions.

Inventory fell slightly in February. New home inventory decreased from January to February, from 2,950 to 2,921 homes, which equates to a decrease of 1%. YOY, new home supply is down 2%. A total of just 22,166 homes were listed in mid-March, according to Cromford® Report. Supply13% lower than last year in mid-February- is inadequate, equating to just 2.7 months based on current demand, versus 3.4 months one year ago, and 4.2 months two years ago. Resale supply is inadequate for the growing army of buyers, pushing some to purchase new rather than wait on the perfect resale.

INSIST ON EXCEPTIONAL…

D

esigning and building your dream home starts with a solid foundation of expertise and trust. Estate or custom remodel, Solomon insists it be exceptional. At Solomon Construction, our team ignites the process of building a unique one-of-a-kind custom home by developing a relationship with the land, environment and overall community. We are determined from the minute we engage in a site or a design, our highly experienced design team and project management team begins our inherent ownership mentality of completing the ultimate home environment that must exceed our own high expectations. We put our own standards to the test on all of our inspiring projects. WHO WE ARE

The managing partners at Solomon Construction LLC have been building in the Valley since 1997. Project builds to $5,000,000, Solomon Construction will manage custom builds, remodel, and restoration to stunning mountain side luxury homes. Managing Partner Troy Burelson states: “Our passion, desire and experience in the building and remodeling industry, allows us to exceed our customers expectations, by being able to offer products and services to help them create their dream home.” Our goal is consistently keeping in focus the type of buyer who would take great pride to live, work, entertain, host visitors or lock and go in one of our exceptionally select designs. Each new project holds a distinct Solomon Construction approach to the demands of blending the desires of our client and our relentless effort to build for the future.

TROY BURELSON Managing Partner Solomon Construction

“Our passion, desire and experience in the building and remodeling industry, allows us to exceed our customers expectations, by being able to offer products and services to help them create their dream home.”

THE SOLOMON COMMITMENT Behind our commitment to functional design is the complete quality and integrity of our homes, using today’s technology and the best interior and exterior products expressly designed for the changing environment and our discriminating buyers. Solomon Construction believes that in Arizona there are many captivating and diverse areas to build – from an exclusive private cascading TREG DAY Managing Partner mountain side luxury lot with a view to Four Peaks, to a desert Solomon Construction natural area open space where the sun feels like it sets only in your backyard. How about the neighborhood where family reigns and folks enjoy backyard gatherings or sitting on the front porch relishing their homesweet-home? Whether a new custom build or an upgrade to a brand new fresh remodel, the result is our passion to add a touch of luxury to every corner of every project we craft. THE SOLOMON PROMISE Our mission of excellence in every step of the process is to help create a client foundation that embodies a life-long relationship with Solomon Construction. Our business thrives on referrals from our satisfied clients and Realtors who enjoy working with our teams throughout the detailed process. The Solomon Construction promise is utmost quality and unparalleled service through our superior dedication.

Solomon Constructions, LLC

Offices: 23025 N 15th Ave Suite 203 Phoenix, AZ 85027 | 602.686.0227

Troy Burleson – Manager Phone: 602.910.5200 E-mail: Troy@TroyBurleson.com

Treg Day – Manager Phone: 602.377.9060 E-mail: TregDay@gmail.com

Solomon Constructions, LLC., holds a Dual Residence & Small Commercial license

For information please visit w w w.S olomonConstruc tionLLC.com or c all 602.686.0227

New home pricing was largely “sticky” in 2017 and into the first two months of 2018. In 2017, builders effectively raised prices by 4.4%. From December to February, West Valley builders pushed prices up 0.6%, while North & Northeast builders barely moved prices, which were up just 0.1%. From November to January, East Valley and Central & South net new build prices rose by the same amount, 0.7% and 0.6%, respectively. Surveys from the first two weeks of March suggest price appreciation will have proven higher in the East Valley following full analysis of the data over the next 30 days. Higher demand continues to setup 2018 as a year of healthier appreciation. Belfiore projects 5% to 7% total appreciation this year, followed by 4% to 6% in 2019. The active subdivision count was up from one month ago, at 559 in mid-March. Nearly the same number of communities exist presently than one year ago. The number of store-fronts nearing sell-out has increased significantly over the last year. A total of 108 of the active communities today have 5 or fewer lots / homes remaining within, and 164 have 10 or fewer lots / homes remaining within. A total of 324- 58% of all communities- have 33 or fewer homes / lots remaining within, meaning that these communities would sell-out within the next 12 months if builders were able to maintain the same sales levels within each that the average Metro Phoenix Area new home community has sold at over the last 12 months A total of 20,551 new home permits were issued in 2017, according to the US Census- 11% more than were issued in 2016. In January, 1,613 permits were issued- 21% more than in January 2017. This year, Belfiore’s permit forecast calls for 23,500 permits, followed by 25,400 in 2019, and 26,000 in both 2020 and 2021. Recent demand- much healthier than expected so early in the spring-selling season, and near-future demand may push up Belfiore’s 2018 permit projection in coming months. Bureau of Labor Statistics (“BLS”) data, adjusted over the last month, now reflects nearly 55,000 net new jobs were created last year. January preliminary data reflects a total of 53,000 jobs have been created over the last 12 months. Moody’s Analytics’, whom has recently revised its projections, is now projecting a total of 54,700 will be created this year, followed by 44,400 in 2019, and an average of 15,750 each of the following two years. Full employment is expected to be reached at 3.9% next year, Moody’s reasoning for the slide in job growth in 2020 and 2021. The Metro Phoenix Area population, according to Moody’s, will still grow at an average of 107,400 people each year over the next five years.

For additional insight, call Jim at Belfiore Real Estate Consulting, (480) 706-1002, or visit BelfioreConsulting.com.

CELEBRITYN! SHANE DOA BIGGEST! BADEST! IN THE STATE

2018 , 2 1 Y A M Y A D R U SAT ETS www.thecarefund.org/POKER

R E O K P T I Y B E R L CE TOURN AME NTHT & CAS INO NIG BUY TICK

JOE CADA T EN MAIN EVEST YOUNG ! ER N IN W

P 2009 WSO t! Main Even

E BRYON BROWN

TOM SCHNEID ER POKER GREAT!

Tournament MC 4 X WSOP ! Bracelet Wi nner

NATE NATHAN & THE MACDADDY-O’S

Pr esented By

P BROWNTYEPICLALAINJWURYGATRTOORNUEY T YOUR

Former COYOTES CAPTAIN Most games played in NHL history!

oup.com www.brownelawgr

NO

BLACKJACK SLOTS CRAPS N FASHIONS NO SI CA FU CELEBS CTIONS FELT LIVE MUSIC AU

E Giveaways!

MOTORCYCL HOT NEW Harley-Davidson

WIN!

BENEFITING

TABLES, TICKETS, SPONSORSHIPS & GENERAL ADMISSION www.thecarefund.org/POKER

HOsted AT

Harley-Davidson of Scottsdale


Demand for New Homes Increases Significantly

H

ousing demand has risen faster and much more significantly this spring than in any other in the last JIM BELFIORE decade. Higher traffic levels supported higher new President home sales levels, and resale demand grew, as well, despite the Belfiore Consulting persistently low, anemic, level of resale supply. The latest price appreciation data was weak but data collected in March but not yet analyzed- as well as expected, continued rising demand- suggests the future will be different. Last month, Belfiore reported builders had sold more homes over the prior 30 days than they had during the same period in any year since 2007. The storyline changed over the last 30 days, when builders reported sales contract executions higher than during any period over the last decade. From mid-February to mid-March, new home sales were 30% higher than one month ago and 27% higher than during the same period one year ago. Thus far this year, homebuyers have signed 17% more contracts to purchase new homes than during the same period one year ago.

Love Where You Live

N

eighborhood, defined as a “district or locality often with reference to its character,” can mean much more to buyers. It can mean the best schools, being close to family, or experiencing the vibrant local art district. No matter how you define it, finding the right neighborhood can be tricky for many. We understand that there are many important factors in choosing where to live….or build! Homeowners Financial Group has some new tools to help buyers love where they live.

CHARITY MORELAND

Our new automated search functions provide detailed analyses including cost National Builder of living details and will compare searched area to national averages, even Sales Manager in categories such as entertainment and utilities. The Commute Tool shows Homeowners Financial Group average commutes based on typical drive times and traffic around town. And of course, we can provide recent home sales and even rent versus own statistics if that interests buyers. We want to be the neighborhood experts! Contact us today so we can provide information for your buyers to make smart home financing decisions.

Inventory fell slightly in February. New home inventory decreased from January to February, from 2,950 to 2,921 homes, which equates to a decrease of 1%. YOY, new home supply is down 2%. A total of just 22,166 homes were listed in mid-March, according to Cromford® Report. Supply13% lower than last year in mid-February- is inadequate, equating to just 2.7 months based on current demand, versus 3.4 months one year ago, and 4.2 months two years ago. Resale supply is inadequate for the growing army of buyers, pushing some to purchase new rather than wait on the perfect resale.

INSIST ON EXCEPTIONAL…

D

esigning and building your dream home starts with a solid foundation of expertise and trust. Estate or custom remodel, Solomon insists it be exceptional. At Solomon Construction, our team ignites the process of building a unique one-of-a-kind custom home by developing a relationship with the land, environment and overall community. We are determined from the minute we engage in a site or a design, our highly experienced design team and project management team begins our inherent ownership mentality of completing the ultimate home environment that must exceed our own high expectations. We put our own standards to the test on all of our inspiring projects. WHO WE ARE

The managing partners at Solomon Construction LLC have been building in the Valley since 1997. Project builds to $5,000,000, Solomon Construction will manage custom builds, remodel, and restoration to stunning mountain side luxury homes. Managing Partner Troy Burelson states: “Our passion, desire and experience in the building and remodeling industry, allows us to exceed our customers expectations, by being able to offer products and services to help them create their dream home.” Our goal is consistently keeping in focus the type of buyer who would take great pride to live, work, entertain, host visitors or lock and go in one of our exceptionally select designs. Each new project holds a distinct Solomon Construction approach to the demands of blending the desires of our client and our relentless effort to build for the future.

TROY BURELSON Managing Partner Solomon Construction

“Our passion, desire and experience in the building and remodeling industry, allows us to exceed our customers expectations, by being able to offer products and services to help them create their dream home.”

THE SOLOMON COMMITMENT Behind our commitment to functional design is the complete quality and integrity of our homes, using today’s technology and the best interior and exterior products expressly designed for the changing environment and our discriminating buyers. Solomon Construction believes that in Arizona there are many captivating and diverse areas to build – from an exclusive private cascading TREG DAY Managing Partner mountain side luxury lot with a view to Four Peaks, to a desert Solomon Construction natural area open space where the sun feels like it sets only in your backyard. How about the neighborhood where family reigns and folks enjoy backyard gatherings or sitting on the front porch relishing their homesweet-home? Whether a new custom build or an upgrade to a brand new fresh remodel, the result is our passion to add a touch of luxury to every corner of every project we craft. THE SOLOMON PROMISE Our mission of excellence in every step of the process is to help create a client foundation that embodies a life-long relationship with Solomon Construction. Our business thrives on referrals from our satisfied clients and Realtors who enjoy working with our teams throughout the detailed process. The Solomon Construction promise is utmost quality and unparalleled service through our superior dedication.

Solomon Constructions, LLC

Offices: 23025 N 15th Ave Suite 203 Phoenix, AZ 85027 | 602.686.0227

Troy Burleson – Manager Phone: 602.910.5200 E-mail: Troy@TroyBurleson.com

Treg Day – Manager Phone: 602.377.9060 E-mail: TregDay@gmail.com

Solomon Constructions, LLC., holds a Dual Residence & Small Commercial license

For information please visit w w w.S olomonConstruc tionLLC.com or c all 602.686.0227

New home pricing was largely “sticky” in 2017 and into the first two months of 2018. In 2017, builders effectively raised prices by 4.4%. From December to February, West Valley builders pushed prices up 0.6%, while North & Northeast builders barely moved prices, which were up just 0.1%. From November to January, East Valley and Central & South net new build prices rose by the same amount, 0.7% and 0.6%, respectively. Surveys from the first two weeks of March suggest price appreciation will have proven higher in the East Valley following full analysis of the data over the next 30 days. Higher demand continues to setup 2018 as a year of healthier appreciation. Belfiore projects 5% to 7% total appreciation this year, followed by 4% to 6% in 2019. The active subdivision count was up from one month ago, at 559 in mid-March. Nearly the same number of communities exist presently than one year ago. The number of store-fronts nearing sell-out has increased significantly over the last year. A total of 108 of the active communities today have 5 or fewer lots / homes remaining within, and 164 have 10 or fewer lots / homes remaining within. A total of 324- 58% of all communities- have 33 or fewer homes / lots remaining within, meaning that these communities would sell-out within the next 12 months if builders were able to maintain the same sales levels within each that the average Metro Phoenix Area new home community has sold at over the last 12 months A total of 20,551 new home permits were issued in 2017, according to the US Census- 11% more than were issued in 2016. In January, 1,613 permits were issued- 21% more than in January 2017. This year, Belfiore’s permit forecast calls for 23,500 permits, followed by 25,400 in 2019, and 26,000 in both 2020 and 2021. Recent demand- much healthier than expected so early in the spring-selling season, and near-future demand may push up Belfiore’s 2018 permit projection in coming months. Bureau of Labor Statistics (“BLS”) data, adjusted over the last month, now reflects nearly 55,000 net new jobs were created last year. January preliminary data reflects a total of 53,000 jobs have been created over the last 12 months. Moody’s Analytics’, whom has recently revised its projections, is now projecting a total of 54,700 will be created this year, followed by 44,400 in 2019, and an average of 15,750 each of the following two years. Full employment is expected to be reached at 3.9% next year, Moody’s reasoning for the slide in job growth in 2020 and 2021. The Metro Phoenix Area population, according to Moody’s, will still grow at an average of 107,400 people each year over the next five years.

For additional insight, call Jim at Belfiore Real Estate Consulting, (480) 706-1002, or visit BelfioreConsulting.com.

CELEBRITYN! SHANE DOA BIGGEST! BADEST! IN THE STATE

2018 , 2 1 Y A M Y A D R U SAT ETS www.thecarefund.org/POKER

R E O K P T I Y B E R L CE TOURN AME NTHT & CAS INO NIG BUY TICK

JOE CADA T EN MAIN EVEST YOUNG ! ER N IN W

P 2009 WSO t! Main Even

E BRYON BROWN

TOM SCHNEID ER POKER GREAT!

Tournament MC 4 X WSOP ! Bracelet Wi nner

NATE NATHAN & THE MACDADDY-O’S

Pr esented By

P BROWNTYEPICLALAINJWURYGATRTOORNUEY T YOUR

Former COYOTES CAPTAIN Most games played in NHL history!

oup.com www.brownelawgr

NO

BLACKJACK SLOTS CRAPS N FASHIONS NO SI CA FU CELEBS CTIONS FELT LIVE MUSIC AU

E Giveaways!

MOTORCYCL HOT NEW Harley-Davidson

WIN!

BENEFITING

TABLES, TICKETS, SPONSORSHIPS & GENERAL ADMISSION www.thecarefund.org/POKER

HOsted AT

Harley-Davidson of Scottsdale


ArizonaHomebuilder

AZBUILD

aPRIL | MAY 2018

Builder Division

We care for your home, while you care for your family.

Solomon Construction

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Bill Rogers | Arizona Homebuilder  
Bill Rogers | Arizona Homebuilder